U.S. Virtual Visits Market Size Predicted To Reach USD 73.9 Billion By 2027 : Grand View Research Inc.

October 06 11:54 2020
U.S. Virtual Visits Market Size Predicted To Reach USD 73.9 Billion By 2027 : Grand View Research Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, An increase in the number of telehealth/virtual visits during the COVID pandemic and the introduction of advanced audio-video technologies are some of the key factors driving the market.

U.S. Virtual Visits Market Growth & Trends

The U.S. virtual visits market size is expected to reach USD 73.9 billion by 2027, expanding at a CAGR of 27.5% over the forecast period, according to a new report by Grand View Research, Inc. The growing adoption of telehealth/virtual visits and introduction of advanced audio-video technologies is positively impacting the growth of the market. Furthermore, increasing usage of smartphones and rising adoption of 4G/5G technology is further bolstering revenue growth over the forecast period.

Based on service type, the cold and flu management segment dominated the market in 2019. Factors contributing to the increase in demand for virtual clinic visits are the growing adoption of on-demand virtual care by patients having common conditions such as cold and influenza, reducing the chance of catching illnesses, and improved access to specialists. In addition, rising focus on avoiding the spread of infections that can occur in the waiting rooms of hospitals and other healthcare facilities is further propelling the market growth.

In 2019, based on commercial plan type, the self-funded/ASO group plans segment accounted for the highest revenue share of 33.3% in 2019. This growth is attributed to the encouragement provided by ASO groups towards adopting non-physical visits as a part of their coverage to avoid non-emergency appointments to hospitals and medical facilities during a public health emergency. In addition, increasing numbers of COVID-19 cases are resulting in employers shifting toward self-coverage and implementing company benefits plans that offer price shopping as well as a selection of low-cost healthcare services for employees to curb the skyrocketing cost of healthcare, is further fueling the growth.

Based on the age group, the age 18-34 segment dominated the market in 2019. This growth can be attributed to the increasing adoption of smartphones by consumers along with the growing demand to access healthcare as per their terms. Based on gender, the women segment dominated the market with a revenue share of 66.0% in 2019 owing to the increasing adoption of technologically advanced and non-physical visit solutions among women due to a shortage of physicians. In addition, increasing demand for consultation and support in different areas including reproductive guidance, pre- and post-natal care is driving the segment growth. 

The U.S. virtual visits market size, by service type, 2016 - 2027 (USD Billion)

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U.S. Virtual Visits Market Report Highlights

  • Increasing adoption of telehealth/virtual visits and the introduction of advanced audio-video technologies is driving the market

  • The cold and flu management segment dominated the market in 2019 owing to the growing adoption of on-demand virtual care by patients to majorly treat common conditions such as cold and influenza and reducing the chance of catching illnesses

  • The self-funded/ASO group plans segment dominated the market in 2019 owing to the encouragement provided by ASO groups towards adopting virtual visits as a part of their coverage to avoid non-emergency visits to hospitals and medical facilities during this public health emergency

  • The age 18-34 segment dominated the market with a revenue share of 33.0% in 2019, owing to increasing adoption of smartphones by consumers along with growing demand to access healthcare as per their terms

  • The women segment dominated the market with a revenue share of 66.0% in 2019, owing to increasing adoption of virtual visit solutions among women due to shortage of physicians and increasing demand for consultation and support in different areas including reproductive guidance and pre- and post-natal care.

The U.S. virtual visits market share, by gender, 2019 (%)

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U.S. Virtual Visits Market Segmentation

Grand View Research has segmented the U.S. virtual visits market based on service type, commercial plan type, age group, and gender:

U.S. Virtual Visits Service Type (Volume, Million Units; Revenue, USD Million, 2016 – 2027)

  • Cold and Flu management

  • Allergies

  • Urgent Care

  • Preventive Care

  • Chronic Care management

  • Behavioral Health

U.S. Virtual Visits Commercial Plan Type Outlook (Volume, Million Units; Revenue, USD Million, 2016 – 2027)

  • Small Groups

  • Self-funded/ASO group plans

  • Medicaid and Medicare

U.S. Virtual Visits Age Group Outlook (Volume, Million Units; Revenue, USD Million, 2016 – 2027)

  • Age 18-34

  • Age 35-49

  • Age 50-64

  • Age 65 and above

U.S. Virtual Visits Gender Outlook (Volume, Million Units; Revenue, USD Million, 2016 – 2027)

  • Male

  • Female

List of Key Players of U.S. Virtual Visits Market

  • American Well Corporation

  • MDLive, Inc

  • Doctor On Demand, Inc

  • eVisit Telemedicine Solution

  • Teladoc Health, Inc

  • MeMD

  • HealthTap, Inc

  • Vidyo, Inc

  • PlushCare, Inc

  • Zipnosis

Browse Related Report:

U.S. Healthcare Discount Plan Market : https://www.grandviewresearch.com/industry-analysis/us-healthcare-discount-plan-market

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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