The newly-released Remote Healthcare Market analysis report by Future Market Insights indicates that the global market size for remote healthcare reached USD 7.8 billion in 2023. This sector is expected to experience remarkable growth, projected to achieve a compound annual growth rate (CAGR) of 20.7% from 2023 to 2033, ultimately reaching an impressive valuation of USD 59 billion.
A significant driver of this growth is the increasing demand for Tele-ICU services, which are anticipated to be the highest revenue-generating segment within the remote healthcare market. This segment is projected to expand at a CAGR of over 16.4% during the forecast period.
The rise of remote healthcare solutions is being propelled by advancements in technology, the need for efficient healthcare delivery, and a growing emphasis on patient-centric care. As healthcare providers increasingly adopt telehealth services, patients benefit from enhanced access to care, reduced wait times, and improved health outcomes.
With its innovative approaches and broadening service offerings, the remote healthcare market is set to revolutionize the healthcare landscape, ensuring that high-quality medical care is accessible to patients, regardless of their location.
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.
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.
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).
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
By Region:
- North America
- Latin America
- Europe
- Asia-Pacific (APAC)
- Middle East and Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
