According to a recently published Future Market Insights report, the global market for remote healthcare was valued at US$ 7.8 billion in 2023. The market is predicted to reach a valuation of US$ 59 billion by 2033 with a CAGR of 20.7% from 2023 to 2033. The highest revenue-generating service is anticipated to be tele-ICU, which is anticipated to grow at a CAGR of over 16.4% from 2023 to 2033.
Future Market Insights, a market research and competitive intelligence provider, analyses the market demand for the 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 6.4X 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.
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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:
- In May 2021, MediTelecare, a telehealth technology provider launched MediTely, a direct-to-consumer (D2C) mobile telehealth technology for the geriatric population.
- In March 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.
- 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.
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More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Remote Healthcare market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights by Service (Real Time Virtual Health, Remote patient Monitoring, Tele-ICU), by End-User (Payer, Provider, Patient and Employer Groups and Government Organizations) and across key regions (North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa).
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Market Segments Covered in Remote Healthcare Market Analysis
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
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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