Remote Healthcare Market Trend Analysis By Region, And Segment Forecasts, 2021 - 2028
Remote Healthcare Industry Overview
The global remote healthcare market size is expected to reach USD 23.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.0% from 2021 to 2028. COVID-19 pandemic has created a burden on healthcare systems. Moreover, many patients were hesitant to visit hospitals owing to fear of contracting COVID-19. This in turn increased the demand for telehealth including real-time virtual health services. For instance, MDLive, a telehealth platform based in the U.S. witnessed a 95% increase in virtual visits and a 300% increase in bookings in the first half of 2020.
Moreover, many remote healthcare vendors, healthcare providers, and the government are taking aid of introducing various platforms to tackle COVID-19. For instance, in April 2021, major digital patient monitoring and real-time virtual health providers Cloud DX, Maple, and Curatio announced their partnership to launch a COVID-19 home monitoring program in Canada. This program will include digital automated monitoring technology along with disease management support and clinical oversight via virtual care. Many hospitals are adopting tele-ICUs to provide effective and efficient treatment to COVID-19 patients and reduce the burden on hospital staff. Such initiatives using technologies to tackle the COVID-19 pandemic are estimated to drive the market.
The rise in healthcare costs, increasing burden of diseases, shortage of hospital beds, and shortage of hospital staff is estimated to drive the market in near future. Moreover, increase penetration of the internet, increasing adoption of smartphones and wearable devices, and increasing spending on healthcare IT is supporting the market growth. Many patients, providers, and insurance companies are adopting technologies owing to their advantages such as enhanced quality of care, low cost, and high efficiency.
Market players are investing in the development of new digital healthcare technologies. Moreover, they are involved in strategic collaborations, partnerships, and mergers and acquisitions to expand to increase adoption of remote healthcare technologies and expand their company market share. For instance, in January 2021, Redox, a health IT company and Withings announced its partnership to make, MED·PRO CARE, a remote patient monitoring platform of Withings compatible with all electronic health record platforms utilized by healthcare stakeholders.
Remote Healthcare Market Segmentation
Grand View Research has segmented the global remote healthcare market on the basis of service, end-user, and region:
Based on the Service Insights, the market is segmented into Remote Patient Monitoring, Real Time Virtual Health, and Tele-ICU.
- The tele-ICU segment dominated the market and accounted for the largest revenue share of 49.7% in 2020. Initiatives, collaborations, and partnerships undertaken by the key stakeholders are driving the segment. For instance, in May 2020, Philips Healthcare introduced an eICU program in Japan in collaboration with Showa University.
- The remote patient monitoring segment is expected to witness significant growth over the forecast period. The growing adoption of wearable devices, the internet, and smartphones are driving the growth of the remote patient monitoring segment. According to International Telecommunication Union, 12.1 billion people are estimated to have smartphones globally by 2030. Moreover, an increasing number of investments and initiatives undertaken by healthcare stakeholders are driving the adoption of remote patient monitoring devicesand services.
Based on the End-user Insights, the market is segmented into Payer, Provider, Patient, and Employer Groups & Government Organizations.
- The provider segment dominated the market and accounted for the largest revenue share of 51.2% in 2020. This is owing to the high adoption rate of remote healthcare technologies by hospitals to reduce the growing burden on healthcare systems. The shortage of physicians, nurses, and hospital beds especially in developing countries is driving the demand for remote patient monitoring and real-time virtual health services.
- The patient segment is expected to grow at the fastest growth rate over the forecast period owing to the increasing adoption of real-time virtual health and remote patient monitoring services by patients during the COVID-19 pandemic. Various real-time virtual health platform providers witnessed significant growth in the number of users. For instance, Teladoc reported a patient visit volume of 4.1 million visits in 2019 which increased to 10.6 million in 2020.
Remote Healthcare Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies & Market Share Insights
Key players operating in the market are adopting various strategies such as partnerships, collaborations, mergers and acquisitions, and product development to expand product portfolio and geographic presence. For instance, in March 2021, Dozee, a healthcare startup, launched Dozee Pro solution a remote patient monitoring platform for hospitals. The Dozee Pro utilizes triaging system powered by artificial intelligence for monitoring patients outside ICU. Some of the prominent players in the remote healthcare market include:
- Advanced ICU Care
- BioTelemetry
- Koninklijke Philips
- Teladoc Health
- Vivify Health
- AirStrip Technologies
- Medtronic
- InTouch Technologies
- American Well
- Resideo Life Care Solutions
Order a free sample PDF of the Remote Healthcare Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Grand View Research, Inc.
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