The virtual companion care market is anticipated to grow at a rate of 6.2% CAGR over the forecast period. The current valuation of US$ 7.9 million in 2023 is expected to improve to US$ 14.4 million in net worth by 2033 for the global market throughout this forecast period.
The interaction between patients and caregivers or health maintenance organizations is fast evolving in the digital age due to the widespread usage of various technologies by primary and secondary healthcare service consumers.
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The Rise of Virtual Companions in a Digital Age
Patients and caregivers are adopting technology to provide better care, which is causing a digital revolution in the healthcare industry. Virtual companion care solutions are becoming a useful resource that helps users connect and share health information.
Popularity of Virtual Platforms for Companion Care
The increasing acceptance of virtual platforms for companion care is a major driver of the industry expansion. Healthcare systems are using these platforms more and more to provide health advice and assistance; this is especially helpful for senior citizens who frequently lack company.
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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