Globally, healthcare systems are undergoing rapid change in the wake of challenges posed by COVID-19. The inability to see patients directly enabled remote healthcare as a vital tool in providing healthcare services and is likely to witness exponential growth during the pandemic.
Growth in the remote healthcare space will sustain beyond the COVID-19 pandemic for vendors who can deliver user-friendly sensors, remote patient monitoring platforms, virtual care solutions, and interactive virtual assistants that expand the deployment of remote healthcare models among diverse patient populations.
Improvement in reimbursement policies globally for remote healthcare empower healthcare providers and health plans to rethink care delivery model and expand the actual potential of remote healthcare reach and its overall impact.
Rising number of mobile health (mHealth) applications and their usage due to the widespread use of smartphones and internet connectivity is one of the key growth factors of the remote healthcare market.
Modern information and communication technologies (ICTs) such as computers, laptops, the internet, and smartphones are revolutionizing communication among patients who seek and exchange health information with physicians. These technologies have the potential to help address current health problems and, in turn, help deliver quality care to patients through remote healthcare platforms.
Among all remote healthcare services, real time virtual health segment is likely to grow with a phenomenal growth rate of around 40% during the forecast period due to exponential increase in number of virtual visits globally.
North America is likely to post an incremental growth of around $16 billion due to a series of favorable initiatives implemented by the governments, care providers, and vendors as well as other key stakeholders.
Market Size & Forecast by Revenue | 2019−2025
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by service, end-user, and geography
Competitive Landscape – Profile of 10 key vendors and 96 other vendors
The real-time virtual health segment accounted for over 46% of the global remote healthcare market share in 2019. The growing incidences of cardiac diseases and strokes impact the growth of the real-time virtual health segment. The adoption of remote monitoring is expected to rise with advances in technology and high penetration of smart gadgets across the globe.
Healthcare providers are the major end-users using telehealth platforms to improve the quality of healthcare among patients. Hospitals are the most significant revenue contributors to the market, as most telehealth services are provided through them.
Employers and government organizations are increasingly relying on telehealth platforms to provide healthcare services to employees. Several employers are opting for these services due to their cost-effectiveness. Government organizations are also widely using telehealth platforms to overcome healthcare's existing challenges.
Remote Healthcare (mHealth, Tele-ICUs, & Virtual Health) Market by Service
Real-Time Virtual Health
Remote Patient Monitoring
Remote Healthcare (mHealth, Tele-ICUs, & Virtual Health) Market by End-user
The North American market is growing at a faster rate than all other regions and is likely to retain its dominance during the forecast period. The growth in the region is mainly attributed to multiple factors, including the availability of sophisticated healthcare infrastructure, availability of reimbursement coverage for telehealth, and favorable government initiatives and reforms supporting digital health. Furthermore, as the North American population, particularly in the US, is diagnosed with coronavirus, health agencies have urged hospitals to expand their use of remote health such as telehealth services to prevent the spread of the virus.
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