During the projected period, a compound annual growth rate (CAGR) of 6.2% is anticipated for the virtual companion care market. The global market’s present valuation of USD 7.9 million in 2023 is expected to improve to USD 14.4 million by 2033 during the course of this projected period.
As more and more primary and secondary users of healthcare services throughout the world adopt various technologies, the interaction between patients and caregivers or health maintenance organizations is changing quickly in the age of digitalization.
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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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