U.S. Virtual Care Market Top Companies, Research Methodology, Drivers, Opportunities 2030

U.S. Virtual Care Market Growth & Trends

The U.S. virtual care market size is expected to reach USD 46.3 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 30.75% from 2022 to 2030. Virtual care is an umbrella term encompassing all remote patient interactions with healthcare providers. High waiting times for physician appointments and the shift toward convenient and patient-focused care are boosting the market growth. In recent years, the inclination toward digital platforms from conventional care settings is increasing, which is propelling the market growth. 

U.S. Virtual Care Market Segmentation

Grand View Research has segmented the U.S. virtual care market based on application and consultation mode:

Based on the Application Insights, the market is segmented into Family Medicine, Internal Medicine, Cardiology, Pediatrics, Endocrinology, Rheumatology, Pulmonology, Others.

• In 2021, the family medicine segment dominated the U.S. virtual care market with a share of 29.4%. A high number of online consultations for acute and primary care is the main factor for the dominant share of the segment. The American Academy of Family Physicians (AAFP) recommends expanding the use of telemedicine as an efficient and appropriate means of enhancing health when handled by adequate standards of care.
• During the pandemic, more than 80% of family physicians began delivering online appointments, according to a recent AAFP poll. In addition, almost 70% of respondents would prefer to deliver health services virtually in the future. Thus, increasing adoption of virtual care by family physicians is expected to fuel the growth of the segment.
• Moreover, the internal medicine segment held a significant portion of the market in 2021. According to a survey conducted by the American College of Physicians (ACP), internal medicine physicians and subspecialists would like to use virtual care technologies more than they do currently. The survey revealed that more than half of the respondents are interested in learning more about connected care technologies.
• Also, one-third of telemedicine users use e-consults to collaborate with specialists at least once a week. The technology is used by around one-quarter of telehealth users to communicate with patients and manage care outside the clinic. Nearly 18% of telehealth/telemedicine users conduct video visits with patients, and 19% use the platform at least once a week. The aforementioned factors are expected to drive the segment growth.

Based on the Consultation Mode Insights, the market is segmented into Video, Audio, Messaging.

• The audio segment accounted for the largest market share of 45.9% in 2021. Easy access and a higher preference for phone calls are factors driving the growth of the market. Moreover, many people reside on the side of the digital divide where access to technology and high-speed internet service is limited. More than 21 million Americans live in “digital deserts” according to the 2020 Broadband Deployment Report. Both rural and urban residents are affected by this issue.
• The video segment is likely to witness remarkable growth over the forecast period. This growth is related to COVID-19. In April 2020, 43.5% of all Medicare primary care visits were conducted via telehealth; before the pandemic, this percentage was only 0.1%. While virtual care also encompasses phone and message consultations, the frequency of appointments conducted by video has risen dramatically. Video appointments via the Department of Veterans Affairs Video Connect System, for instance, increased to 120,000 per week in May of 2020 from 10,000 per week in February 2020.

Market Share Insights

• May 2020: American Well Corporation raised USD 194 million to address the soaring demand for remote healthcare services.
• January 2020: Teladoc Health Inc. entered into a deal to purchase InTouch Health to expand its telemedicine offerings and expand its reach across hospitals and healthcare facilities.

Key Companies Profile & Market Share Insights

The market is highly fragmented with the presence of large and small players. Investment in the latest technologies, acquisitions, collaborations, and expanding services to multiple specialties are some of the strategies adopted by the market players to expand in the market.  

Some of the prominent players operating in the U.S. virtual care market include,

• Teladoc Health, Inc.
• American Well Corporation
• MDLIVE
• Doctor on Demand, Inc.
• Virtuwell
• CVS health
• MeMD
• HealthTap, Inc.
• iCliniq
• Sesame, Inc

Order a free sample PDF of the U.S. Virtual Care Market Intelligence Study, published by Grand View Research.