Remote Healthcare Market: Global Industry Analysis and Forecast (2022-2029) by Service, End-user, and Region

Remote Healthcare Market size was valued at USD 7.14 Bn. in 2021 and the total Remote Healthcare revenue is expected to grow at a CAGR of 16.81% from 2022 to 2029, reaching nearly USD 24.74 Bn.
Remote Healthcare Market Overview:
Remote healthcare enables constant monitoring of a patient's condition. It also assists in evaluating the performance of healthcare check-ups performed from remote areas utilizing cell phones and iPhones. Also, remote healthcare activities involve real-time patient monitoring from distant locations as well as timely intrusions. BioPharma businesses frequently utilize it to identify and engage participants in order to improve results.

The remote healthcare market has been growing as a result of increased demand for health call centers, emergency toll-free telephone services, emergency and disaster management, mobile patient records, and an increased need for health services, all of which are being driven by technological advancements. Similarly, growing awareness of remote healthcare following the COVID-19 pandemic, as well as increased use of remote healthcare for real-time health exams and remote monitoring solutions, is driving the remote healthcare market during the forecast period.
In addition, large-scale investment in healthcare IT by government organizations and commercial businesses is expected to drive the growth of the remote healthcare market. As demand for next-generation medical equipment such as ECG monitors, sleep monitors, and other remote patient monitoring devices develops, suppliers are expected to provide additional features in the global market.

Demand for smartwatches, Fitbits, and other wearable gadgets that track daily activities is expected to drive the global remote healthcare market. These gadgets are intended to track everyday health activities as well as monitor heart and other physical health conditions. Hence, the development of improved equipment is expected to increase the remote healthcare market during the forecast period.

Increasing penetration of smartphones, mHealth apps, wearable technologies, and digital healthcare is estimated to drive the global remote healthcare market. Besides that, a rising number of investments in the remote healthcare business are boosting the market growth. For example, Doctor Anywhere, a telehealth and real-time virtual health platform, raised USD 27.0 million in a Series B fundraising round in March 2020. Square Peg, IHH Healthcare, and EDBI led the round. This money would aid the company's efforts to grow its offerings and regional reach.

Growing healthcare expenditures, the increasing burden of chronic diseases, the growing elderly population, and a scarcity of healthcare resources are all expected to increase the burden on healthcare organizations, driving the remote healthcare market. According to the Centers for Disease Control and Prevention, chronic diseases account for 90% of all healthcare spending in the United States. The World Health Organization estimates that the global population over 60 years old would account for 22% of the global population, up from 12% in 2015. The increasing burden on healthcare facilities is estimated to drive the adoption of remote healthcare services during the forecast period. Additionally, the increasing acceptance of remote healthcare services by insurance companies and their inclusion in their insurance schemes is increasing the adoption of remote healthcare services.

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Remote Healthcare Market Dynamics:
Rising Government Initiatives for remote healthcare Solutions

Remote healthcare has proven to be effective in overcoming the distance barrier and assuring healthcare services in remote regions. The vast majority of the global population, particularly in developing countries, lives in rural regions with little access to excellent healthcare. As a result, several governments are increasingly focused on offering healthcare services in remote regions via virtual care platforms. The government is working on experimental projects and policies that could help the market growth. In the United States, for example, the Federal Communications Commission launched initiatives to assist healthcare institutions in using telemedicine technology in March 2020.

However, governments around the world favor the introduction of electronic intensive care units (e-ICU), which allow for remote patient monitoring via two-way cameras, high-speed internet, and electronic gadgets. As a result, strong government support and the installation of favorable regulations to encourage remote healthcare solutions are driving the remote healthcare market during the forecast period.

Advancements in remote healthcare offerings

Telecommunications advancements have allowed for a continuous connection between patients and healthcare professionals by effectively merging medical equipment and ICT to offer healthcare over large distances. IT advancements have offered the sector a growing number of possibilities, such as more robust internet networks, mobile devices with sophisticated cameras for defined pictures, HD videoconferencing, and digital health data. This has resulted in several opportunities for healthcare providers.

Implementing 5G technology, for example, in the healthcare industry reduces transmission times by minimizing network delays and swiftly sending data for store-and-forward services. Many businesses benefit from such technology. Such technological breakthroughs have also aided in remote monitoring, patient compliance, and, as a result, quality of life. They have contributed to the growth of the remote healthcare system's capabilities and increased demand among patients and providers. As a result, this is expected to drive the remote healthcare market growth.

Rising Healthcare Cost generates lucrative potential

The increasing prevalence of chronic illnesses and the growing senior population drive up healthcare costs significantly. According to the Centers for Medicare and Medicaid Services, national healthcare spending in the United States is expected to USD 4.01 trillion in 2020, up from USD 3.81 trillion in 2019. Additionally, a significant amount of the USD 3.6 trillion is spent on persons suffering from mental and chronic health disorders. Additionally, the circumstance is shared by numerous countries. This has raised the need for technology-driven systems that can, on the one hand, supply excellent healthcare while also reducing the economic burden. Remote healthcare is increasingly being implemented in all healthcare institutions because it successfully meets these requirements. As a result, this is likely to grow the remote healthcare market during the forecast period.

High installation costs and technological barrier

Despite the enormous potential of teleconsultation, one of the major factors restricting the growth of the remote healthcare sector in developing nations is technological and infrastructure limitations. The adoption of digital health platforms necessitates the deployment of cutting-edge communications equipment, high-speed internet with ample bandwidth, and storage capacity to integrate and transmit medical data, all of which are currently in short supply in many developing nations. High installation costs for required systems, devices, and equipment connected with real-time monitoring of healthcare parameters are significant market restrictions. Additionally, the high installation costs of information and communication technology (ICT) and the lack of skills to handle advanced equipment are major factors restricting the growth of the remote healthcare market.
Remote Healthcare Market Segment Analysis:
Based on Service, the Remote Patient Monitoring segment dominated the remote healthcare market with the largest share of about 65% in 2021. The segment is further expected to maintain its dominance at the end of the forecast period. With the wider population, rising aging population, lifestyle disorders, and healthcare service prices on the rise, remote patient monitoring provides a resource, financial, and time advantage to both service providers and patients, especially in pandemic situations like the covid-19 pandemic. This is expected to increase demand for remote patient monitoring systems and drive revenue growth in the remote healthcare market during the forecast period.

As countries around the world restrict hospital visits for routine consultations and postpone non-emergency medical treatments, healthcare providers are beginning to invest in telehealth for remote consultation and chronic disease monitoring. As telemedicine becomes a key element of different national healthcare programs to prevent covid-19, there is going to be an increase in demand for remote patient monitoring devices that are compatible with the service provider's remote healthcare infrastructure. To deliver a seamless experience to consumers at both ends of the spectrum, medical device makers must invest in technology breakthroughs like downsizing, mobile-enabled RPM, cybersecurity, and interoperability.

In 2021, North America held around 40% of the remote patient monitoring market. The growing dominance is ascribed to a rise in heart disorders, a sedentary lifestyle, and the implementation of e-health in some rural areas. The government's role in establishing remote healthcare in rural regions, as well as the region's significant companies, drive the remote healthcare market's growth. Europe's RPM market is expected to be the second-largest. The paradigm change toward more continuous and structured healthcare monitoring is expected to be a significant driver of the remote healthcare market's growth.

Globally, the healthcare system is dealing with an aging population. Remote patient monitoring, which was recently invented, is the most effective and widely recognized technology that helps patients all over the world, particularly in the Asia-Pacific region. Factors driving the market include rapid population growth in China and India, as well as a surge in the geriatric population in countries like Japan and Singapore. During the forecast period, Asia Pacific is expected to develop at a CAGR of 14.6%. Because of emerging economies like India and China, the area offers huge growth opportunities. A surge in medical tourism and continuous development in healthcare facilities are expected to increase market demand for remote patient monitoring solutions and eventually drive segment growth during the forecast period.

The healthcare service provider sector is changing away from financial incentives and toward rewards based on how patients fare rather than the number of visits. 85% of health systems and hospitals have invested in or plan to invest in remote patient monitoring technologies, which can contribute significantly to value-based care. For example, collecting crucial data from patients using a Bluetooth-enabled glucose meter or blood pressure monitor linked to a mobile app for securely exchanging information with the care provider. The move to value-based care has the potential to assist patients with chronic conditions to avoid hospitalization. This is expected to increase segment growth and drive the remote healthcare market during the forecast period.
Remote Healthcare Market Regional Insights:
The global remote healthcare market has grown significantly in recent years as a result of the rising burden of chronic diseases, and the growing geriatric population. Additionally, the lack of healthcare resources is increasing the burden on healthcare organizations, and as a result, large healthcare organizations all over the world are embracing remote healthcare systems. The increasing R&D expenditure and rising government initiatives such as awareness programs drive the global remote healthcare market during the forecast period.

The North American remote healthcare market held the largest revenue share in 2021. The region is expected to grow at a CAGR of 16.8% and dominate the global remote healthcare market at the end of the forecast period. The region's increased awareness and acceptance of remote healthcare technologies are expected to be a major growth driver for the remote healthcare market. Positive customer perception of remote healthcare usage is improving healthcare service providers' desire to implement digital health, while regulatory developments are enabling greater remuneration. These are some of the major factors that are expected to drive remote healthcare market growth during the forecast period. In addition, the scarcity of health professionals, the rising geriatric population, and the increasing prevalence of chronic diseases, such as diabetes, cancer, and Cardiovascular Disorders (CVDs), are also expected to enhance the implementation of the remote healthcare system and drive the remote healthcare market in North America during the forecast period.

The U.S. region is expected to hold the largest market share of the North American remote healthcare market at the end of the forecast period. According to a 2019 report done in the United States by American Well, 66% of customers were eager to adopt telehealth, including real-time virtual health. Additionally, 64 million customers in the United States were willing to switch their primary care physician to video visits/consultations in 2019, up from 50 million in 2017. 65% of customers had used health monitoring devices, according to the same poll. Additionally, the existence of a significant number of remote healthcare technology providers, as well as improved healthcare infrastructure, is driving the growth of the remote healthcare market during the forecast period.

Asia Pacific is expected to be the most profitable market increasing at the highest growth rate during the forecast period. Rising initiatives by public and corporate agencies, such as awareness campaigns, collaborations, and R&D financing, are expected to improve the region's remote healthcare industry. For example, the Indonesian government is enlisting the assistance of internet health platforms to combat the pandemic. To minimize the number of hospital visits, Indonesians are urged to use telehealth platforms such as real-time virtual health for medical consultations, particularly for mild ailments.

In addition, the Asia-Pacific remote healthcare industry is expected to be driven by a scarcity of healthcare resources. Thailand and India, according to WHO, have 0.4 and 0.9 physicians per 1,000 inhabitants, respectively. Due to a shortage of experienced physicians, nurses, and hospital beds, the South East Asia area has a bed occupancy rate of more than 100.0%, which is higher than the WHO's recommended of 80.0%. Additionally, GlobalMed Telemedicine's arrival in China via an exclusive distribution arrangement is expected to increase the Chinese remote healthcare market.

The remote healthcare market in Europe is expected to grow at a moderate rate due to favorable regulatory requirements, the growing use of remote monitoring equipment, and suitable infrastructure. According to Healthcare IT News, the Digital Healthcare Act (DVG) in Germany would formally allow doctors to prescribe drugs to their patients via apps in 2020. High unmet patient populations and rising healthcare spending are expected to drive remote healthcare industry growth in Latin America, the Middle East, and Africa.
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Remote Healthcare Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 7.14 Bn.


Forecast Period 2022 to 2029 CAGR:
16.81%
Market Size in 2029:
US $ 24.74 Bn.


 Segments Covered:
by Service
• Remote Patient Monitoring
• Real-Time Virtual Health
• Tele-ICU


by End-user
• Payer
• Provider
• Patient
• Employer Groups & Government Organizations



Remote Healthcare Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Global Top Remote Healthcare Key Players are:
• Evernorth Health, Inc (US)
• BioTelemetry (US)
• Teladoc Health (US)
• Vivify Health (US)
• AirStrip Technologies (US)
• InTouch Technologies (US)
• American Well (US)
• Cisco (US)
• AMD Global Telemedicine (US)
• MDLIVE (US)
• Biotricity (US)
• Babylon Inc (US)
• Care Innovations, LLC (US)
• Abbott Laboratories (US)
• CERNER - oracle (US)
• CHI HEALTH (US)
• ACCUHEALTH TECHNOLOGIES (US)
• Medtronic Corporation (Ireland)
• Aerotel Medical Systems (Israel)
• Binah.ai (Israel)
• Biotronik (Germany)
• ANALOGE ECLIPSE CONSULTANTS (India)
• CallHealth Services Pvt Ltd (India)
• COMARCH (Poland)
• ALTIBBI (Jordan)

FAQs:

1. What are the growth drivers for the Remote Healthcare market?
Ans. The increasing automotive sector, increasing commercialization, growing building activity, rapidly changing customer preferences for customized automobiles, as well as increased demand for lightweight and fuel-efficient vehicles are expected to be the major driver for the Remote Healthcare market.

2. What is the major restraint for the Remote Healthcare market growth?
Ans. The Stringent Regulations on Remote Healthcare adoption are expected to be the major restraining factor for the Remote Healthcare market growth.

3. Which region is expected to lead the global Remote Healthcare market during the forecast period?
Ans. The Asia-Pacific market is expected to lead the global Remote Healthcare market during the forecast period due to the increased number of production plants in the Asia-Pacific region increasing the demand for Remote Healthcare products and eventually driving the market growth.

4. What is the projected market size & growth rate of the Remote Healthcare Market?
Ans. The Remote Healthcare Market size was valued at USD 7.14 Bn. in 2021 and the total Remote Healthcare revenue is expected to grow at a CAGR of 16.81% from 2022 to 2029, reaching nearly USD 24.74 Bn.

5. What segments are covered in the Remote Healthcare Market report?
Ans. The segments covered in the Remote Healthcare market report are Service, End-Users, and Region.