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REMOTE HEALTHCARE MARKET SIZE BY REVENUE IS EXPECTED REACH OVER $11 BILLION IN 2020, GROWING AT A CAGR OF OVER 33% DURING THE FORECAST PERIOD
The Global Remote Healthcare Market Size, Share, & Trends Analysis Report by Service (Real-Time Virtual Health (Video Communication, Audio Communication, and Chat/Email Communication), Remote Patient Monitoring, and Tele-ICUs), End-user (Healthcare Providers, Patients, Employer Groups & Government Organizations, and Payers), and Geography (North America, APAC, Europe, Latin America, and MEA) Industry Analysis Report, Regional Outlook, Market Trends, Competitive Landscape, Share, Growth Potential & Forecast, 2020 – 2025
GLOBAL REMOTE HEALTHCARE MARKET REPORT SCOPE
REVENUE (2020) USD 11 Billion
Compound Annual Growth Rate (CAGR) 33%
North America, Europe, APAC, Latin America, and Middle East & Africa
US, Canada, UK, Germany, France, Spain Italy, Netherlands, China, Japan, Australia, India, South Korea, Brazil, Mexico, Argentina, UAE, South Africa, Turkey, and Saudi Arabia
The global remote healthcare market size will reach $11 billion in 2020 and is witnessing growth on account of the growing integration of telecommunications with medical services, which are reducing healthcare expenditure. Remote health is revolutionizing the healthcare industry as it minimizes hospital visits and reduces patient waiting time. The high spending on healthcare IT collaborations by major stakeholders is contributing to growth. The growing incidence of several chronic conditions such as diabetes, cardiac diseases, and hypertension is influencing growth worldwide.
The outbreak of the COVID-19 pandemic, which has affected around 6.29 million and resulted in about 380,000 deaths across the globe till June 4, 2020, is expected to influence the market during the forecast period. The rapid spread of the virus both in developed and developing countries are focusing on telehealth and remote monitoring. Public healthcare bodies in several countries are recommending people to utilize remote solutions.
- The real-time virtual remote healthcare market is projected to achieve an incremental growth of over $15 billion by 2025. The increase is on account of the increasing availability of healthcare applications, which assist patients in self-management of disease.
- The healthcare provider segment is likely to reach a revenue of over $16 billion by 2025. This is due to the high demand for mHealth, virtual health, and digital healthcare tools in hospitals.
- The Asia Pacific region is expected to observe a revenue of over $6 billion by 2025. The growth can be attributed to the growing public and private initiatives, which have resulted in increased investment in R&D in the healthcare sector.
- The Europe remote patient monitoring devices market is expected to reach a revenue of over $10 billion by 2025. Favorable government initiatives are a key factor driving the remote healthcare market growth in the region.
- The US remote patient monitoring market is likely to grow at a CAGR of over 36% during 2019–2025.
GLOBAL REMOTE HEALTHCARE MARKET SEGMENTATION
This research report includes a detailed segmentation by service, end-user, and geography.
INSIGHTS BY SERVICE
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.
The remote patient monitoring (RPM) segment is growing is expected to grow at a significant rate during the forecast period. This growth can be attributed to the growing prevalence of chronic diseases in the rising geriatric population that requires regular monitoring and quality facilities. RPM mainly focuses on providing high-quality services to people with a broad range of chronic conditions in their homes. Among all chronic conditions, RPM is widely used for cardiovascular diseases and diabetes management. The demand for self-care monitoring technologies such as blood pressure monitors, glucose meters, cardiac monitors, pulse oximeters, and fitness devices is increasing.
INSIGHTS BY END-USER
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. They are embracing the use of telehealth platforms as they offer benefits such as the ability to perform high-tech monitoring without requiring patients to leave their homes.
The patient segment accounted for over 31% share of the market. The segment is the second-largest contributor to the telehealth market globally. Treatment methods have changed drastically over the last few years, with patients prioritizing self-care and homecare treatment options as they are convenient and save a significant amount of time and costs.
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.
INSIGHTS BY GEOGRAPHY
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.
In 2019, Europe accounted for a 28% share in the global remote healthcare market. Europe is the second-largest market globally. It is growing at a healthy rate and is expected to grow at a similar pace during the forecast period. UK, France, Germany, Italy, Spain, and the Netherlands, are the major revenue generators in the region.
INSIGHTS BY VENDORS
The global remote healthcare market share is highly dynamic and fragmented, with the presence of several medical device manufacturers, software/application providers, and telehealth service providers. Medical device manufacturers are collaborating with software/application developers and service providers to enhance the quality of care to patients. The rapidly changing technological advancements have a significant impact on the overall market as patients and clinicians are looking for remote patient monitoring platforms with innovative and advanced features.
The remote healthcare market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Real-Time Virtual Health
- Video Communication
- Audio Communication
- Chat/Email Communication
- Remote Patient Monitoring
- Healthcare Providers
- Employer Groups & Government Organizations
- North America
- South Korea
- Middle East & Africa
- South Africa
- Saudi Arabia
- Latin America
KEY QUESTIONS ANSWERED:
- What is the remote healthcare market size and growth rate during the forecast period?
- What are the factors impacting the growth of the global remote patient monitoring system market?
- How is the usage of IoT in healthcare impacting the Europe remote monitoring market?
- Who are the leading vendors in the remote healthcare market, and what are their market shares?
- Which service/end-user/segment is the largest revenue-generating segment during the forecast period?
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