Remote Healthcare Market Size Worth $23.9 Billion By 2028
Remote Healthcare Industry Overview
The global remote healthcare market size was valued at USD 6.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 17.0% from 2021 to 2028. The spread of the COVID-19 pandemic has increased the adoption of remote healthcare technologies by patients, payers, and providers. Many patients adopted real-time virtual health platforms to avoid visiting hospitals during the pandemic. Telehealth platforms offering real-time virtual health services such as American Well witnessed a 1000% increase in visits due to the pandemic. Moreover, telehealth claim lines increased by 4000% between March 2019 and March 2020 in the U.S. Increasing adoption of real-time virtual health services such as audio, video, and chatbox is estimated to drive the market growth potential.
To reduce the burden on doctors and prevent COVID-19 spread, many healthcare facilities around the world are adopting tele-ICUs. For instance, in August 2020, a new tele-ICU service was introduced in Maharashtra, India, Moreover, in March 2020, Sheba Medical Center and the Ichilov Hospital in Israel introduced AI-based tele-ICUs for supporting COVID-19 patients. Moreover, the shortage of ICU beds globally is driving the adoption of tele-ICUs thereby driving the market growth potential. The COVID-19 pandemic has caused a shortage of hospital space. Moreover, patients suffering from chronic conditions are recommended to avoid hospital visits to prevent infection. This in turn is driving the adoption of remote patient monitoring services by healthcare providers as well as patients.
Gather more insights about the market drivers, restraints and growth of the Global Remote Healthcare Market
Increasing adoption of smartphones, mHealth apps, wearable technologies, and digital healthcare is estimated to drive the market globally. Moreover, an increasing number of investments in the remote healthcare industry are supporting segment growth. For instance, In March 2020, Doctor Anywhere, telehealth and real-time virtual health platform raised USD 27.0 million in a Series B financing round. The round was led by Square Peg, IHH Healthcare, and EDBI. This funding will help the company in expanding its services and geographic presence.
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% 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.
Browse through Grand View Research's Healthcare Industry Related Reports
- Remote Patient Monitoring System Market - The global remote patient monitoring system market size was valued at USD 1,282.0 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 20.2% from 2022 to 2030.
- mHealth Apps Market - The global mHealth apps market size was valued at USD 38.2 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.8% from 2022 to 2030.
Remote Healthcare Industry Segmentation
Grand View Research has segmented the global remote healthcare market on the basis of service, end-user, and region:
Remote Healthcare Service Outlook (Revenue, USD Million, 2016 - 2028)
- Remote Patient Monitoring
- Real Time Virtual Health
- Tele-ICU
Remote Healthcare End-user Outlook (Revenue, USD Million, 2016 - 2028)
- Payer
- Provider
- Patient
- Employer Groups & Government Organizations
Remote Healthcare Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA (Middle East & Africa)
Market Share Insights:
- March 2021: Dozee, a healthcare startup, launched Dozee Pro solution a remote patient monitoring platform for hospitals. The Dozee Pro utilizes triaging system powered by artificial intelligence for monitoring patients outside ICU.
Key Companies profiled:
Some prominent players in the global Remote Healthcare Industry include
- Advanced ICU Care
- BioTelemetry
- Koninklijke Philips
- Teladoc Health
- Vivify Health
- AirStrip Technologies
- Medtronic
- InTouch Technologies
- American Well
- Resideo Life Care Solutions
Order a free sample PDF of the Remote Healthcare Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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