Remote Healthcare Market Size Worth $23.9 Billion By 2028, COVID-19 Pandemic To Act As A Prominent Growth Factor | Grand View Research, Inc.

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Jun 22, 2021, 04:35 ET

SAN FRANCISCO, June 22, 2021 /PRNewswire/ -- 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.

Key Insights & Findings:

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

Read 150 page market research report, "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", By Grand View Research.

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.

"Healthcare infrastructure shortfalls due to COVID-19, along with increased integration of Internet and Smart Wearables have supported the growth of remote healthcare 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.

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

Video Communication
Audio Communication
Email/Chat box

Tele-ICU

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

Payer
Provider
Patient
Employer Groups & Government Organizations

Remote Healthcare Regional Outlook (Revenue, USD Million, 2016 - 2028)

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain

Asia Pacific

Japan
China
India
Australia
South Korea

Latin America

Mexico
Brazil
Argentina

Middle East & Africa

South Africa
Saudi Arabia
UAE

List of Key Players of Remote Healthcare Market

Advanced ICU Care
BioTelemetry
Koninklijke Philips
Teladoc Health
Vivify Health
AirStrip Technologies
Medtronic
InTouch Technologies
American Well
Resideo Life Care Solutions

Check out more studies related to Digital and Remote Healthcare Solutions:

Tele-Intensive Care Unit Market – The global tele-intensive care unit market size was valued at USD 1.8 billion in 2018 and is expected to witness a CAGR of 16.7% over the forecast period.
Digital Health Market – The global digital health market size was valued at USD 96.5 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 15.1% from 2021 to 2028.
Digital Patient Monitoring Devices Market – The global digital patient monitoring devices market size was estimated at USD 62.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 23.5% from 2021 to 2028.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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