The remote healthcare market is projected to grow from $13.86 billion in 2017 to $36.92 billion by 2023, growing at a CAGR of 17.74%.
Arizton’s recent market research report on the remote healthcare market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market 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 projected to grow from $13.86 billion in 2017 to $36.92 billion by 2023, growing at a CAGR of 17.74%. The growing demand for health call centers, emergency toll-free telephone services, emergency and disaster management, mobile patient records, and health surveys is driving the growth of the remote healthcare market. The increasing penetration of mobile and wireless technology will revolutionize the remote healthcare market during the forecast period.
The leading three drivers and trends driving the remote healthcare market are discussed below:
Increasing awareness toward self-care and disease management
The growing awareness regarding self-care and disease management is driving the growth of the global remote healthcare market. The increasing adoption of next-generation medical devices such as electrocardiogram (ECG) monitors, sleep monitors, and other remote patient monitoring devices worldwide will encourage vendors to launch innovative products in the global market. The growing popularity of smartwatch, fit-bit, and other wearable devices to track day-to-day activities will increase the awareness among the population and boost the demand in the global remote healthcare market. These devices are designed to track daily health activities and monitor heart conditions and other physical health conditions. The introduction of innovative devices will propel the growth of the remote healthcare market.
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Rising incidence of chronic diseases worldwide
The high prevalence of various chronic diseases worldwide is fueling the need for real-time health monitoring and driving the growth of the remote healthcare market. The rising incidences of major chronic diseases such as cardiac diseases, cancer, diabetes, obesity, and arthritis are boosting the demand for remote healthcare services in the global market. The changes in the healthcare monitoring system and better disease management will ensure prevention and the early diagnosis of these chronic ailments. The introduction of virtual visits, virtual consults, and mHealth services will help to improve the patient-physician interaction in remote areas. The growing popularity of remote healthcare services will increase patient access and help in transforming the global healthcare market during the forecast period.
Increased usage of mHealth application
The increasing number of government initiatives to introduce health care planning, program development, and service delivery models in various rural locations across the world will augment the development of the global remote healthcare market. Vendors are focusing on introducing flexible and innovative healthcare solutions that offer real-time access to patients in rural areas. The collaborative partnerships between healthcare organizations and leading vendors will ensure proper patient care and disease management services is offered to people living in rural regions. Such developments and innovations will have a positive impact on the global remote healthcare market.
Medtronic, Teladoc, American Well, Airstrip Technologies, and BioTelemetry/LifeWatch are the leading vendors in the remote healthcare market.
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