The healthcare sector has been evolving at a rapid rate over the years. The penetration of the latest technology in the healthcare sector has led to the launch of many health services and devices. The remote healthcare mechanism is one of them. The popularity of remote healthcare has reached new heights owing to the COVID-19 pandemic and other factors. Thus, based on all these aspects, the remote healthcare market is estimated to gain a positive growth trajectory during the assessment period of 2020-2030.
Remote healthcare helps in monitoring the health of the patients with real-time readings on glucose, blood pressure, SPo2 with heart rate, weight, and temperature. The readings can be derived at any point of time and can be stored in any manner. A plethora of advantages can be obtained from remote health monitoring. This aspect helps in boosting the growth prospects of the remote healthcare market.
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According to a survey by the Consumer Technology Association, nearly 52 percent of the consumers pointed out that they would use a connected health device if recommended by a physician. Even before the pandemic struck, 88 percent of healthcare providers indicated that they had invested or evaluated the use of remote healthcare technologies, according to the Spyglass Consulting Group. These findings signal the growing trend of remote healthcare among the global populace.
Remote healthcare has emerged as one of the most feasible alternatives to physical counseling. As physician visits and healthcare facilities have become riskier with the advent of the COVID-19 pandemic, the popularity of remote healthcare will surge even further. Such developments help in gaining immense growth prospects for the remote healthcare market.
Remote Healthcare Market: Industrial Insights
The remote healthcare market is highly fragmented. The players indulge in intense competition with other players. The startup culture is fast emerging across the remote healthcare market. Many new players are increasing their presence across the competitive scenario with their offerings. Well-entrenched players try to neutralize the competition by acquiring new companies.
Research and development activities have an enormous role in the growth of the remote healthcare market. The players invest expansively in these activities to upgrade the remote services and focus on what more can be added to increase their consumer base. Such activities help boost the revenues of the players in the remote healthcare market, eventually increasing the growth rate.
Various investment firms are attracted to the remote healthcare market. The potential of the remote healthcare market in the near future is increasing the interest of many conglomerates and firms across the remote healthcare market. Investments are the bedrock of growth and hence, the expanding investment opportunities in the remote healthcare market will heighten the growth prospects to a considerable extent.
Some well-established players in the remote healthcare market are Teladoc Health, American Well, BioTelemetry, AirStrip Technologies, Medtronic, and InTouch Technologies.
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Remote Healthcare Market: Recent Developments
Since the COVID-19 pandemic struck the globe, many advancements and developments have been observed in the remote healthcare market. Some of them are as follows:
- MyHealthcare and Max Helathcare launch AI-powered remote patient monitoring network.
- Tata Medical & Diagnostics, the Tata Group’s healthcare venture recently acquired AccessBell, a U.S.-based remote healthcare startup to enhance its telemedicine services.
Remote Healthcare Market: Regional Dimensions
The remote healthcare market in North America is estimated to gain dominant growth across the assessment period of 2020-2030. The rising popularity of telemedicine and remote healthcare will prove to be a prominent growth factor. Asia Pacific and Europe are also estimated to observe rapid growth during the forecast period.
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