The virtual companion care market is poised for substantial growth, with projections indicating a robust Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period. By 2033, the market is estimated to achieve a net worth of USD 14.4 million, marking a significant increase from its 2023 valuation of USD 7.9 million.
Virtual companion care, a burgeoning segment within the healthcare industry, offers personalized support and companionship to individuals, particularly the elderly and those with chronic conditions, through remote interactions facilitated by technology. As the aging population expands and healthcare delivery models evolve, the demand for innovative solutions to address social isolation and enhance well-being is on the rise.
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Healthcare systems are adopting virtual platforms to promote healthcare-related instructions as their popularity for companion care has grown over time. The need for virtual companion care may rise as a result. Given that older adults are the ones who actually require a companion, this type of service becomes quite important when offering aging care services.
One example of virtual reality is virtual companion care, which is a virtual agent integrated with a chatbot or other artificial conversational entity that may communicate with current healthcare databases through suitable nonverbal behavior.
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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