Virtual Companion Care Market Scope
Virtual companion care is the service that provides elderly people or people with disabilities the social and emotional support they need to live happy and healthy lives, while their caregiver monitors their activity remotely, in real-time, from an application on their smartphone. This type of care has effectively reduced isolation and loneliness for many seniors. The rapidly growing geriatric population, technological advancements, and penetration of technology are the major factors driving the global market growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Lares Home Care, LLC (United States), iCare Home Healthcare Services (United States), Claris Healthcare (Canada), AT&T (United States), Living Assistance Services (Canada), Philips (Netherlands), United HealthCare Services (United States), THA Group (United States), Synzi (United States), CareFirst (United States), Amwell (United States) and Verizon (United States) |
CAGR | % |
Global Virtual Companion Care is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Services. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Lares Home Care, LLC (United States), iCare Home Healthcare Services (United States), Claris Healthcare (Canada), AT&T (United States), Living Assistance Services (Canada), Philips (Netherlands), United HealthCare Services (United States), THA Group (United States), Synzi (United States), CareFirst (United States), Amwell (United States) and Verizon (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Geisinger (United States), Optum (United States), University of Pittsburgh Medical Center (United States) and Rennova Health, Inc. (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Virtual Companion Care market by Type , by Application (Rehabilitation Centers, Long-term Care Centers and Home Care Settings) and Region with country level break-up.
On the basis of geography, the market of Virtual Companion Care has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
On 1st May 2020, Lares Home Care, LLC is introduced its 24/7 virtual caregiver solution envoyatHome, to their homecare service offerings. It enables senior loved one to remain in their home and live independently, while their caregiver monitors their activity remotely, in real time, from an application on their smart phone. Lares Home Care offers a virtual caregiving by envoyatHome to both new and current clients, either as a supplemental or individual care option. and On 1st March 2021, HealthTap, a leading virtual healthcare provider, announced plans to offer virtual Primary Care services across the U.S. The service is currently available in seven states and will roll out to the rest of the country over the next several weeks. HealthTap Primary Care lets members choose their doctor, see the same doctor for subsequent visits, and book appointments online.
Influencing Trend:
Emerging Technologies are Offering New and Intriguing Methods of Providing Virtual Companion Care and Emerging Platforms for Virtual Companion Care
Market Growth Drivers:
Increasing Older Population coupled with Busy Life Schedule, Surging Implementation of Virtual Companion Care to ease the Burden on Adult Children, as well as Assist Elderly Adults and Growing Demand for Medical Advices and Treatment via Electronics
Challenges:
Concerns Related to Data Security & Privacy Risks Associated with Virtual Companion Care
Restraints:
Legal Barriers & Lack of Standard Regulations for Virtual Companion Care
Opportunities:
Technological Advancement fuelling Virtual Companion Care
Key Target Audience
Virtual Companion Care Providers, Regulatory Bodies, New Entrants, Potential Investors, Research and Development Institutes and Others