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Remote Healthcare Market Size, Share & Trends Analysis Report By Service (Tele-ICU, Real Time Virtual Health and Remote Patient Monitoring), By End Use, By Regional Outlook and Forecast, 2024 - 2031

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    Report

  • 264 Pages
  • September 2024
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 6007507
The Global Remote Healthcare Market size is expected to reach $31.3 billion by 2031, rising at a market growth of 16.6% CAGR during the forecast period.

The Chinese government is implementing policies and initiatives to address the healthcare requirements of its elderly population. These policies include promoting telemedicine and remote healthcare services to improve access to care, especially in rural and underserved areas. Government support is crucial in driving the growth of the remote healthcare market as it facilitates the adoption and integration of these technologies into the healthcare system. Thus, the Asia Pacific region generated 27% revenue share in the market 2023.

The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In April, 2024, Philips announced joined hands with SmartQare, a company specializing in wearable health monitoring devices, to automate and simplify continuous patient monitoring both in and out of hospital settings. This collaboration integrates SmartQare’s advanced patient monitoring technology with Philips’ extensive healthcare solutions, aiming to enhance the efficiency and accuracy of continuous monitoring. The integration seeks to provide a seamless experience for healthcare providers and improve patient outcomes through advanced automation and simplified processes.

Cardinal Matrix - Market Competition Analysis

Based on the Analysis presented in the Cardinal matrix; Oracle Corporation is the forerunner in the Remote Healthcare Market. Companies such as Abbott Laboratories, Honeywell International, Inc., Medtronic PLC are some of the key innovators in Remote Healthcare Market. In October, 2023, Medtronic entered into partnership with La Poste, a French postal and logistics company, to accelerate digital transformation in healthcare. This partnership aims to develop and deploy innovative digital health solutions across France, focusing on remote patient monitoring and data management. By integrating Medtronic’s medical technologies with La Poste’s logistics and digital capabilities, the collaboration seeks to enhance patient care and streamline healthcare services, particularly in rural areas.



COVID-19 Impact Analysis

The increased patient load on remote healthcare platforms during the pandemic placed significant strain on healthcare providers. This surge in demand often resulted in longer wait times for consultations and reduced availability of healthcare professionals for individual patient care. The availability of remote healthcare services varied widely depending on geographic location and healthcare provider capabilities. Rural and underserved areas often experienced limited access to quality remote healthcare services, exacerbating existing inequalities. Thus, the COVID-19 pandemic had a negative impact on the market.

Market Growth Factors

Data analytics in remote healthcare provides personalized health insights that can inform preventive strategies. By analyzing trends and patterns in an individual’s health data, remote healthcare platforms can offer tailored recommendations and preventive measures. This personalized approach promotes improved health management and motivates users to adopt proactive measures to preserve their well-being. Thus, increased focus on preventive care and health management propels the market’s growth.

Additionally, Remote healthcare platforms often incorporate data analytics to track health trends, predict potential issues, and tailor interventions. This data-driven approach enhances the ability to manage chronic conditions effectively and supports the overall growth of the remote healthcare market. In conclusion, the global surge in chronic disease prevalence and an aging population drive the market’s growth.

Market Restraining Factors

Integrating remote healthcare solutions with existing healthcare systems, such as Electronic Health Records (EHR), can be complex and costly. Compatibility issues and the need for system modifications or customizations can lead to additional expenses. The integration process may also require specialized IT support, adding to the overall cost of implementation. Therefore, high implementation and maintenance costs are hampering the market's growth.



The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.

Driving and Restraining Factors

Drivers

  • Rising demand for convenient healthcare solutions
  • Increased focus on preventive care and health management
  • Surge in chronic disease prevalence and aging population globally

Restraints

  • High costs of implementation and maintenance
  • Limitations in remote diagnostics and treatment

Opportunities

  • Growing popularity of wearable health devices and IoT innovations
  • Government initiatives and funding for telehealth expansion

Challenges

  • Challenges in ensuring data privacy and security in remote healthcare
  • Difficulty in building rapport and trust virtually

Services Outlook

Based on service, the market is divided into remote patient monitoring, real time virtual health, and tele-ICU. The real time virtual health segment attained 36% revenue share in the market in 2023. Real-time virtual health solutions, including live video consultations and instant messaging with healthcare providers, offer significant convenience.

End Use Outlook

By end use, the market is divided into payer, provider, patient, and employer groups & government organizations. In 2023, the provider segment registered 47% revenue share in the market. Providers, including hospitals and clinics, are experiencing growing demand for remote healthcare solutions as patients seek more accessible and convenient care options.



Real Time Virtual Health Outlook

The real time virtual health segment is further subdivided into video communication, audio communication, email/chat box. In 2023, the video communication segment acquired 60% revenue share in the remote healthcare market. Video communication provides a richer and more interactive experience.

By Regional Analysis

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Europe region generated 31% revenue share in the remote healthcare market. Many European countries face pressure on their healthcare systems due to aging populations, increasing chronic disease rates, and limited healthcare resources.

Market Competition and Attributes



The remote healthcare market is highly competitive, driven by advanced telemedicine technology, patient engagement solutions, data security, and integration with electronic health records. Key attributes include innovation, ease of use, and comprehensive service offerings. The market is also influenced by regulatory compliance and strategic partnerships, aiming to enhance patient access and care quality through remote solutions.

Recent Strategies Deployed in the Market

  • Apr-2024: Philips announced joined hands with SmartQare, a company specializing in wearable health monitoring devices, to automate and simplify continuous patient monitoring both in and out of hospital settings. This collaboration integrates SmartQare’s advanced patient monitoring technology with Philips’ extensive healthcare solutions, aiming to enhance the efficiency and accuracy of continuous monitoring. The integration seeks to provide a seamless experience for healthcare providers and improve patient outcomes through advanced automation and simplified processes.
  • Apr-2024: GE HealthCare Technologies formed a collaboration with AMC Health, a leader in telehealth and remote patient monitoring, to provide enhanced remote monitoring services. The collaboration focuses on integrating AMC Health’s remote patient monitoring technology with GE’s healthcare solutions to improve patient outcomes and healthcare provider efficiency.
  • Feb-2024: GE HealthCare Technologies partnered with Biofourmis, a leader in digital therapeutics and remote patient monitoring, to expand into the home-based care sector. This partnership focuses on integrating Biofourmis’ advanced remote monitoring and AI-driven analytics with GE’s healthcare solutions, aiming to provide comprehensive care to patients in their homes.
  • Feb-2024: Oracle has expanded its partnership with ObvioHealth, a digital clinical trial company, to enhance their global presence in the life sciences sector. This extended collaboration focuses on integrating ObvioHealth’s digital trial solutions with Oracle’s comprehensive health data management platforms, aiming to streamline clinical trials and improve patient monitoring on a global scale.

List of Key Companies Profiled

  • Abbott Laboratories
  • GE HealthCare Technologies, Inc.
  • American Well Corporation (Amwell)
  • Koninklijke Philips N.V.
  • Medtronic PLC
  • Teladoc Health, Inc.
  • Honeywell International, Inc.
  • Resideo Technologies, Inc.
  • Siemens Healthineers AG (Siemens AG)
  • Oracle Corporation

Market Report Segmentation

By

Service

  • Tele-ICU
  • Real Time Virtual Health
  • Video Communication
  • Audio Communication
  • Email/Chat box
  • Remote Patient Monitoring

By End Use

  • Provider
  • Payer
  • Patient
  • Employer Groups & Government Organizations

By Geography

  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Remote Healthcare Market, by Service
1.4.2 Global Remote Healthcare Market, by End Use
1.4.3 Global Remote Healthcare Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
4.1 KBV Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
4.2.1 Partnerships, Collaborations and Agreements
4.2.2 Product Launches and Product Expansions
4.2.3 Acquisition and Mergers
4.3 Market Share Analysis, 2023
4.4 Top Winning Strategies
4.4.1 Key Leading Strategies: Percentage Distribution (2020-2024)
4.4.2 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2020, Sep - 2024, Apr) Leading Players
4.5 Porter Five Forces Analysis
Chapter 5. Global Remote Healthcare Market by Service
5.1 Global Tele-ICU Market by Region
5.2 Global Real Time Virtual Health Market by Region
5.3 Global Remote Healthcare Market by Real Time Virtual Health Type
5.3.1 Global Video Communication Market by Region
5.3.2 Global Audio Communication Market by Region
5.3.3 Global Email/Chat box Market by Region
5.4 Global Remote Patient Monitoring Market by Region
Chapter 6. Global Remote Healthcare Market by End Use
6.1 Global Provider Market by Region
6.2 Global Payer Market by Region
6.3 Global Patient Market by Region
6.4 Global Employer Groups & Government Organizations Market by Region
Chapter 7. Global Remote Healthcare Market by Region
7.1 North America Remote Healthcare Market
7.1.1 North America Remote Healthcare Market by Service
7.1.1.1 North America Tele-ICU Market by Country
7.1.1.2 North America Real Time Virtual Health Market by Country
7.1.1.3 North America Remote Healthcare Market by Real Time Virtual Health Type
7.1.1.3.1 North America Video Communication Market by Country
7.1.1.3.2 North America Audio Communication Market by Country
7.1.1.3.3 North America Email/Chat box Market by Country
7.1.1.4 North America Remote Patient Monitoring Market by Country
7.1.2 North America Remote Healthcare Market by End Use
7.1.2.1 North America Provider Market by Country
7.1.2.2 North America Payer Market by Country
7.1.2.3 North America Patient Market by Country
7.1.2.4 North America Employer Groups & Government Organizations Market by Country
7.1.3 North America Remote Healthcare Market by Country
7.1.3.1 US Remote Healthcare Market
7.1.3.1.1 US Remote Healthcare Market by Service
7.1.3.1.2 US Remote Healthcare Market by End Use
7.1.3.2 Canada Remote Healthcare Market
7.1.3.2.1 Canada Remote Healthcare Market by Service
7.1.3.2.2 Canada Remote Healthcare Market by End Use
7.1.3.3 Mexico Remote Healthcare Market
7.1.3.3.1 Mexico Remote Healthcare Market by Service
7.1.3.3.2 Mexico Remote Healthcare Market by End Use
7.1.3.4 Rest of North America Remote Healthcare Market
7.1.3.4.1 Rest of North America Remote Healthcare Market by Service
7.1.3.4.2 Rest of North America Remote Healthcare Market by End Use
7.2 Europe Remote Healthcare Market
7.2.1 Europe Remote Healthcare Market by Service
7.2.1.1 Europe Tele-ICU Market by Country
7.2.1.2 Europe Real Time Virtual Health Market by Country
7.2.1.3 Europe Remote Healthcare Market by Real Time Virtual Health Type
7.2.1.3.1 Europe Video Communication Market by Country
7.2.1.3.2 Europe Audio Communication Market by Country
7.2.1.3.3 Europe Email/Chat box Market by Country
7.2.1.4 Europe Remote Patient Monitoring Market by Country
7.2.2 Europe Remote Healthcare Market by End Use
7.2.2.1 Europe Provider Market by Country
7.2.2.2 Europe Payer Market by Country
7.2.2.3 Europe Patient Market by Country
7.2.2.4 Europe Employer Groups & Government Organizations Market by Country
7.2.3 Europe Remote Healthcare Market by Country
7.2.3.1 Germany Remote Healthcare Market
7.2.3.1.1 Germany Remote Healthcare Market by Service
7.2.3.1.2 Germany Remote Healthcare Market by End Use
7.2.3.2 UK Remote Healthcare Market
7.2.3.2.1 UK Remote Healthcare Market by Service
7.2.3.2.2 UK Remote Healthcare Market by End Use
7.2.3.3 France Remote Healthcare Market
7.2.3.3.1 France Remote Healthcare Market by Service
7.2.3.3.2 France Remote Healthcare Market by End Use
7.2.3.4 Russia Remote Healthcare Market
7.2.3.4.1 Russia Remote Healthcare Market by Service
7.2.3.4.2 Russia Remote Healthcare Market by End Use
7.2.3.5 Spain Remote Healthcare Market
7.2.3.5.1 Spain Remote Healthcare Market by Service
7.2.3.5.2 Spain Remote Healthcare Market by End Use
7.2.3.6 Italy Remote Healthcare Market
7.2.3.6.1 Italy Remote Healthcare Market by Service
7.2.3.6.2 Italy Remote Healthcare Market by End Use
7.2.3.7 Rest of Europe Remote Healthcare Market
7.2.3.7.1 Rest of Europe Remote Healthcare Market by Service
7.2.3.7.2 Rest of Europe Remote Healthcare Market by End Use
7.3 Asia Pacific Remote Healthcare Market
7.3.1 Asia Pacific Remote Healthcare Market by Service
7.3.1.1 Asia Pacific Tele-ICU Market by Country
7.3.1.2 Asia Pacific Real Time Virtual Health Market by Country
7.3.1.3 Asia Pacific Remote Healthcare Market by Real Time Virtual Health Type
7.3.1.3.1 Asia Pacific Video Communication Market by Country
7.3.1.3.2 Asia Pacific Audio Communication Market by Country
7.3.1.3.3 Asia Pacific Email/Chat box Market by Country
7.3.1.4 Asia Pacific Remote Patient Monitoring Market by Country
7.3.2 Asia Pacific Remote Healthcare Market by End Use
7.3.2.1 Asia Pacific Provider Market by Country
7.3.2.2 Asia Pacific Payer Market by Country
7.3.2.3 Asia Pacific Patient Market by Country
7.3.2.4 Asia Pacific Employer Groups & Government Organizations Market by Country
7.3.3 Asia Pacific Remote Healthcare Market by Country
7.3.3.1 China Remote Healthcare Market
7.3.3.1.1 China Remote Healthcare Market by Service
7.3.3.1.2 China Remote Healthcare Market by End Use
7.3.3.2 Japan Remote Healthcare Market
7.3.3.2.1 Japan Remote Healthcare Market by Service
7.3.3.2.2 Japan Remote Healthcare Market by End Use
7.3.3.3 India Remote Healthcare Market
7.3.3.3.1 India Remote Healthcare Market by Service
7.3.3.3.2 India Remote Healthcare Market by End Use
7.3.3.4 South Korea Remote Healthcare Market
7.3.3.4.1 South Korea Remote Healthcare Market by Service
7.3.3.4.2 South Korea Remote Healthcare Market by End Use
7.3.3.5 Australia Remote Healthcare Market
7.3.3.5.1 Australia Remote Healthcare Market by Service
7.3.3.5.2 Australia Remote Healthcare Market by End Use
7.3.3.6 Malaysia Remote Healthcare Market
7.3.3.6.1 Malaysia Remote Healthcare Market by Service
7.3.3.6.2 Malaysia Remote Healthcare Market by End Use
7.3.3.7 Rest of Asia Pacific Remote Healthcare Market
7.3.3.7.1 Rest of Asia Pacific Remote Healthcare Market by Service
7.3.3.7.2 Rest of Asia Pacific Remote Healthcare Market by End Use
7.4 LAMEA Remote Healthcare Market
7.4.1 LAMEA Remote Healthcare Market by Service
7.4.1.1 LAMEA Tele-ICU Market by Country
7.4.1.2 LAMEA Real Time Virtual Health Market by Country
7.4.1.2.1 LAMEA Remote Healthcare Market by Real Time Virtual Health Type
7.4.1.2.2 LAMEA Video Communication Market by Country
7.4.1.2.3 LAMEA Audio Communication Market by Country
7.4.1.2.4 LAMEA Email/Chat box Market by Country
7.4.1.3 LAMEA Remote Patient Monitoring Market by Country
7.4.2 LAMEA Remote Healthcare Market by End Use
7.4.2.1 LAMEA Provider Market by Country
7.4.2.2 LAMEA Payer Market by Country
7.4.2.3 LAMEA Patient Market by Country
7.4.2.4 LAMEA Employer Groups & Government Organizations Market by Country
7.4.3 LAMEA Remote Healthcare Market by Country
7.4.3.1 Brazil Remote Healthcare Market
7.4.3.1.1 Brazil Remote Healthcare Market by Service
7.4.3.1.2 Brazil Remote Healthcare Market by End Use
7.4.3.2 Argentina Remote Healthcare Market
7.4.3.2.1 Argentina Remote Healthcare Market by Service
7.4.3.2.2 Argentina Remote Healthcare Market by End Use
7.4.3.3 UAE Remote Healthcare Market
7.4.3.3.1 UAE Remote Healthcare Market by Service
7.4.3.3.2 UAE Remote Healthcare Market by End Use
7.4.3.4 Saudi Arabia Remote Healthcare Market
7.4.3.4.1 Saudi Arabia Remote Healthcare Market by Service
7.4.3.4.2 Saudi Arabia Remote Healthcare Market by End Use
7.4.3.5 South Africa Remote Healthcare Market
7.4.3.5.1 South Africa Remote Healthcare Market by Service
7.4.3.5.2 South Africa Remote Healthcare Market by End Use
7.4.3.6 Nigeria Remote Healthcare Market
7.4.3.6.1 Nigeria Remote Healthcare Market by Service
7.4.3.6.2 Nigeria Remote Healthcare Market by End Use
7.4.3.7 Rest of LAMEA Remote Healthcare Market
7.4.3.7.1 Rest of LAMEA Remote Healthcare Market by Service
7.4.3.7.2 Rest of LAMEA Remote Healthcare Market by End Use
Chapter 8. Company Profiles
8.1 Abbott Laboratories
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expense
8.1.5 Recent strategies and developments:
8.1.5.1 Partnerships, Collaborations, and Agreements:
8.1.5.2 Product Launches and Product Expansions:
8.1.5.3 Acquisition and Mergers:
8.1.6 SWOT Analysis
8.2 GE HealthCare Technologies, Inc.
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expenses
8.2.5 Recent strategies and developments:
8.2.5.1 Partnerships, Collaborations, and Agreements:
8.2.6 SWOT Analysis
8.3 American Well Corporation (Amwell)
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Research & Development Expenses
8.3.4 Recent strategies and developments:
8.3.4.1 Partnerships, Collaborations, and Agreements:
8.3.4.2 Product Launches and Product Expansions:
8.3.5 SWOT Analysis
8.4 Koninklijke Philips N.V.
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expense
8.4.5 Recent strategies and developments:
8.4.5.1 Partnerships, Collaborations, and Agreements:
8.4.5.2 Product Launches and Product Expansions:
8.4.5.3 Acquisition and Mergers:
8.4.6 SWOT Analysis
8.5 Medtronic PLC
8.5.1 Company overview
8.5.2 Financial Analysis
8.5.3 Segmental and Regional Analysis
8.5.4 Research & Development Expenses
8.5.5 Recent strategies and developments:
8.5.5.1 Partnerships, Collaborations, and Agreements:
8.5.6 SWOT Analysis
8.6 Teladoc Health, Inc.
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Regional Analysis
8.6.4 Research & Development Expenses
8.6.5 Recent strategies and developments:
8.6.5.1 Partnerships, Collaborations, and Agreements:
8.6.5.2 Product Launches and Product Expansions:
8.6.6 SWOT Analysis
8.7 Honeywell International, Inc.
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental and Regional Analysis
8.7.4 Research & Development Expenses
8.7.5 Recent strategies and developments:
8.7.5.1 Partnerships, Collaborations, and Agreements:
8.7.5.2 Product Launches and Product Expansions:
8.7.6 SWOT Analysis
8.8 Resideo Technologies, Inc.
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental and Regional Analysis
8.8.4 Research & Development Expenses
8.9 Siemens Healthineers AG (Siemens AG)
8.9.1 Company Overview
8.9.2 Financial Analysis
8.9.3 Segmental and Regional Analysis
8.9.4 Research & Development Expense
8.9.5 Recent strategies and developments:
8.9.5.1 Partnerships, Collaborations, and Agreements:
8.9.6 SWOT Analysis
8.10. Oracle Corporation
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Segmental and Regional Analysis
8.10.4 Research & Development Expense
8.10.5 Recent strategies and developments:
8.10.5.1 Partnerships, Collaborations, and Agreements:
8.10.5.2 Acquisition and Mergers:
8.10.6 SWOT Analysis
Chapter 9. Winning Imperatives of Remote Healthcare Market

Companies Mentioned

  • Abbott Laboratories
  • GE HealthCare Technologies, Inc.
  • American Well Corporation (Amwell)
  • Koninklijke Philips N.V.
  • Medtronic PLC
  • Teladoc Health, Inc.
  • Honeywell International, Inc.
  • Resideo Technologies, Inc.
  • Siemens Healthineers AG (Siemens AG)
  • Oracle Corporation

Methodology

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