The global remote healthcare market is estimated to grow at a CAGR of 23.2% from USD 6,700 million in 2019 to USD 66,472 million in 2030.
In the recent years, information technology (IT) has impacted almost every industry and the healthcare ecosystem is not an exception. Healthcare IT is being utilized by healthcare organization right from process automation to patient interaction. Remote healthcare can be seen as a sub-set healthcare IT and offer medical assistance to remotely located patients. Factors such as rising prevalence of chronic diseases, growing use of mHealth apps, favorable government policies, and increasing adoption of internet of medical things (IoMT) are some of the major drivers responsible for the market growth. IoMT is a sub-segment of IoT dealing with interconnected medical devices/medicare connected to healthcare IT for improved patient experience. In the recent years, the IoMT solutions have been increasingly adopted in the healthcare sector for remote patient monitoring. In 2017, the UST Global Inc. stated that about 60% of the healthcare organizations (globally) deployed IoMT in patient care activities including remote-monitoring. Additionally, by the end of 2020, more than 87% of the healthcare organizations are planning to deploy IoMT for various healthcare related services. Hence, increasing adoption of IoMT is additionally supporting the remote healthcare market growth.
However, privacy and data security risks and low penetration of remote healthcare in low-and-medium income countries are major restraints of the market growth during the projected period.
This report analyses the remote healthcare market on the basis of services, end-user, and region.
The services segment is divided into real-time virtual health, remote patient monitoring, and tele-ICUs. Real-time virtual health segment is further sub-segmented into video communication, audio communication, and chat/e-mail communication. By end user, the global market is segmented into healthcare provider, payers, patients, and others. By region, the global remote healthcare market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
On the basis of region, the Americas led the global market in 2019, owing to developed healthcare infrastructure and lack of sufficient healthcare service providers in the region drives the regional market growth. Moreover, presence of developed healthcare infrastructure boosts the market growth. In 2019, Europe stood second in the global remote healthcare market. Factors such as advanced healthcare IT sector and high prevalence of chronic diseases drives the regional market growth. Asia-Pacific region is seen as a developing revenue pocket for the market players operating in the global remote healthcare market. Rsing penetration of key players and developing healthcare IT sector boosts the market growth within the region. Indian Brand Equity Foundation stated that the Indian healthcare IT sector is estimated to reach USD 58 billion by the end of 2020. The Middle East & Africa hold the least market share in 2019 owing to presence of poor economies within the African region.
The remote healthcare industry is fragmented due to presence of major market players and increasing market participation of market entrants. The market competition is majorly influenced on the basis of price, quality and technology of the products offered. companies are following strategic collaborations to expand for expanding their market share. In 2018, Royal Philip and American Well signed a partnership for jointly delivering virtual care solutions across the globe.
Major players analyzed in the research study are Advanced ICU Care, Cerner, American Well, AirStrip, InTouch Health, BioTelemetry, Inc., Koninklijke Philips, Medtronic, Vivify Health, Athenahealth, Biotricity, BIOTRONIK, and others.
- The global remote healthcare market is estimated to grow with a CAGR of 23.2% from 2019-2030
- The market was valued USD 6,700 million in 2019
- In 2019, the Americas led the market with ~50% of the market share.
- Real-time virtual health segment was valued of USD 3,082 million in 2019
- Strategic collaboration is a key strategy adopted by players in the global marketplace
- Increasing adoption of IoMT is majorly driving the global remote healthcare market.
- The tier one companies occupy ~50% of the market share.
USP of the Report:
- Government Guidelines for the market
- Competitive Landscape & Competitor Concentration
- Product Benchmarking
- Technology Analysis
- Impact Analysis of Covid-19
- Industry SWOT analysis
- Industry PESTLE analysis
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