Remote Healthcare Market Size Worth $23.9B by 2028
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.
Key Insights & Findings:
- Tele-ICUs emerged as the leading service segment and accounted for the largest revenue share of 49.7% in 2020
- The provider segment dominated the market and accounted for the largest revenue share in 2020, whereas the patient segment is projected to expand at the fastest CAGR during the forecast period
- North America dominated the market and accounted for the largest revenue share of 38.8% in 2020
- In Asia Pacific, the market is projected to expand at the fastest CAGR during the forecast period
Read 150 page market research report, “Remote Healthcare Market Size, Share & Trends Analysis Report By Service (Remote Patient Monitoring, Real Time Virtual Health, Tele-ICU), By End-user (Payer, Patient, Provider), By Region, And Segment Forecasts, 2021 – 2028“, By Grand View Research.
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.
“Healthcare infrastructure shortfalls due to COVID-19, along with increased integration of Internet and Smart Wearables have supported the growth of remote healthcare 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.
Grand View Research has segmented the global remote healthcare market on the basis of service, end-user, and region:
- Remote Healthcare Service Outlook (Revenue, USD Million, 2016 – 2028)
- Remote Patient Monitoring
- Real Time Virtual Health
- Video Communication
- Audio Communication
- Email/Chat box
- Remote Healthcare End-user Outlook (Revenue, USD Million, 2016 – 2028)
- Employer Groups & Government Organizations
- Remote Healthcare Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- North America
List of Key Players of Remote Healthcare Market
- Advanced ICU Care
- Koninklijke Philips
- Teladoc Health
- Vivify Health
- AirStrip Technologies
- InTouch Technologies
- American Well
- Resideo Life Care Solutions
Check out more studies related to Digital and Remote Healthcare Solutions:
- Tele-Intensive Care Unit Market – The global tele-intensive care unit market size was valued at USD 1.8 billion in 2018 and is expected to witness a CAGR of 16.7% over the forecast period.
- Digital Health Market – The global digital health market size was valued at USD 96.5 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 15.1% from 2021 to 2028.
- Digital Patient Monitoring Devices Market – The global digital patient monitoring devices market size was estimated at USD 62.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 23.5% from 2021 to 2028.
Browse through Grand View Research’s Coverage of the Global Healthcare IT Industry
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