Remote Healthcare Market By Service (Remote Patient Monitoring, Real Time Virtual Health, Tele-ICU), By End-user (Payer, Patient, Provider)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027
The global Remote Healthcare market gathered revenue around USD 6.4 Billion in 2020 and market is set to grow USD 22.9 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 16.7% during the prediction period 2021 to 2027.
The 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.
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.
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.
Growing healthcare costs, the growing burden of chronic diseases, the growing geriatric population, and the shortage of healthcare resources are increasing the burden on healthcare organizations estimated to drive the market. According to the Centers for Disease Control and Prevention, 90% of the U.S. healthcare expenditure is spending on treating chronic conditions. According to World Health Organization, the global population above 60 years is estimated to be 22.4% of the global population from 12% in 2015. The increasing burden on healthcare facilities is estimated to drive the adoption of remote healthcare services during the forecast period. Moreover, the rising acceptance of remote healthcare services by insurance companies and its addition in its insurance schemes is further promoting the adoption of remote healthcare services.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Remote Healthcare market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Remote Healthcare market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USD 22.9 Billion by 2027|
|Growth Rate||CAGR of 16.7% From 2021 to 2027|
|Forecast Period||2021 to 2027|
|Historic Data||2017 to 2020|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||Service, end-user, and Region
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Advanced ICU Care; BioTelemetry; Koninklijke Philips; Teladoc Health; Vivify Health; AirStrip Technologies; Medtronic; InTouch Technologies; American Well; Resideo Life Care Solutions.|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Remote Healthcare market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
In 2020, North America dominated the market and accounted for the highest revenue share of 38.7%. This is attributed to the high awareness and adoption of remote healthcare technologies in the region. According to a survey conducted by American Well in 2019 in the U.S., 66.2% of the 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, 65.2% of the consumers have used some health monitoring device. Moreover, the presence of a large number of remote healthcare technology providers along with the presence of developed healthcare infrastructure is contributing to the market growth.
However, Asia Pacific is anticipated to be the most lucrative market growing at the fastest growth rate during the forecast period. Initiatives by public and private bodies, such as awareness programs, partnerships, and R&D funding, are estimated to boost the market in the region. For instance, the government of Indonesia is also taking help from online health platforms, to tackle the pandemic. Indonesians are being encouraged to use telehealth platforms including real-time virtual health for medical consultations, especially for minor illnesses, to reduce the number of hospital visits. Shortage of healthcare resources is estimated to drive the market. According to WHO, Thailand and India have a ratio of 0.4 and 0.9 physicians per 1,000 people. Shortage of qualified physicians, nurses, and hospital beds results in the bed occupancy rate of more than 100.0% in the South East Asia region, which is above WHOs’ recommendation of 80.0%.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Remote Healthcare Market include: Advanced ICU Care; BioTelemetry; Koninklijke Philips; Teladoc Health; Vivify Health; AirStrip Technologies; Medtronic; InTouch Technologies; American Well; Resideo Life Care Solutions.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
- By Service
- Remote Patient Monitoring
- Real Time Virtual Health
- Video Communication
- Audio Communication
- Email/Chat box
- By End-user
- Employer Groups & Government Organizations
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Remote Healthcare market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Remote Healthcare market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Remote Healthcare markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Remote Healthcare Market Study:
- Growth of Remote Healthcare in 2021
- Market Estimates and Forecasts (2017-2027)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Remote Healthcare and How to Navigate
- Key Product Innovations and Regulatory Climate
- Remote Healthcare Consumption Analysis
- Remote Healthcare Production Analysis
- Remote Healthcare and Management