The virtual companion care market is poised for significant expansion, with its valuation projected to grow from USD 7.9 million in 2023 to an impressive USD 14.4 million by 2033. This growth, driven by a robust CAGR of 6.2% over the forecast period, underscores the increasing demand for innovative, technology-driven care solutions.
Virtual companion care provides essential support and companionship to individuals, particularly the elderly and those with chronic conditions, through digital platforms. This market is expanding rapidly due to the rising aging population, advancements in telehealth technologies, and a growing preference for at-home care solutions.
The anticipated growth reflects the global shift towards more personalized and accessible healthcare services. Virtual companion care is transforming the way we support our loved ones, offering real-time assistance, monitoring, and companionship, thereby enhancing their quality of life.
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As virtual platforms have become more and more popular for companion care, healthcare institutions are utilizing them to promote instructions connected to healthcare. This could lead to an increase in the demand for online companion care. This kind of service becomes crucial while providing aging care services because older folks are the ones who genuinely need a companion.
Virtual companion care, a virtual agent combined with a chatbot or other artificial conversational entity that may converse with existing healthcare databases through appropriate nonverbal conduct, is one type of virtual reality.
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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