The global virtual companion care market is poised for substantial growth, with forecasts indicating a steady Compound Annual Growth Rate (CAGR) of 6.2% over the forecast period. From a current valuation of US$ 7.9 million in 2023, the market is projected to reach a net worth of US$ 14.4 million by 2033. This anticipated expansion underscores the transformative impact of technology on patient-caregiver interactions and healthcare delivery in the digital age.
The virtual companion care market is witnessing rapid evolution, driven by the widespread adoption of various technologies by both primary and secondary healthcare service consumers. As patients and caregivers increasingly embrace digital solutions for communication and care coordination, virtual companion care emerges as a vital component of modern healthcare delivery, offering personalized support and assistance to patients in need.
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The market is growing due to several factors such as the increasing prevalence of chronic diseases and aging populations, technological improvements in telehealth and remote monitoring, and changing customer expectations for easy and tailored healthcare solutions. Furthermore, the acceptance and investment in virtual companion care solutions is being driven by regulatory activities targeted at increasing payment rules and access to virtual care services.
Key Takeaways:
- The virtual companion care market is estimated to reach a global net worth of US$14.4 million by 2033, reflecting a healthy CAGR of 6.2%.
- This growth is driven by the increasing adoption of virtual healthcare platforms and the rising need for companionship, particularly among aging populations.
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Competitive Landscape for the Global Market
The majority of people in poor nations have not yet had first-hand experience with virtual companion care, and the market is still in its early stages of growth. Most of the platforms are usually created as part of the curriculum by universities and other educational organizations. But as the need for virtual companion care services grows across the country, commercial companies offering comprehensive support services are starting to emerge.
Recent Developments in the Global Market:
- Lares Home Care, LLC started its 24×7 virtual caregiver solution in May 2020 by the name of EnvoyatzHome to monitor the activities of older adults in real-time.
- A leading virtual healthcare service provider named Healthtap declared in March 2021 to start primary care service in virtual mode. The first phase provides it in seven states and is estimated to be extended later.
Key Players Profiled:
- Claris Healthcare Inc.
- General Electric Company
- AIST Japan
- GeriJoy Limited
- Living Assistance Services Inc.
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
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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