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U.S. Healthcare Virtual Visits Market - Industry Analysis & Forecast 2022-2027

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    Report

  • 223 Pages
  • August 2022
  • Region: United States
  • Arizton
  • ID: 5642945
UP TO OFF until Nov 30th 2022
1h Free Analyst Time

Virtual Visits Increased More Than 200-Fold from 14,000 in 2019 to 3.1 Million in 2020

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With the increasing telehealth services utilization, there is also an increase in the adoption of virtual visit platforms. From 2017 to 2019, the virtual visit doubled for Health Action Council members. The rising occurrences of chronic conditions such as diabetes, hypertension, and much more influence market growth. Virtual visits are useful tools for continuous monitoring of chronic conditions and treatment. Virtual visit services and technologies can help address current health issues in the US and, in turn, help deliver quality and convenient patient care. The key players in the virtual visit market are AMD Global Telemedicine, American Well, and Teladoc Health.

Impact of COVID-19 Pandemic

Throughout the COVID-19 pandemic, people have shifted to virtual visits for medical and behavioral care because of convenience, ease of schedule, and have been found safe to avoid crowded waiting rooms. Even after post-pandemic, it is expected that about 83% of patients will use virtual care.

At the start of the pandemic, the number of in-person visits fell dramatically while virtual visits increased overall, and virtual visits have seen a drastic growth. In 2020, virtual care quickly became an integral component of care delivery due to complete lockdown and the need for healthcare, mainly mental health. The sudden growth in virtual visits adoption is observed to be due to an increase in reimbursements and ease of regulations for telehealth services. Before the COVID-19 pandemic emergence, the adoption of virtual visits remained low due to a lack of reimbursement and internet connectivity. Virtual visits increased more than 200-fold from 14,000 in 2019 to 3.1 million in 2020. In 2020, with the surge in COVID-19 cases, 53% of US patients said they were more satisfied with live video than with previous in-person interactions.

Increasing Implementation of Telehealth Kiosks in U.S. Hospitals

The U.S. is highly implementing Wi-Fi-enabled telehealth kiosks in their hospitals attributed to increasing funding for vendors offering the telehealth kiosks, which has opened prospects for growth of the virtual visits market. Telehealth kiosk is a private, standalone virtual exam room equipped with medical devices such as thermometers, pulse oximeters, blood pressure cuffs, and many more.

Virtual Hospitals: Future of Healthcare

The virtual visit has transformed the healthcare industry by reducing hospital visits, reducing patient wait time, and decreasing the physical discomfort caused to patients. Many healthcare institutions are now adopting virtual healthcare because of its many benefits. Virtual hospitals help everyone, including patients, doctors, and hospitals. Mercy Virtual Care Center, based in the US, is the prime example of a virtual hospital, the first and only facility of its kind. Key elements of a virtual hospital solution:

  • A patient app: Schedule virtual visit appointments, message medical professionals to consult about the symptoms, track health state or symptoms and medication intake, request medication refills, view treatment plans, etc.
  • An app for care team: Provide online patient consultations and examinations, suggest treatment changes, access, and evaluate patient’s vitals, tests results, medical images, manage patients’ medication, etc.
  • A video streaming server: Real-time audiovisual communication between patients and the virtual hospital care team
  • A cloud data storage and processing module: Store consultation recordings and analysis of patient data (e.g., device-generated data, treatment plans)
  • An admin web panel: To manage user access to virtual hospital software, view the list of patients, and many more.
  • Smart medical devices for patients: To provide the virtual hospital care team real-time data on vitals, medication intake, and many more.
  • EHR/EMR: to provide immediate access to a patient’s medical history, chronic conditions, allergies, and contact information for the virtual hospital care team, etc.
  • Practice management system: To enable patients’ access to the medical specialists’ schedules, automate patient billing data entering into the system, and many more.
  • Laboratory information system and medical imaging software: To enable an instant view of a patient’s X-rays, CT scans, and many more and lab test results for the care team to make the decision on treatment adjustment, patient readmission to a hospital, etc.

Segment Insights

Component

The service segment is the fastest growing by component, with the highest revenue of USD 3.91 billion in 2021, whereas hardware and software have generated USD 1.15 billion. Several vendors offer a wide range of services in various specialties. The healthcare providers offer services giving both the options of a scheduled or on-demand visit. The services have widely been adopted in the country and are further expected to gain momentum in the US in the coming future.

Application

General consultation is the fastest growing segment, with the revenue generated of USD 1.47 billion in 2021, and is expected to grow at a CAGR of 26.74%. During the pandemic, the US was the most hit country, and there was a complete lockdown in the US. The fear of getting COVID-19 infection within hospitals led to increased virtual visits in the US. The behavioral health segment is expected to grow at the highest pace in the forecast period, with the highest CAGR of 28.53%, which is attributed to increasing cases of mental health issues in the US because of the increasing elderly population. Also, there are increasing initiatives to support mental health virtual visit services. Hence, it is expected that it will grow at a very good pace. Sexual and reproductive health virtual visits are the least preferred service due to inadequate insurance coverage. Many platforms are not accepting Medicaid or other public insurance for this specialty.

Patient Group

Adults are the fastest growing segment because of their increasing use of virtual visits. A rising aging population and increasing chronic diseases have increased the demand for virtual visits. The use of virtual visit platform and services is very high among the adults in the US as the country has very good IT infrastructure, good internet access, awareness, and most insurance plans covers the cost of most specialty visits. Many companies, in collaboration with virtual visit providers, cover the cost of the visit of their employees. The pediatric group is likely to grow at a good pace with a CAGR of 28.62%in the forecast period.

Health Plans

The commercial or private health plan segment generated the highest revenue of USD 2.50 billion in 2021 and is expected to grow at a very good pace with a CAGR of 28.59%. Private health insurance coverage has been more prevalent than public coverage, covering about 68.0% and 34.1% of the population in 2019. Employer-based insurance has been the most common subtype. Most Medicaid programs pay the same for telehealth-delivered services as for in-person services. As compared, online and phone visits have witnessed an 8.64% increase in the reimbursement from Medicaid for online visit reimbursement from April 2020 to December 2020. The number of people without health insurance coverage increased in 19 states in the US between 2018 and 2019. All states, including the District of Columbia, have shown a lower uninsured rate in 2019 compared to 2010. In 2019, the percentage of people with employer-provided coverage was slightly higher, from 55.2% in 2018 to 55.4% in 2019.

Vendor's Activities in the Market

The market is highly dynamic and fragmented with key players, including AMD Global Telemedicine, American Well, and Teladoc Health.

  • Vendors are highly engaged in expansion activities to strengthen their position in the US.
  • Forging partnerships and collaborations with well-established manufacturers cementing the footprints of the players.
  • Vendors are highly focused on inorganic growth through mergers and acquisitions.
  • A diverse range of virtual visits platforms, software, application, and other integrated devices and service support is offered.
  • The market is experiencing a surge in product launches and technological advancements.
  • Vendors are highly investing in developing integrated software & hardware or connected devices and software.
  • Key vendors operating in the market have shown the potential to provide reliable healthcare platforms to a large pool of patients at low cost or even zero cost per visit with the qualifying insurance plan in the US, depending on the type of visit.
  • Several new start-up companies are entering the market with increased funding.
  • The key players are making huge R&D investments and developing innovative products.
  • Leading companies are taking several initiatives to keep the market competitive. For example, American Well and Teladoc Health are forming business models that blend in-person and virtual, synchronous & asynchronous, human-driven, and automated into a hybrid care model.

Key Vendors

  • AMD Global Telemedicine
  • American Well
  • Koninklijke Philips
  • Teladoc Health.

Other Prominent Vendors

  • Baptist Health
  • BetterHelp
  • Blue Sky Telehealth
  • CareClix
  • Cerner
  • CHI Health
  • Chiron Health
  • Cisco Systems
  • CVS Health
  • Doctor On Demand
  • Doxy.me
  • Eagle Telemedicine
  • edgeMED Healthcare
  • eVisit
  • HealthTap
  • K Health
  • Masimo
  • MDLIVE
  • NextCare
  • Nurx
  • PlushCare
  • Piedmont Healthcare
  • Recuro Health
  • RO
  • SOC Telemed
  • SteadyMD
  • Talkspace
  • Optum
  • Vidyo
  • VSee
  • Walmart Health Virtual Care
  • Zipnosis
  • 98point6

Key Questions Answered

  1. What will be the market size of the U.S. Virtual visits market?
  2. What is the growth rate in the U.S. Virtual visits market?
  3. Who are the key players in the U.S. Virtual visits market?
  4. What are the growth factors in the U.S. Virtual visits market?

Table of Contents


1 Research Methodology2 Research Objectives3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
8 Premium Insights
8.1 Overview
8.2 Virtual Visits Status in US Between 2019 and 2021 & Beyond
8.3 Declining Telehealth Adoption Rate of Late COVID-19 Pandemic Visits
8.4 Snapshot of Telehealth in US
8.5 Reimbursements for Virtual Visits/Care in Response to COVID-19 Pandemic
9 Market Opportunities & Trends
9.1 Use of Virtual Visit Consultations in Pediatric Treatment
9.2 Introduction of Automated Virtual Primary Care
9.3 Increasing Use of Telehealth Kiosks
9.4 Emerging Connected/Smart Integrated Devices
9.5 Increasing Strategic Partnerships and Mergers/Acquisitions
10 Market Growth Enablers
10.1 Increasing Funding Toward Virtual Visits Platforms
10.2 Emergence of New Business Models in Healthcare
10.3 Increasing Reimbursements by Insurers and Governments for Virtual Visits
10.4 Chronic Disease Management Through Virtual Visits
11 Market Restraints
11.1 Lack of Access to Fixed Internet Service
11.2 Data Security and Privacy Risks
11.3 Legal Barriers & Lack of Standard Regulations
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Five Forces Analysis
13 Component
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Service
13.4 Hardware & Software
14 Application
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 General Consultation
14.4 Behavioral Health
14.5 Chronic Care Management
14.6 Urgent Care
14.7 Others
15 Patient Group
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Adults
15.4 Pediatric
16 Health Plans
16.1 Market Snapshot & Growth Engine
16.2 Market Overview
16.3 Commercial
16.4 Medicare
16.5 Self-Pay
16.6 Others
17 Competitive Landscape
17.1 Competition Overview
17.2 Market Share Analysis
18 Key Company Profiles
18.1 AMD Global Telemedicine
18.2 American Well
18.3 Koninklijke Philips
18.4 Teladoc Health
19 Other Prominent Vendors
19.1 Banner Health
19.2 BetterHelp
19.3 Blue Sky Telehealth
19.4 CareClix
19.5 Cerner
19.6 CHI Health
19.7 Chiron Health
19.8 Cisco Systems
19.9 CVS Health
19.10 Doctor on Demand
19.11 Doxy.me
19.12 Eagle Telemedicine
19.13 EdgeMED Healthcare
19.14 eVisit
19.15 HealthTap
19.16 K Health
19.17 Masimo
19.18 MDLIVE
19.19 NextCare
19.20 Nurx
19.21 PlushCare
19.22 Piedmont Healthcare
19.23 Recuro Health
19.24 RO
19.25 SOC Telemed
19.26 SteadyMD
19.27 Talkspace
19.28 Optum
19.29 Vidyo
19.30 VSee
19.31 Walmart Health Virtual Care
19.32 Zipnosis
19.33 98point6
20 Report Summary
20.1 Key Takeaways
20.2 Strategic Recommendations
21 Quantitative Summary
21.1 Component
21.2 Application
21.3 Patient Group
21.4 Health Plans
22 Appendix
22.1 Abbreviations

Companies Mentioned

  • AMD Global Telemedicine
  • American Well
  • Koninklijke Philips
  • Teladoc Health
  • Baptist Health
  • BetterHelp
  • Blue Sky Telehealth
  • CareClix
  • Cerner
  • CHI Health
  • Chiron Health
  • Cisco Systems
  • CVS Health
  • Doctor On Demand
  • Doxy.me
  • Eagle Telemedicine
  • edgeMED Healthcare
  • eVisit
  • HealthTap
  • K Health
  • Masimo
  • MDLIVE
  • NextCare
  • Nurx
  • PlushCare
  • Piedmont Healthcare
  • Recuro Health
  • RO
  • SOC Telemed
  • SteadyMD
  • Talkspace
  • Optum
  • Vidyo
  • VSee
  • Walmart Health Virtual Care
  • Zipnosis
  • 98point6

Methodology


Our research comprises a mix of primary and secondary research. The secondary research sources that are typically referred to include, but are not limited to, company websites, annual reports, financial reports, company pipeline charts, broker reports, investor presentations and SEC filings, journals and conferences, internal proprietary databases, news articles, press releases, and webcasts specific to the companies operating in any given market.

Primary research involves email interactions with the industry participants across major geographies. The participants who typically take part in such a process include, but are not limited to, CEOs, VPs, business development managers, market intelligence managers, and national sales managers. We primarily rely on internal research work and internal databases that we have populated over the years. We cross-verify our secondary research findings with the primary respondents participating in the study.



 

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