A recent analysis by Future Industry Insights projects that by 2023, the global remote healthcare market will be valued at US$ 7.8 billion. It is projected that the market would expand at a compound yearly growth rate of 20.7% between 2023 and 2033, when it is estimated to be worth US$ 59 billion. The service with the highest forecasted revenue is expected to be tele-ICU, which is expected to grow at a compound annual growth rate (CAGR) of around 16.4% between 2023 and 2033.
Remote healthcare encompasses a wide range of services, including virtual doctor visits, remote monitoring of patients’ vital signs and conditions, online consultations with specialists, medication management, mental health counseling, and more. It leverages various communication tools such as video conferencing, mobile apps, wearable devices, and secure online platforms to connect patients with healthcare professionals regardless of their geographical location.
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Future Market Insights, a market research and competitive intelligence provider, analyses the market demand for Remote Healthcare market. According to the market study, demand is anticipated to increase at a CAGR of 20.7% over the period of 2021 to 2032, up by 6.4% in 2032.
The onset of COVID-19 encouraged the usage of remote healthcare technology among both patients and service providers. During the epidemic, many people used real-time virtual health systems to avoid visiting hospitals. Due to the pandemic, telehealth platforms that provide real-time virtual health care, such as American Well, witnessed a 1000% spike in visitors. Furthermore, between March 2019 and March 2020, the number of telehealth claim lines in the United States surged by 4000%. The market is expected to develop due to the usage of real-time virtual health services such as audio, video, and chat box.
Many healthcare facilities across the world are implementing tele-ICUs to relieve pressure on clinicians. In Maharashtra, India, for example, a new tele-ICU service was launched in August 2020. Furthermore, Sheba Medical Center and Ichilov Hospital in Israel started AI-based tele-ICUs for COVID-19 patients in March 2020.
Competitive Analysis
To grow their product range and regional presence, key competitors in the market are pursuing different tactics such as partnerships, collaborations, mergers acquisitions, and product development. The key companies operating in the remote healthcare market include Advanced ICU Care, BioTelemetry, Koninklijke Philips, Teladoc Health, Vivify Health, AirStrip Technologies, Medtronic, InTouch Technologies, American Well, and Resideo Life Care Solutions.
Some of the recent developments of key Remote Healthcare providers are as follows:
- InMay 2021, MediTelecare, a telehealth technology provider launched MediTely, a direct-to-consumer (D2C) mobile telehealth technology for the geriatric population.
- InMarch 2021, Dozee, a healthcare firm, introduced Dozee Pro, a remote patient monitoring platform for hospitals. The Dozee Pro uses an artificial intelligence-powered triaging system to keep track of patients outside of the ICU.
- InFebruary 2021, Phillips acquiredBioTelemetry, Inc., a provider of remote cardiac monitoring devices and services to expand its patient care management segment product portfolio.
Key Segments:
By Service:
- Real-Time Virtual Health
- Video Communication
- Audio Communication
- Email/Chat box
- Remote Patient Monitoring
- Tele-ICU
By End-user:
- Payer
- Provider
- Patient
- Employer Groups Government Organizations
By Region:
- North America
- Latin America
- Europe
- Asia-Pacific (APAC)
- Middle East and Africa (MEA)
