The Global Remote Healthcare Market was valued at US$ 16.28 billion in 2022 and is expected to reach US$ 222.25 billion by 2031, growing at a CAGR of 33.72% during the forecast period from 2023 to 2031.
The global remote healthcare market is witnessing an upward trend. This significant growth is attributed to the continuous advancements in technology facilitating telemedicine services. In addition, rising chronic disease, the evolution of IoMT, and growing demand for continuous monitoring of various disease is driving the market growth from 2023 to 2031. In line with this, major stakeholders in the healthcare industry are investing heavily in healthcare IT, further driving market growth.
A Request of this Sample Report Here- https://www.astuteanalytica.com/request-sample/remote-healthcare-market
The growing prevalence of chronic illnesses like diabetes, heart disease, and hypertension on a global scale is another factor driving the widespread acceptance of remote healthcare for continuous monitoring and treatment. Roughly one in three adults worldwide is affected by multiple chronic conditions (MCCs). The World Health Organization (WHO) reports that noncommunicable diseases (NCDs) are responsible for 41 million deaths annually, accounting for 74% of all global deaths. Remote healthcare has emerged as a crucial solution for addressing the challenges posed by chronic diseases, making it an essential component of managing these health issues.
As a result, the growing adoption of devices like smartphones and smart bands, which have become commonplace, is generating a larger volume of data that can be leveraged to enhance the management of chronic diseases. Over 100,000 applications have been developed to utilize this data, and the number of apps has been doubling every 2.5 years. Additionally, remote healthcare has the potential to enhance the effectiveness of healthcare professionals in managing chronic diseases. The use of a Health Remote Monitoring System (HRMS) enables the early detection of warning signs, a critical factor in improving survival rates for certain diseases.
Evolution of IoMT: A New Investment Opportunity
The Internet of Medical Things (IoMT) has the capacity to bring about substantial enhancements in healthcare by enhancing access to medical information and services, reducing expenses, and elevating the standard of care. Illustrations of IoMT applications in healthcare encompass remote patient monitoring, telemedicine, and electronic medical records. These technological advancements have the potential to bridge the healthcare access gap that exists among urban and rural areas as well as different socioeconomic groups. Consequently, there is an increasing requirement for the Internet of Medical Things, leading to its swift growth in order to cater to crucial healthcare demands.
The Internet of Medical Things (IoMT) enables virtual consultations, remote diagnosis, and telemedicine services. Through secure connectivity, healthcare professionals can remotely examine patients, provide consultations, and monitor their progress. This technology improves access to healthcare in underserved areas and alleviates the burden on healthcare facilities
IoMT devices, such as smart implants and wearable sensors, make it possible to continuously monitor long-term problems like diabetes, heart disease, and respiratory issues. Proactive interventions and customized treatment plans are made possible by real-time data collecting and alerts to healthcare providers.
International healthcare organizations are investing much more in healthcare IT and acquiring smarter medical equipment. With enormous commercial potential, wearables and smart connected medical devices are becoming increasingly popular among consumers.
Remote Patient Monitoring to Expand at a Significant Rate
The remote patient monitoring segment is projected to experience substantial growth during the forecast period. This growth is driven by the increasing adoption of wearable devices, the internet, and smartphones. It is estimated that by 2030, there will be around 12.1 billion smartphone users globally, according to the International Telecommunication Union.
The adoption of remote patient monitoring devices and services is being propelled by a growing number of investments and initiatives from healthcare stakeholders. As per the Consumer Technology Association, 88.0% of healthcare providers are currently investing in or have invested in remote monitoring services.
According to a survey of doctors who mostly treat Medicare Advantage (M.A.) and FFS patients, by 2025, up to US$265 billion in care services (or up to 25% of the total cost of care) for Medicare FFS and M.A. beneficiaries can be transferred to the home without compromising quality or access. Payers, healthcare facilities, physician associations, Care at Home vendors, IT companies, and investors may also profit from Care at Home. Additionally, it can raise the bar for patient care. Consequently, this increases the market share.
AI-Enabled System Dominated the Global Remote Healthcare Market
The AI-enabled system accounted for the highest revenue share and is estimated to generate robust revenue during the forecast period. Because AI is capable of predictive analysis, machine learning, and natural language processing, its use is growing quickly.
Remote patient monitoring (RPM), which lowers expenses by prioritizing patients to maximize hospitalization and prevent complications, is made possible by artificial intelligence (AI). The FDA oversees AI in medical devices and works to guarantee AI solutions that are transparent, safe, and beneficial for patients.
The aging population is causing a substantial increase in the need for healthcare. By 2021, almost 54 million Americans will have reached the age of 65. By 2050, this figure is projected to rise to 85.7 million. As a result, the budget for healthcare is increasing. Medicare accounted for almost 20% of all national health expenditures in 2020. A sizeable amount of the money is spent on hospital stays. By prioritizing hospitalization and early detection of unfavorable health events, AI RPM seeks to improve health outcomes while lowering expenses. RPM improves Medicare quality; in particular, continuous RPM reduces the risk of readmission and further problems.
North America Accounted for the Highest Revenue Share of the Market
As of now, North America leads the world in the remote healthcare business, and this trend is expected to continue in the years to come. The tremendous expansion and adoption of remote healthcare solutions can be attributed to the region’s strong healthcare infrastructure, technical advancements, and supportive government policies.
According to a study by Astute Analytica, the number of Americans using telehealth rose from 11% in 2019 to 46% in 2020. This is due to the rising cases of the COVID-19 pandemic.
North America leads the way in remote healthcare technology. The development and uptake of remote healthcare solutions have been encouraged by the region’s notable investments in digital health companies and innovation clusters.
For The Full Report, Please Follow This Link- https://www.astuteanalytica.com/industry-report/remote-healthcare-market
In North America, the widespread use of smartphones and high-speed internet has been a major factor. Approximately 96% of Americans had access to high-speed broadband internet as of 2021. In addition, most Americans have smartphones, which makes it simple to use telemedicine apps and remote medical services.
List of Key Companies Profiled
- Medtronic plc.
- Philips Healthcare
- InTouch Technologies
- AirStrip Technologies
- Amwell, Clear Arch Health
- American Well
- Teladoc Health
- Cisco Systems
- Sesame Care
- Other Prominent Players
Market Segmentation Overview:
By Service Type
- Remote Patient Monitoring
By End Users
- Healthcare Providers
- Employer Groups & Government Organizations
- Chronic Disease Management
- Mental Health Management
- Post-Surgery Or Acute Care Management
- Preventive Care
- IoT-based Healthcare Systems
- AI-enabled Systems
- Cloud-Based Systems
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
Get a Free Sample Report Here- https://www.astuteanalytica.com/request-sample/remote-healthcare-market
About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
𝐆𝐞𝐭 𝐢𝐧 𝐭𝐨𝐮𝐜𝐡 𝐰𝐢𝐭𝐡 𝐮𝐬
𝐏𝐡𝐨𝐧𝐞 𝐧𝐮𝐦𝐛𝐞𝐫: +𝟏𝟖𝟖𝟖𝟒𝟐𝟗𝟔𝟕𝟓𝟕
𝐕𝐢𝐬𝐢𝐭 𝐨𝐮𝐫 𝐰𝐞𝐛𝐬𝐢𝐭𝐞: https://www.astuteanalytica.com/