The global remote healthcare market size is expected to reach USD 32.25 billion by 2030. The market is expected to expand at a CAGR of 16.5% from 2024 to 2030. COVID-19 pandemic has created a burden on healthcare systems. Moreover, many patients were hesitant to visit hospitals owing to fear of contracting COVID-19. This in turn increased the demand for telehealth including real-time virtual health services. For instance, MDLive, a telehealth platform based in the U.S. witnessed a 95% increase in virtual visits and a 300% increase in bookings in the first half of 2020.
Moreover, many remote healthcare vendors, healthcare providers, and the government are taking aid of introducing various platforms to tackle COVID-19. For instance, in April 2021, major digital patient monitoring and real-time virtual health providers Cloud DX, Maple, and Curatio announced their partnership to launch a COVID-19 home monitoring program in Canada. This program will include digital automated monitoring technology along with disease management support and clinical oversight via virtual care. Many hospitals are adopting tele-ICUs to provide effective and efficient treatment to COVID-19 patients and reduce the burden on hospital staff. Such initiatives using technologies to tackle the COVID-19 pandemic are estimated to drive the market.
The rise in healthcare costs, increasing burden of diseases, shortage of hospital beds, and shortage of hospital staff is estimated to drive the market in near future. Moreover, increase penetration of the internet, increasing adoption of smartphones and wearable devices, and increasing spending on healthcare IT is supporting the market growth. Many patients, providers, and insurance companies are adopting technologies owing to their advantages such as enhanced quality of care, low cost, and high efficiency.
Market players are investing in the development of new digital healthcare technologies. Moreover, they are involved in strategic collaborations, partnerships, and mergers and acquisitions to expand to increase adoption of remote healthcare technologies and expand their company market share. For instance, in January 2021, Redox, a health IT company and Withings announced its partnership to make, MED·PRO CARE, a remote patient monitoring platform of Withings compatible with all electronic health record platforms utilized by healthcare stakeholders.
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Moreover, many remote healthcare vendors, healthcare providers, and the government are taking aid of introducing various platforms to tackle COVID-19. For instance, in April 2021, major digital patient monitoring and real-time virtual health providers Cloud DX, Maple, and Curatio announced their partnership to launch a COVID-19 home monitoring program in Canada. This program will include digital automated monitoring technology along with disease management support and clinical oversight via virtual care. Many hospitals are adopting tele-ICUs to provide effective and efficient treatment to COVID-19 patients and reduce the burden on hospital staff. Such initiatives using technologies to tackle the COVID-19 pandemic are estimated to drive the market.
The rise in healthcare costs, increasing burden of diseases, shortage of hospital beds, and shortage of hospital staff is estimated to drive the market in near future. Moreover, increase penetration of the internet, increasing adoption of smartphones and wearable devices, and increasing spending on healthcare IT is supporting the market growth. Many patients, providers, and insurance companies are adopting technologies owing to their advantages such as enhanced quality of care, low cost, and high efficiency.
Market players are investing in the development of new digital healthcare technologies. Moreover, they are involved in strategic collaborations, partnerships, and mergers and acquisitions to expand to increase adoption of remote healthcare technologies and expand their company market share. For instance, in January 2021, Redox, a health IT company and Withings announced its partnership to make, MED·PRO CARE, a remote patient monitoring platform of Withings compatible with all electronic health record platforms utilized by healthcare stakeholders.
Remote Healthcare Market Report Highlights
- Tele-ICUs emerged as the leading service segment and accounted for the largest revenue share of 44.2% in 2023
- The provider segment dominated the market and accounted for the largest revenue share in 2023, whereas the patient segment is projected to expand at the fastest CAGR during the forecast period
- North America dominated the market and accounted for the largest revenue share of 38.8% in 2023
- In Asia Pacific, the market is projected to expand at the fastest CAGR during the forecast period
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Remote Healthcare Market Variables, Trends, & Scope
Chapter 4. Remote Healthcare Market: Service Estimates & Trend Analysis
Chapter 5. Remote Healthcare Market: End Use Estimates & Trend Analysis
Chapter 6. Remote Healthcare Market: Regional Estimates & Trend Analysis
Chapter 7. Competitive Landscape
Companies Mentioned
- Advanced ICU Care
- Koninklijike Philips N.V.
- Teladoc Health
- AirStrip Technologies
- Medtronic
- American Well
- Resideo Life Care Solutions
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 150 |
| Published | June 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 11 Billion |
| Forecasted Market Value ( USD | $ 32.25 Billion |
| Compound Annual Growth Rate | 16.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 7 |
