Remote Healthcare Market Growth Analysis, Revenue Outlook and In-depth Research Report

Posted on 2022-09-15 by researchinsights in Healthcare, Industrial, Pharmaceuticals // 0 Comments

San Francisco, Calif., USA, Sep 15, 2022 — /EPR Network/ —

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.

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