The global remote healthcare market size is expected to reach USD 23.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.0% from 2021 to 2028. 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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Tele-ICUs emerged as the leading service segment and accounted for the largest revenue share of 49.7% in 2020
The provider segment dominated the market and accounted for the largest revenue share in 2020, 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 2020
In Asia Pacific, the market is projected to expand at the fastest CAGR during the forecast period
Grand View Research has segmented the global remote healthcare market on the basis of service, end-user, and region:
Remote Healthcare Service Outlook (Revenue, USD Million, 2016 - 2028)
Remote Patient Monitoring
Real Time Virtual Health
Remote Healthcare End-user Outlook (Revenue, USD Million, 2016 - 2028)
Employer Groups & Government Organizations
Remote Healthcare Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa
List of Key Players of Remote Healthcare Market
Advanced ICU Care
Resideo Life Care Solutions
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