During the forecast period, the Virtual Companion Care Market Sales is expected to grow at a CAGR of 6.2%. The global market is expected to be valued US$ 14.4 billion by 2033, up from a current valuation of US$ 7.9 billion in 2023.
How is Virtual Companion Care Beneficial for Aging Population?
The demand for Virtual Companion Care benefits the aging population in various ways. A few of the benefits are as follows:
- Reduce Social Isolation: Many people feel social isolation as a result of living distant from family and friends, mobility challenges, and physical restrictions. Adopting Virtual Companion Care allows for social interaction, interactions, and conversation, which reduces loneliness and provides emotional support.
- Improve Mental Wellness: Individuals’ mental health improves as their interaction with Virtual Companion Care grows. Virtual Companion Care promotes a healthy lifestyle by playing games, having chats, and reminding you of healthcare activities.
- Availability: Virtual Companion Care is offered to the elderly 24 hours a day, seven days a week. It seeks help, provides information, and connects with someone to discuss when necessary.
- Personalized Care: Virtual companions provide personalised care by utilising advanced technology such as AI algorithms. These technologies aid in adapting the dialogue, improving experiences, and providing content that is relevant to users.
- Medical Reminder and Health Monitoring: Virtual companions keep track of drug reminders and tell people about upcoming appointments, health examinations, and monitoring. The need for Virtual Companion Care is fast increasing as a result of these improved healthcare reminders.
- Safety and Security: Virtual Companion Care ensures individual safety and security by offering features such as emergency call buttons and fall detection. These additional safety and security features are driving the global market.
- Encourages Independence: Virtual companions allow one to communicate with friends, family, and relatives through video calls, messages, and calls. It encourages seniors to maintain and control daily life routines and promote independence.
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Virtual Companion Care Market Key Takeaways:
- During the projection period, the Virtual Companion Care market is expected to be valued at US$ 14.4 million, with a CAGR of 6.2%.
- The United States dominates the global market, with a maximum share of 28.6% expected by 2033.
- Germany is expected to account for 9.5% of the global market by 2033.
- Japan leads the global market with a 4.4% share throughout the forecast period.
- During the projection period, Australia is expected to grow at a CAGR of 5.1% in the global market.
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How Key Players Upsurge the Global Virtual Companion Care Market?
The market is highly competitive by the number of key players worldwide. The key players are innovating improved and innovative products in the global market to attract their consumers. They develop products as per consumers’ requirements to increase sales volume.
The key players adopt several marketing strategies, including mergers, acquisitions, product launches, agreements, and partnerships. Through these strategies, the key players advance the market to another height.
Recent Developments in the Global Virtual Companion Care Market are:
In 2020, Care Angel announced its newly launched AI-powered voice technology remote controlling monitoring for elders. This product helps to expand services for senior citizens.
Virtual Companion Care Market by Category
By Type:
- Video Service
- Voice Service
- Others
By End User:
- Long-term Care Centres
- Home Care Settings
- Rehabilitation Centres
- Old Age Homes
- Others
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