Remote Healthcare Market Size, Trends, Share, Growth | Report 2023-2032
The global remote healthcare market size was estimated at around USD 8.36 billion in 2022 and it is projected to hit around USD 40.39 billion by 2032, growing at a CAGR of 17.06% from 2023 to 2032.
Key Pointers
Report Scope of the Remote Healthcare Market
| Report Coverage | Details |
| Market Size in 2022 | USD 8.36 billion |
| Revenue Forecast by 2032 | USD 40.39 billion |
| Growth rate from 2023 to 2032 | CAGR of 17.06% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Covered | Advanced ICU Care; BioTelemetry; Koninklijke Philips; Teladoc Health; Vivify Health; AirStrip Technologies; Medtronic; InTouch Technologies; American Well; Resideo Life Care Solutions. |
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.
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.
Key stakeholders operating in the remote healthcare market are adopting various strategies such as new product development, merger and acquisition, partnerships, collaboration, and joint ventures, which, in turn, are driving the market growth potential. For instance, in February 2021, Phillips acquired BioTelemetry, Inc., a provider of remote cardiac monitoring devices and services to expand its patient care management segment product portfolio. In May 2021, MediTelecare, a telehealth technology provider launched MediTely, direct-to-consumer mobile telehealth technology for the geriatric population.
Remote Healthcare Market Segmentations:
| By Service | By End-user |
|
Remote Patient Monitoring Real Time Virtual Health Tele-ICU |
Payer Provider Patient Employer Groups & Government Organizations |
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Remote Healthcare Market
5.1. COVID-19 Landscape: Remote Healthcare Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Remote Healthcare Market, By Service
8.1. Remote Healthcare Market, by Service, 2023-2032
8.1.1. Remote Patient Monitoring
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Real Time Virtual Health
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Tele-ICU
8.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Remote Healthcare Market, By Payer
9.1. Remote Healthcare Market, by End-user, 2023-2032
9.1.1. Payer
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Provider
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Patient
9.1.3.1. Market Revenue and Forecast (2020-2032)
9.1.4. Employer Groups & Government Organizations
9.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Remote Healthcare Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Service (2020-2032)
10.1.2. Market Revenue and Forecast, by End-user (2020-2032)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Service (2020-2032)
10.1.3.2. Market Revenue and Forecast, by End-user (2020-2032)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Service (2020-2032)
10.1.4.2. Market Revenue and Forecast, by End-user (2020-2032)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Service (2020-2032)
10.2.2. Market Revenue and Forecast, by End-user (2020-2032)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Service (2020-2032)
10.2.3.2. Market Revenue and Forecast, by End-user (2020-2032)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Service (2020-2032)
10.2.4.2. Market Revenue and Forecast, by End-user (2020-2032)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Service (2020-2032)
10.2.5.2. Market Revenue and Forecast, by End-user (2020-2032)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Service (2020-2032)
10.2.6.2. Market Revenue and Forecast, by End-user (2020-2032)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Service (2020-2032)
10.3.2. Market Revenue and Forecast, by End-user (2020-2032)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Service (2020-2032)
10.3.3.2. Market Revenue and Forecast, by End-user (2020-2032)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Service (2020-2032)
10.3.4.2. Market Revenue and Forecast, by End-user (2020-2032)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Service (2020-2032)
10.3.5.2. Market Revenue and Forecast, by End-user (2020-2032)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Service (2020-2032)
10.3.6.2. Market Revenue and Forecast, by End-user (2020-2032)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Service (2020-2032)
10.4.2. Market Revenue and Forecast, by End-user (2020-2032)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Service (2020-2032)
10.4.3.2. Market Revenue and Forecast, by End-user (2020-2032)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Service (2020-2032)
10.4.4.2. Market Revenue and Forecast, by End-user (2020-2032)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Service (2020-2032)
10.4.5.2. Market Revenue and Forecast, by End-user (2020-2032)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Service (2020-2032)
10.4.6.2. Market Revenue and Forecast, by End-user (2020-2032)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Service (2020-2032)
10.5.2. Market Revenue and Forecast, by End-user (2020-2032)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Service (2020-2032)
10.5.3.2. Market Revenue and Forecast, by End-user (2020-2032)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Service (2020-2032)
10.5.4.2. Market Revenue and Forecast, by End-user (2020-2032)
Chapter 11. Company Profiles
11.1. Advanced ICU Care
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. BioTelemetry
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Koninklijke Philips
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Teladoc Health
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. Vivify Health
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. AirStrip Technologies
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Medtronic
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. InTouch Technologies
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. American Well
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Resideo Life Care Solutions.
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers