North America was the largest region in the global remote healthcare market and is expected to grow at an impressive CAGR of 21.34% during the 2017-2023.
Arizton’s recent market research report on the remote healthcare market identifies Medtronic, Teladoc, American Well, Airstrip Technologies, and BioTelemetry/LifeWatch as the leading vendors that are likely to dominate the market during the forecast period. This research report provides detailed analysis of market segmentation by service (mHealth, tele-ICUs, and virtual health (audio visits, video visits, and chat consultations), end-users (hospitals and clinics, individuals, and other medical service providers), and geography (APAC, Europe, North America, and ROW).
The remote healthcare market is anticipated to grow from $13.86 billion in 2017 to $36.92 billion by 2023. The market is projected to grow at a CAGR of 17.74% during the forecast period.
The growing popularity of mHealth applications and the increasing adoption of wireless technology are propelling the growth of the global remote healthcare market.
The global remote healthcare market is categorized into the following segments by services, end-users, and geography.
North America to dominate the remote healthcare market share during the forecast period
The remote healthcare market by geography is divided into APAC, Europe, North America, and ROW. North America was the largest region in the global remote healthcare market, occupying over 40% of the total market share in 2017 and is expected to grow at an impressive CAGR of 21.34% during the forecast period. The US and Canada are major revenues contributors of the remote healthcare market in North America. The growing popularity of telehealth programs and launch of effective reimbursement policies will propel the growth of the remote healthcare market in this region.
mHealth is the most popular service in the US and occupied close to 51% of the total market share in 2017.
The growing use of telemedicine and primary care impacts in Canada will have a positive impact on the remote healthcare market in North America.
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Tele-ICUs to grow at the fastest CAGR in the remote healthcare market during the forecast period
The remote healthcare market by services is segmented into mHealth, tele-ICUs, and virtual health.
The tele-ICU services segment is the fastest growing segment in the remote healthcare market at a CAGR of 20.82% and is expected to generate the revenue of around $5.10 billion during the forecast period.
Tele-ICUs are also known as remote ICUs or virtual ICUs, and increasing number of emergency cases worldwide is propelling the growth of this market segment. Factors such as efficient delivery care, reduction of ICU complication rate, and effective reimbursement policies are some of the drivers that are likley ot boost the development of tele-ICU services in the remote healthcare market during the forecast period. Additionally, collaborative partnerships with various hospitals and leading players will create new business opportunities for vendors to increase their market share in the global remote healthcare market.
Hospitals and clinics to hold the largest market share in the remote healthcare market during forecast period
The end-users segment in the remote healthcare market is classified into hospitals and clinics, individuals, and other medical service providers. The hospitals and clinics segment dominated the remote healthcare market, accounting for around 50% of the total market share in 2017. Various hospitals and clinics are offering diagnosis and monitoring services for different medical conditions with the help of specialized virtual healthcare professionals to reach a maximum number of patients. The advent of innovative technology and the wide availability of telecommunication systems will help vendors offer tele-ICU services in remote locations across the globe. Such developments in the hospitals and clinics segment will fuel the growth of the remote healthcare market during the forecast period.
InTouch Health, iMDsoft, UPMC Italy, INTeleICU, TeleICUcare, INOVA, Carena, MDLIV, edgeMED Healthcare, Mercy Virtual, CHI Health, MedSpring, Celtic Healthcare, Integrity Urgent Care, THA group, Premera Blue Cross, United HealthCare Services, virtuwell, Zipnosis, Ringadoc/MedXCom, MeMD, Plushcare, iSelectMD, eVisit, meVisit, Specialists on Call, Vidyo, VSee, AliveCor, Jawbone, OMRON Healthcare, AgaMatrix, iHealth Lab, AT&T, Masimo, and Athenahealth are the other prominent vendors in the remote healthcare market.
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The complete overview of the latest market research report on the remote healthcare market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides the market size and forecast for major geographical regions and key countries.
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Remote Healthcare (mHealth, Tele-ICUs, & Virtual Health) Market - Global Outlook and Forecast 2020-2025