The introduction of cloud-based healthcare systems in advanced countries is propelling the growth of the virtual visits segment in the remote healthcare market
Arizton’s recent market research report on remote healthcare(mHealth, tele-ICUs, virtual health) market segments the market by service (mHealth, tele-ICUs, and virtual visits (audio visits, video visits, and chat consultations)), by end-users (hospitals and clinics, individuals, and other medical service providers), and by geography (APAC, Europe, North America, and ROW).
The global remote healthcare market is projected to generate revenues of $36.92 billion and is expected to grow at a CAGR of 17.74% during the forecast period. The increasing use of mobile and wireless technologies in the healthcare market will boost the demand for various services offered in the remote healthcare market. The growing popularity of mobile telemedicine services is fueling the growth of the global remote healthcare market.
The services offered in the remote healthcare market include mHealth, tele-ICUs, and virtual visits. The tele-ICU and virtual visits segment are discussed in detail below:
Tele-ICUs Market Overview
The efficient delivery of care, reduction of ICU complication rate, and reimbursement for services are driving the growth of the tele-ICUs segment in the global remote healthcare market.
The global tele-ICU market will grow at an impressive CAGR of close to 21% during the forecast period.
The rapid advancement in technology and increased availability of telecommunication services in remote locations will boost the demand for tele-ICU services over the next few years. The increase in the number of hospital collaborations will result in reduced of stay lengths and decline the mortality rate in the global remote healthcare market. The different model type in the tele-ICU market includes intensivist, co-managed, open tele-ICUs, and open with consultants. The growing preference of digital technologies in the healthcare sector and growing number of software and hardware installations will propel the growth of the tele-ICUs market during the forecast period.
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Tele-ICUs Market - Dynamics
The rising demand for remote patient monitoring and increasing rate chronic diseases will propel the demand in the tele-ICUs market. The penetration of advanced healthcare systems and the introduction of innovative solutions will create business opportunities vendors in the global remote healthcare market. Educational and research institutes are partnering with hospitals and healthcare organizations to offer tele-ICU services in various remote locations. Such partnerships will enable healthcare service providers to offer patient care at different parts of the globe. The vendors in the market are focusing on price, availability, brand, and technology to sustain the competition in the market. The development of advanced care systems and economic development in emerging markets will propel the growth of the tele-ICUs segment in the global remote healthcare market over the next few years.
Virtual Visits Market Overview
The increasing investment in the telehealth services, the introduction of innovative technology, and lack of trained medical professionals worldwide are augmenting the growth of the global virtual visits market. The increasing awareness of telemedicine led to the introduction of the virtual visits pilot program in most of the developing countries such as India and China. The introduction of cloud-based healthcare systems in countries such as the US, UK, and Germany is increasing the accessibility of these services in rural areas and is propelling the growth of the virtual visits segment in the remote healthcare market. The growing adoption of smart gadgets worldwide and the introduction of telemedicine for a chronic condition such as telemonitoring, tele stroke, and tele pulmonology will propel the demand for virtual visits in the global remote healthcare market. The different mode of the visit in the virtual visits market are video visit, audio visit, and chat consultation.
The global virtual visits market is expected to grow at an exponential CAGR of around 16% during the forecast period.
Virtual Visit Market - Dynamics
The increasing access to remote areas and improved patient care is contributing to the growth of the global virtual visits market. The leading vendors in the market are focusing on building mobile applications as an effective and efficient way of enhancing the delivery model of care for virtual visits. These mobile applications are designed to deliver quality services, improve patient interaction and workflow, and reduce healthcare costs. The introduction of such advanced technology and growing demand from emerging countries in APAC and Latin America will help leading players expand their businesses to different regions across the globe and gain a larger virtual visits market share.
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The leading vendors in the remote healthcare market are Medtronic, Teladoc, American Well, Airstrip Technologies, and BioTelemetry/LifeWatch.
The complete overview of the latest market research report on remote healthcare market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also 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