The Global Remote Healthcare Market is valued at USD 6.5 Billion in 2022 and is projected to reach a value of USD 25.1 Billion by 2030 at a CAGR of 18.2% between 2023 and 2030.
According to rural health info, more than 46 million older adults age 65 and older live in the U.S.; by 2050, that number is expected to grow to almost 90 million. Between 2020 and 2030 alone, when the last of the baby boom cohorts reach age 65, the number of older adults is projected to increase by almost 18 million. Between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%, said WHO. The growing aging population is propelling the growth of the market. This is because Remote Healthcare can help address the aging population’s needs by providing them access to healthcare professionals without frequent visits to healthcare facilities. Furthermore, Remote Healthcare allows patients to receive medical care and consultations from the comfort of their own homes, eliminating the need to travel to a healthcare facility. This is particularly appealing for individuals with limited mobility, those living in remote areas with limited access to healthcare, and busy individuals who find it difficult to take time off work to visit a doctor.
Remote Healthcare Market Size, 2022 To 2030 (USD Billion)
According to a survey conducted by AmWell in the U.S., 66% of consumers were willing to use telehealth, including real-time virtual health. Moreover, 64 million consumers were willing to shift their primary care physician in 2019 from 50 million in 2017 to video visits/consultations in the U.S. According to the same survey, 65% of the consumers have used some health monitoring device. Thus, the increasing use of Remote Healthcare facilities has driven market growth in recent years. Moreover, the continuous advancements in technology and the widespread availability of smartphones, tablets, and other communication devices have made it easier for patients to connect with healthcare providers remotely. For instance, LG has launched Virtual Care Solution with Amwell to address the hospital workforce shortages. The newly launched ‘Carepoint TV Kit’ by LG and powered by Amwell 'Converge platform’ helps leverage existing LG healthcare TVs in patient rooms, allowing providers to remotely monitor, engage, and discharge patients by reducing the load of healthcare professionals. Similarly, Teladoc Health & Cloud DX has announced a partnership to enhance remote monitoring solutions for patients across Canada. In this partnership Cloud DX platform will be enhanced with Teladoc Health’s virtual care capabilities. This partnership will bring deep expertise in virtual care, mental health care, and chronic care management to Canadians.
Report Coverage & Deliverables
- Competitive benchmarking
- Historical data & forecasts
- Company revenue shares
- Regional opportunities
- Latest trends & dynamics
- Power BI Report (Dashboard)
- North America accounted for the largest growth, with a revenue share of 40.3% in 2022.
- Asia Pacific is expected to dominate the market during the forecast period.
- Based on Service, the Tele-ICU segment accounted for the largest market growth and contributed more than 29.5% of the total revenue share in 2022.
- Based on End-User, the Provider segment revealed the most significant market growth and contributed more than 26.8% of the total revenue share in 2022.
Economic changes, such as rising healthcare costs and the burden on healthcare facilities, have also played a role in driving the growth of the Remote Healthcare market. Remote Healthcare services can help reduce costs by minimizing the need for in-person visits, lowering hospital readmission rates, and enabling preventive care. The supply chain in the Remote Healthcare market involves the flow of medical devices, digital health platforms, and healthcare data. The supply chain has become crucial in ensuring the timely delivery of Remote Healthcare services. Companies involved in the Remote Healthcare supply chain must ensure the availability of medical devices and digital platforms, establish secure data exchange systems, and maintain efficient logistics and distribution channels.
Top Market Trends
- Increased adoption of telemedicine: Telemedicine, which allows patients to consult with healthcare professionals remotely, has seen a significant increase in adoption due to its convenience and safety during the pandemic. Patients can seek medical advice and treatment without physically visiting a doctor's office or hospital, reducing the risk of infection exposure.
- Remote patient monitoring: Remote patient monitoring involves using medical devices and digital technologies to remotely monitor patients' health values and vital signs. This allows healthcare professionals to track patients' conditions and provide timely interventions when necessary. The market for remote patient monitoring is experiencing strong growth, particularly for managing chronic conditions and elderly care.
- Wearable devices and mobile health apps: The increasing availability and affordability of wearable devices, such as fitness trackers and smartwatches, along with the rise of mobile health apps, have opened up new opportunities in Remote Healthcare. These technologies enable individuals to monitor and track their health data, receive health-related notifications, and perform basic diagnostic tasks like measuring blood pressure or heart rate.
The Global Remote Healthcare Market can be categorized based on the factors Service, End-User, and Region. Based on Service, the market can be segmented into Remote Patient Monitoring, Real-Time Virtual Health (Video Communication, Audio Communication, and Email/Chat box), and Tele-ICU. Furthermore, based on the End-User, the market is sub-segmented further into Patient, Payer, Provider, Government Organization, and Other End Users. Finally, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on Service
Tele-ICU Dominates the Market Owing to the Increasing Demand for Critical Care
The Tele-ICU segment has experienced remarkable growth within the Remote Healthcare market in 2022. The demand for critical care services is rising due to an aging population, the increasing prevalence of chronic diseases, and advancements in medical technology. Tele-ICU services can help meet this growing demand by leveraging remote monitoring and expert consultations. In addition, there is a need for more critical care specialists in many regions, especially in rural areas. Tele-ICU services can bridge this gap by enabling remote specialists to guide and support local healthcare teams.
Based on End-User
Provider to Witness Significant Growth Owing to the Increased Demand for Convenient Healthcare Services
The Provider segment is anticipated to have substantial growth in the market in 2022. Consumers are increasingly seeking convenient healthcare options that fit into their busy schedules. The Remote Healthcare industry allows providers to offer telehealth services, eliminating patients’ need to travel to clinics or hospitals for consultations. Providers can now connect with patients using secure video calls or messaging platforms, enabling quick access to medical advice and reducing wait times. The demand for these convenient healthcare services has accelerated the growth of the Remote Healthcare industry.
Based on Region
North America Holds a Prominent Market Share Due to its Legalization and Regulatory Framework
North America held a significant market share in the global Remote Healthcare market in 2022. The COVID-19 pandemic has significantly accelerated the growth of Remote Healthcare in North America. As social distancing measures and lockdowns were implemented, traditional healthcare services faced challenges providing in-person care. Telehealth and Remote Healthcare services emerged as an essential solution during this crisis, allowing patients to receive medical advice, consultations, and even treatment remotely. The pandemic has highlighted Remote Healthcare’s benefits and reinforced its importance in the healthcare system.
Furthermore, governments in North America have recognized the potential of Remote Healthcare in improving healthcare access and outcomes. They have implemented policies and regulations to support and promote adopting Remote Healthcare services. Additionally, insurance coverage for telehealth consultations and remote monitoring services has been expanded, making these services more financially accessible to patients.
Players in the Remote Healthcare market develop and provide the necessary technology tools and platforms required for Remote Healthcare delivery. This includes telemedicine platforms, remote monitoring devices, and software applications that facilitate virtual consultations, remote patient monitoring, and diagnostic services.
Recent Market Developments
- June 2022: Point32Health announced a pilot project using Ejenta's remote monitoring system to improve the health and wellness of patients with congestive heart failure.
- March 2022: Microsoft Corp. announced advancements in cloud technologies for healthcare and life sciences. These included the general availability of Azure Health Data Services and updates to Microsoft Cloud for Healthcare.
- March 2022: Cognizant collaborated with Microsoft to offer a new virtual healthcare solution for remote patient monitoring and improved care.
- March 2022: Dozee launched Dozee Pro, a contactless hospital vitals monitor. The Dozee Pro, featuring an Al-powered triaging system, can convert any bed into a step-down ICU in under two minutes, facilitating remote patient monitoring outside the ICU.
Segmentation of the Global Remote Healthcare Market
- Service (Remote Patient Monitoring, Real Time Virtual Health, Tele-ICU)
- End User (Payer, Provider, Patient, Government Organizations )
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Advanced ICU Care (U.S.)
- BioTelemetry (U.S.)
- Koninklijke Philips (Netherlands)
- Teladoc Health (U.S.)
- Vivify Health (U.S.)
- AirStrip Technologies (U.S.)
- Medtronic (Ireland)
- InTouch Technologies (Canada)
- American Well (U.S.)
- Resideo Life Care Solutions (U.S.)
||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
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