Remote Healthcare Market Size, Share & Trends Analysis Report By Service (Remote Patient Monitoring, Real Time Virtual Health, Tele-ICU), By End-user (Payer, Patient, Provider), By Region, And Segment Forecasts, 2021 - 2028

Report 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.

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.

COVID19 remote healthcare market impact: 32.9% increase in revenue growth

Key stakeholders operating in the remote healthcare market are adopting various strategies such as new product development, merger and acquisition, partnerships, collaboration, and joint ventures, which, in turn, are driving the market growth potential. For instance, 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. In May 2021, MediTelecare, a telehealth technology provider launched MediTely, direct-to-consumer mobile telehealth technology for the geriatric population.

Service Insights 

The tele-ICU segment dominated the market and accounted for the largest revenue share of 49.7% in 2020. Initiatives, collaborations, and partnerships undertaken by the key stakeholders are driving the segment. For instance, in May 2020, Philips Healthcare introduced an eICU program in Japan in collaboration with Showa University. This program was designed to improve high-risk patient outcomes and advance critical care globalization. The company has implemented similar programs in the U.K., Australia, Middle East, and the Americas. In February 2021, Hicuity Health and Covenant Health collaborated to extend tele-ICU care in the East Tennessee region in the U.S. Increasing awareness regarding the benefits of tele-ICU is fueling segment growth. According to an article published by Phillips, tele-ICUs result in a 20% reduction in death rates, a 30% reduction in length of hospital stay, and a 37% reduction in transfer of patients.

However, the remote patient monitoring segment is expected to witness significant growth over the forecast period. The growing adoption of wearable devices, the internet, and smartphones are driving the growth of the remote patient monitoring segment. According to International Telecommunication Union, 12.1 billion people are estimated to have smartphones globally by 2030. Moreover, an increasing number of investments and initiatives undertaken by healthcare stakeholders are driving the adoption of remote patient monitoring devices and services. According to the Consumer Technology Association, 88.0% of the healthcare providers are investing in or invested in remote monitoring services in 2019. Moreover, according to American Medical Association, the adoption of remote patient monitoring by physicians increased from 13% to 22% between 2016 and 2019.

End-user Insights

The provider segment dominated the market and accounted for the largest revenue share of 51.2% in 2020. This is owing to the high adoption rate of remote healthcare technologies by hospitals to reduce the growing burden on healthcare systems. The shortage of physicians, nurses, and hospital beds especially in developing countries is driving the demand for remote patient monitoring and real-time virtual health services. Moreover, many hospitals are installing tele-ICU units to reduce pressure on hospital staff. For instance, AdventHealth Ottawa collaborated with Advanced ICU Care, a tele ICU provider based in the U.S. for the implementation of tele-ICU in June 2020.  Such collaborations are driving the segment.

However, the patient segment is expected to grow at the fastest growth rate over the forecast period owing to the increasing adoption of real-time virtual health and remote patient monitoring services by patients during the COVID-19 pandemic. Various real-time virtual health platform providers witnessed significant growth in the number of users. For instance, Teladoc reported a patient visit volume of 4.1 million visits in 2019 which increased to 10.6 million in 2020. Halodoc, a telehealth platform providing real-time virtual health service reported an increase in 101% of the daily active users in March 2020 as compared to 2019. Moreover, advantages offered by remote healthcare services such as time savings, convenience, faster services, cost-savings, and better access to healthcare professionals are estimated to drive the segment growth potential.

Regional Insights

In 2020, North America dominated the market and accounted for the highest revenue share of 38.8%. This is attributed to the high awareness and adoption of remote healthcare technologies in the region. According to a survey conducted by American Well in 2019 in the U.S., 66% of the consumers were willing to use telehealth including real-time virtual health. Moreover, 64 million consumers were willing to shift their primary care physician in 2019 from 50 million in 2017 to video visits/consultations in the U.S. According to the same survey, 65% of the consumers have used some health monitoring device. Moreover, the presence of a large number of remote healthcare technology providers along with the presence of developed healthcare infrastructure is contributing to the market growth. 

However, Asia Pacific is anticipated to be the most lucrative market growing at the fastest growth rate during the forecast period. Initiatives by public and private bodies, such as awareness programs, partnerships, and R&D funding, are estimated to boost the market in the region. For instance, the government of Indonesia is also taking help from online health platforms, to tackle the pandemic. Indonesians are being encouraged to use telehealth platforms including real-time virtual health for medical consultations, especially for minor illnesses, to reduce the number of hospital visits. Shortage of healthcare resources is estimated to drive the market. According to WHO, Thailand and India have a ratio of 0.4 and 0.9 physicians per 1,000 people. Shortage of qualified physicians, nurses, and hospital beds results in the bed occupancy rate of more than 100.0% in the South East Asia region, which is above WHOs’ recommendation of 80.0%.

Key Companies & Market Share Insights

Key players operating in the market are adopting various strategies such as partnerships, collaborations, mergers and acquisitions, and product development to expand product portfolio and geographic presence. For instance, in 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. Some of the prominent players in the remote healthcare market include:

• Advanced ICU Care

• BioTelemetry

• Koninklijke Philips

• Teladoc Health

• Vivify Health

• AirStrip Technologies

• Medtronic

• InTouch Technologies

• American Well

• Resideo Life Care Solutions

Remote Healthcare Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research, Inc. has segmented the remote healthcare market based on service, end-user, and region:

• Service Outlook (Revenue, USD Million, 2016 - 2028)

  • Remote Patient Monitoring

  • Real Time Virtual Health

    • Video Communication

    • Audio Communication

    • Email/Chat box

  • Tele-ICU

• End-user Outlook (Revenue, USD Million, 2016 - 2028)

  • Payer

  • Provider

  • Patient

  • Employer Groups & Government Organizations

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Mexico

    • Brazil

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE