The virtual companion care market is expected to witness a CAGR of 6.2% during the forecast period. Over this projection period, the global market is estimated to reach a net worth of USD 14.4 million by 2033, improving from the current valuation of USD 7.9 million in 2023.
In the age of digitization, the relationship between patients and caregivers or health maintenance organizations is changing rapidly as various technologies are being employed by primary and secondary users of healthcare services across the globe.
The popularity of virtual platforms for companion care has increased over time, and healthcare systems are thus using them for promoting healthcare-related instructions. It might increase the demand for virtual companion care. This kind of service becomes crucial, especially while providing aging care services, as they are the ones who are truly in need of a companion.
Virtual companion care is an example of virtual reality that represents a virtual agent incorporated with an artificial conversational entity like a chatbot and can display appropriate non-verbal behavior communicating with existing healthcare databases.
The compatibility of such technology over multiple devices, such as mobile phones and computers, has created a perfect platform for adopting virtual companion care.
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Virtual companion care services in the United States cost approximately USD 200 per month. Virtual companion care services have made caring for seniors very easy and feasible. According to the USA Department of Health and Human Services and the National Ambulatory Medical Care Survey, the population over 65 in the United States is estimated to likely be doubled by 2030.
The primary factors driving the demand for virtual companion care are:
Some existing challenges for the global market growth:
These technologies can provide only companionship as much as busy family members can.
Virtual companion care provides an alternative that can substitute for in-person human contact and alleviate loneliness. The concept of virtual caregiving, however, cannot replace human companionship, although it can be viewed as a way to decrease the time for companion sessions and thus is cost-saving.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 6.2% |
| Market Valuation (2023) | USD 7.9 million |
| Market Valuation (2033) | USD 14.4 million |
| Countries | Forecast Share Between 2023 to 2033 |
|---|---|
| United States | 28.6% |
| Germany | 9.5% |
| Japan | 4.4% |
| Countries | Forecast CAGR Between 2023 to 2033 |
|---|---|
| China | 7.4% |
| India | 6.3% |
| United Kingdom | 4.8% |
| Australia | 5.1% |
As per the global market by FMI, 30.3% share of the global market belongs to North America.
High penetration of technology and the internet among the elderly population might surge the virtual companion market share in the region. Moreover, the busy lifestyle of people who are aged between 25 to 45 years is something that might further drive the market. Additionally, an increase in the geriatric population might further the growth of the global market.
According to the global market report, the Europe region is contributing 33.5% of the market.
Europe has become the large market due to government initiatives for providing companion care to older people. Also, the higher adoption of telecommunication and internet connections by aged people has helped them comfortably use virtual care management services. All this is anticipated to impact the virtual companion care adoption trends.
Moreover, a genuine is estimated toingness to have someone who would talk to them when these people are alone is also expected to drive the global market.
Even in developed countries such as the United States and Europe, the concept of virtual companionship has yet to be readily adopted by the general population. Government support has been remarkable in this direction and has resulted in the emergence of new virtual care service providers in several regions.
For instance, under its Eurostatrs Program, European Union is developing the Naviga platform, which allows older people and persons with disability to access the internet and support groups. The platform also provides home rehabilitation physiotherapy through virtual reality applications.
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The market for virtual companion care is in the early stage of development, and the majority of the population in developing countries is yet to get a first-hand experience with such a service. Typically, a majority of the platforms are developed by universities and educational institutions as a part of the curriculum. However, the rising demand for virtual companion care services nationwide has led to the entry of private players with full-fledged support services.
Recent Developments in the Global Market:
| Attributes | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | United States, United Kingdom, Japan, India, China, Australia, Germany |
| Key Segments Covered | Type, End Use industry, Region |
| Key Companies Profiled | Claris Healthcare Inc.; General Electric Company; AIST Japan; GeriJoy Limited; Living Assistance Services Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is valued at USD 7.9 million in 2023.
Claris Healthcare Inc. and General Electric Company are the competitors in the market.
The market is estimated to develop at a CAGR of 6.2% from 2023 to 2033.
Technological advancements & and innovations to fuel the market.
China is likely to generate a CAGR of 7.4% through 2033.
| Estimated Size, 2024 | USD 16,131.2 million |
|---|---|
| Projected Size, 2034 | USD 29,329.2 million |
| Value-based CAGR (2024 to 2034) | 6.2% |
| CAGR | 7% |
|---|---|
| Market Size - 2023 | USD 5371.9 million |
| Market Size - 2033 | USD 10560.0 million |
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Virtual Companion Care Market
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