U.S. Virtual Visits Market Size is Predicted to Witness 36.9% CAGR till 2030

[sara James]

The U.S. Virtual Visits Market size is expected to reach USD 105.5 billion in terms of revenue and 5.2 billion in terms of volume by the end of the forecast period and is expected to grow at a CAGR of 30.9% in terms of revenue, and 36.9% in terms of volume as per a new report published by Grand View Research, Inc. Increasing demand for telehealth and teleconsultation and introduction of new and advanced technologies has positively impacted the growth of the market in the U.S. Increasing penetration of smartphones and assisted technologies has also been a key factor for the fast growth of the market.

In the service segment, cold and flu management had the largest market share in 2021. The major factor behind the growth of the market is the growing demand for teleconsultations for patients for treatment of common conditions like cold and flu to reduce the chances of contracting additional illnesses due to hospital visits. The availability of specialists through telehealth and teleconsultations, even in remote areas has brought about a revolution in the virtual visits market, acting as a key factor for the growth of the market.

Based on age, the 18 to 34 years segment had the largest market share in 2021. The growth is a result of increasing smartphone penetration and increased internet usage by the consumers in this age group. The increase in the number of young adults suffering from mental health issues has also risen in the past few years and more so during COVID-19, resulting in a large market share.

Based on gender, women dominated the market with a revenue share of 65% in 2021. The increasing demand for telemedicine and telehealth had increased due to COVID-19 to reduce the chances of contracting additional infections, especially in pregnant females. The virtual visits made it easier for all to get access to specialists and better healthcare facilities within the comfort of their homes, proving to be a major factor in the growth of this segment and the market overall.

Based on the type of commercial plans, self-funded/ASO group plans had the largest revenue share. Growth in this segment has been a result of ASO groups proposing and encouraging virtual visits in their coverage plans to avoid regular visits to hospitals in avoidable conditions. During the pandemic, only non-emergency visits throughout the country were encouraged by healthcare providers to avoid the risk of infection. In wake of the pandemic, employers are increasingly preferring self-coverage plans and providing cost-effective healthcare services for their employees to diminish the exploding healthcare costs, which is further enhancing the growth of the market.

The COVID-19 pandemic created a massive growth spurt for the virtual visits market in the U.S. With the people needing healthcare solutions during the peak of the pandemic, teleconsultations were providing the necessary care that was needed. The huge jump in the uptake of virtual consultations was a result of government initiatives as well as fear of contracting the disease by physically visiting the hospitals. It came as a necessary relief for the healthcare providers as well, where they were less burdened due to the use of teleconsultations in case of non-emergency cases. The overall productivity of the healthcare system had also improved, proving the virtual visit market has been a great success and would be a way to consult in the future as well.

Related Press Release@ U.S.Virtual Visits Market Report

U.S. Virtual Visits Market Report Highlights

• The U.S. market is expected to reach USD 105.5 billion (Revenue) and 5.2 billion visits (Volume) by 2030, due to rising demand for telehealth services and virtual visits and also due to advancements in the field of delivering virtual care through apps and connected devices
• The cold and flu management service segment had the biggest revenue share as of 2021. Growing adoption rates of telehealth solutions to get consultations regarding common conditions have risen during the pandemic, this has been a result of awareness and encouragement by all private and government agencies to curb the spread of the disease
• The age group 18-34 dominated, capturing the revenue share of 31.8% in 2021, this has been due to the increasing use of smartphones and internet-connected devices, increasing burden of mental health issues among the consumers in this age, and ease of access to healthcare through virtual visits, all contributing to the growth of the segment
• In the gender segment, women dominated the market with a record revenue share of 65% in 2021. The increasing adoption of virtual visits during the pandemic had created a safe environment for pregnant women to receive the best healthcare without physically going to hospitals and quality post-natal care was also made available for women, resulting in the overall growth of the market