Remote Healthcare Market
Remote Healthcare Market Forecasts to 2030 - Global Analysis By Service (Remote Patient Monitoring, Real Time Virtual Health, Tele-ICU and Other Services), Technology (IoT-based Healthcare Systems, AI-enabled Systems, Cloud-Based Systems and Other Technologies), Application, End User and by Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $10.28 BN |
|
Projected Year Value (2030) |
US $34.74 BN |
|
CAGR (2023 - 2030) |
19.0% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Remote Healthcare Market is accounted for $10.28 billion in 2023 and is expected to reach $34.74 billion by 2030 growing at a CAGR of 19.0% during the forecast period. A remote healthcare delivery model uses digital communication tools, audio communication, video conferencing, and other forms of technology to allow patients to receive medical services and consultations from healthcare professionals from a distance. This method does away with the need for patients to physically visit medical facilities in order to obtain healthcare services.
According to World Health Organization, the global population above 60 years is estimated to be 22% of the global population from 12% in 2015. The increasing burden on healthcare facilities is estimated to drive the adoption of remote healthcare services.
Market Dynamics:
Driver:
Enhancement of healthcare service access
The need to address healthcare disparities and geographical barriers are two factors driving the drive for improved access. Access to remote healthcare is made easier for people who live in remote areas, have limited mobility, or have transportation issues. Additionally, the equitable distribution of healthcare resources and services is facilitated by this inclusivity.
Restraint:
Difficulties with technology and networking
Steep learning curves for both patients and providers, in addition to differences in internet infrastructure and interoperability amongst telehealth platforms, are examples of persistent technical challenges. Moreover, to overcome these obstacles and guarantee a positive telehealth experience, proactive steps such as standardized technology requirements, user-friendly interfaces, and technical support are essential.
Opportunity:
Growth of RPM (remote patient monitoring)
Expanding remote patient monitoring (RPM) is a significant opportunity, especially in post-acute care and chronic disease management. Furthermore, technological developments in wearables and connected health allow for the real-time monitoring of vital signs, medication compliance, and lifestyle variables in patients, yielding important information for proactive and individualized care management.
Threat:
Limited digital inclusion and technology access
The digital divide still poses a serious threat, even though technology is a major contributor. Healthcare disparities can be made worse by limited access to technology, especially in underprivileged areas and developing nations. Moreover, preventing the exclusion of specific demographic groups from remote healthcare benefits requires ensuring digital inclusion through infrastructure development, device accessibility, and digital literacy initiatives.
Covid-19 Impact:
The COVID-19 pandemic has changed the healthcare landscape and accelerated the adoption of remote healthcare, which has had a significant impact on the market. Telehealth utilization soared quickly as a result of the pressing need for infection control and social distancing measures; virtual consultations are now the main way that healthcare is delivered. Additionally, the pandemic made it clear how crucial remote healthcare is for maintaining access to medical care while lowering the possibility of viral spread. Recognizing the advantages of telehealth, governments and healthcare organizations around the world expanded reimbursement frameworks, invested in telemedicine infrastructure, and enacted policies that supported it.
The Cloud-Based Systems segment is expected to be the largest during the forecast period
The cloud-based systems segment is currently holding the largest market share. Large volumes of patient data can be safely stored, managed, and analyzed by healthcare organizations thanks to cloud-based healthcare systems' scalability, flexibility, and affordability. Real-time access to patient data, smooth provider collaboration, and support for advanced analytics is all made possible by the cloud. Furthermore, cloud-based solutions serve as a platform for other technologies such as artificial intelligence and the Internet of Things, forming a coherent and integrated ecosystem for the provision of effective and patient-focused healthcare services.
The Payer segment is expected to have the highest CAGR during the forecast period
Within the remote healthcare market, there has been the highest CAGR in the payer segment, which includes health insurance companies and other payers. Continuous efforts to improve operational effectiveness, integrate digital technologies, and adjust to changing reimbursement models are driving this growth. Moreover, payers have been putting more money into cutting-edge technologies, like artificial intelligence and data analytics, in order to expedite administrative tasks like fraud detection and claim processing.
Region with largest share:
With the largest share, the North American region has been leading the way in the global remote healthcare market. A pro-active approach to digital innovation, significant investments in healthcare IT initiatives and a sophisticated technological infrastructure all contribute to the region's dominance. North America is positioned as a major driver of technological advancements in healthcare delivery due to the extensive adoption of electronic health records (EHRs), telehealth solutions, and sophisticated healthcare analytics. Additionally, the region's leadership has been aided by the presence of significant technology and healthcare companies, as well as a strong regulatory framework that supports health IT initiatives.
Region with highest CAGR:
With the greatest CAGR, the Asia-Pacific area is quickly emerging as a hub for the remote healthcare market. At an accelerating rate, countries in this region are adopting transformative technologies in healthcare due to factors like growing populations, rising healthcare spending, and a strong expansion of digital infrastructure. Moreover, a major factor in the region's rise in the global healthcare technology scene has been the region's adoption of advanced health information systems, telemedicine, and digital health solutions.
Key players in the market
Some of the key players in Remote Healthcare market include Cisco Systems, Koninklijke Philips, Abbott Laboratories, BioTelemetry Inc, ClearArch Inc (MobileHelp LLC), InTouch Technologies, Advanced ICU Care, Biotronik, Medtronic plc, Resideo Life Care Solutions, AirStrip Technologies, Teladoc Health, American Well Corporation, Vivify Health and Philips Healthcare.
Key Developments:
In September 2023, Cisco Systems and Splunk have entered into a definitive takeover agreement, with Cisco intending to acquire Splunk for $157 per share in cash. The transaction is valued at approximately $28 billion. Cisco stock fell 4.8% on the announcement. Splunk shares were halted pending news..
In September 2023, Abbott has entered a definitive agreement for the acquisition of Bigfoot Biomedical, which develops smart insulin management systems for individuals with diabetes. Together, the companies have worked on connected diabetes solutions since 2017. Developed by Bigfoot Biomedical, Bigfoot Unity is a smart insulin management system. It features connected insulin pen caps that use integrated continuous glucose monitoring (iCGM) data and healthcare provider instructions.
In June 2023, BIOTRONIK is pleased to announce the limited release of its Oscar® multifunctional peripheral catheter and start of promotional activities at LINC, the Leipzig Interventional Course held June 6-9 in Leipzig, Germany. As indicated per Instructions for Use, the Oscar catheter is intended for dilation of stenotic segments in peripheral vessels.
Services Covered:
• Remote Patient Monitoring
• Real Time Virtual Health
• Tele-ICU
• Other Services
Technologies Covered:
• IoT-based Healthcare Systems
• AI-enabled Systems
• Cloud-Based Systems
• Other Technologies
Applications Covered:
• Diagnosis
• Cardiology
• Obstetrics
• Senior Care
• Chronic Disease Management
• Mental Health Management
• Post-Surgery or Acute Care Management
• Preventive Care
• Other Applications
End Users Covered:
• Payer
• Provider
• Patient
• Employer Groups & Government Organizations
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Remote Healthcare Market, By Service
5.1 Introduction
5.2 Remote Patient Monitoring
5.3 Real Time Virtual Health
5.3.1 Video Communication
5.3.2 Audio Communication
5.3.3 Email/Chat box
5.4 Tele-ICU
5.5 Other Services
6 Global Remote Healthcare Market, By Technology
6.1 Introduction
6.2 IoT-based Healthcare Systems
6.3 AI-enabled Systems
6.4 Cloud-Based Systems
6.5 Other Technologies
7 Global Remote Healthcare Market, By Application
7.1 Introduction
7.2 Diagnosis
7.3 Cardiology
7.4 Obstetrics
7.5 Senior Care
7.6 Chronic Disease Management
7.7 Mental Health Management
7.8 Post-Surgery or Acute Care Management
7.9 Preventive Care
7.10 Other Applications
8 Global Remote Healthcare Market, By End User
8.1 Introduction
8.2 Payer
8.3 Provider
8.3.1 Hospitals
8.3.2 Clinics
8.3.3 Ambulatory Surgical Centers
8.3.4 Other Providers
8.4 Patient
8.5 Employer Groups & Government Organizations
8.6 Other End Users
9 Global Remote Healthcare Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Cisco Systems
11.2 Koninklijke Philips
11.3 Abbott Laboratories
11.4 BioTelemetry Inc
11.5 ClearArch Inc (MobileHelp LLC)
11.6 InTouch Technologies
11.7 Advanced ICU Care
11.8 Biotronik
11.9 Medtronic plc.
11.10 Resideo Life Care Solutions
11.11 AirStrip Technologies
11.12 Teladoc Health
11.13 American Well Corporation
11.14 Vivify Health
11.15 Philips Healthcare
List of Tables
1 Global Remote Healthcare Market Outlook, By Region (2021-2030) ($MN)
2 Global Remote Healthcare Market Outlook, By Service (2021-2030) ($MN)
3 Global Remote Healthcare Market Outlook, By Remote Patient Monitoring (2021-2030) ($MN)
4 Global Remote Healthcare Market Outlook, By Real Time Virtual Health (2021-2030) ($MN)
5 Global Remote Healthcare Market Outlook, By Video Communication (2021-2030) ($MN)
6 Global Remote Healthcare Market Outlook, By Audio Communication (2021-2030) ($MN)
7 Global Remote Healthcare Market Outlook, By Email/Chat box (2021-2030) ($MN)
8 Global Remote Healthcare Market Outlook, By Tele-ICU (2021-2030) ($MN)
9 Global Remote Healthcare Market Outlook, By Other Services (2021-2030) ($MN)
10 Global Remote Healthcare Market Outlook, By Technology (2021-2030) ($MN)
11 Global Remote Healthcare Market Outlook, By IoT-based Healthcare Systems (2021-2030) ($MN)
12 Global Remote Healthcare Market Outlook, By AI-enabled Systems (2021-2030) ($MN)
13 Global Remote Healthcare Market Outlook, By Cloud-Based Systems (2021-2030) ($MN)
14 Global Remote Healthcare Market Outlook, By Other Technologies (2021-2030) ($MN)
15 Global Remote Healthcare Market Outlook, By Application (2021-2030) ($MN)
16 Global Remote Healthcare Market Outlook, By Diagnosis (2021-2030) ($MN)
17 Global Remote Healthcare Market Outlook, By Cardiology (2021-2030) ($MN)
18 Global Remote Healthcare Market Outlook, By Obstetrics (2021-2030) ($MN)
19 Global Remote Healthcare Market Outlook, By Senior Care (2021-2030) ($MN)
20 Global Remote Healthcare Market Outlook, By Chronic Disease Management (2021-2030) ($MN)
21 Global Remote Healthcare Market Outlook, By Mental Health Management (2021-2030) ($MN)
22 Global Remote Healthcare Market Outlook, By Post-Surgery or Acute Care Management (2021-2030) ($MN)
23 Global Remote Healthcare Market Outlook, By Preventive Care (2021-2030) ($MN)
24 Global Remote Healthcare Market Outlook, By Other Applications (2021-2030) ($MN)
25 Global Remote Healthcare Market Outlook, By End User (2021-2030) ($MN)
26 Global Remote Healthcare Market Outlook, By Payer (2021-2030) ($MN)
27 Global Remote Healthcare Market Outlook, By Provider (2021-2030) ($MN)
28 Global Remote Healthcare Market Outlook, By Hospitals (2021-2030) ($MN)
29 Global Remote Healthcare Market Outlook, By Clinics (2021-2030) ($MN)
30 Global Remote Healthcare Market Outlook, By Ambulatory Surgical Centers (2021-2030) ($MN)
31 Global Remote Healthcare Market Outlook, By Other Providers (2021-2030) ($MN)
32 Global Remote Healthcare Market Outlook, By Patient (2021-2030) ($MN)
33 Global Remote Healthcare Market Outlook, By Employer Groups & Government Organizations (2021-2030) ($MN)
34 Global Remote Healthcare Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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