Newly-released Remote Healthcare Market analysis report by Future Market Insights shows that the global market size of Remote Healthcare in 2023 was held at USD 7.8 Billion. With a CAGR of 20.7% from 2023 to 2033, the market is projected to reach a valuation of USD 59 Billion by 2033. Tele-ICU is expected to be the highest revenue-generating service, projected to grow at a CAGR of over 16.4% from 2023 to 2033.
| Attribute | Details |
|---|---|
| Global Remote Healthcare Market (2023) | USD 9 Billion |
| Global Remote Healthcare Market (2033) | USD 59 Billion |
| Global Remote Healthcare Market CAGR (2023 to 2033) | 20.7% |
| USA Remote Healthcare Market CAGR (2023 to 2033) | 22.3% |
| Key Companies Profiled | Advanced ICU Care; BioTelemetry; Koninklijke Philips; Teladoc Health; Vivify Health; AirStrip Technologies; Medtronic; InTouch Technologies; American Well; Resideo Life Care Solutions |
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As per the Remote Healthcare Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value of the Remote Healthcare Market increased at around 15.2% CAGR.
The onset of COVID-19 encouraged the usage of remote healthcare technology among both patients and service providers. During the epidemic, many people used real-time virtual health systems to avoid visiting hospitals.
Due to the pandemic, telehealth platforms that provide real-time virtual health care, such as American Well, witnessed a 1000% spike in visitors. Furthermore, between March 2019 and March 2020, the number of telehealth claim lines in the USA surged by 4000%. The market is expected to develop due to the usage of real-time virtual health services such as audio, video, and chat box.
Many healthcare facilities across the world are implementing tele-ICUs to relieve pressure on clinicians. In Maharashtra, India, for example, a new tele-ICU service was launched in August 2020. Furthermore, Sheba Medical Center and Ichilov Hospital in Israel started AI-based tele-ICUs for COVID-19 patients in March 2020.
The global shortage of ICU beds is encouraging the use of tele-ICUs, boosting the market's development potential. A lack of hospital beds has resulted from COVID-19. Furthermore, patients with chronic illnesses are advised to minimize hospital visits in order to avoid infection. This, in turn, is encouraging healthcare practitioners and patients to use remote patient monitoring services.
With the presence of various medical device manufacturers, software/application providers, and telehealth service providers, the global remote healthcare market share is very dynamic and fragmented. To improve the quality of care for patients, medical device makers are cooperating with software/application developers and service providers. Patients and physicians are asking for remote patient monitoring systems with novel and sophisticated features, and technical improvements are having a significant influence on the industry.
Globally, the market is expected to be driven by the increasing usage of smartphones, mHealth apps, wearable technologies, and digital healthcare. Furthermore, the remote healthcare business is witnessing an increase in investment, which is fuelling key segments’ growth.
The expansion of the real-time virtual health market is influenced by the rising prevalence of heart illnesses and strokes. Remote monitoring is also projected to become more popular as technology progresses and smart devices become widely used throughout the world.
Over the last few years, treatment techniques have evolved dramatically, with patients favoring self-care and homecare treatment alternatives since they are easy and save time and money. Employers and government agencies are increasingly using telehealth platforms to deliver healthcare to their workers. Because of their cost-effectiveness, these services are being used by a number of businesses. Telehealth systems are also commonly used by government entities to tackle healthcare's current issues.
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In 2022, North America held the largest share of the global Remote Healthcare Market. The market is growing due to the existence of a significant number of remote healthcare technology providers as well as enhanced healthcare infrastructure.
However, Asia Pacific is expected to be the most profitable market over the projected period, with the highest growth rate. Public and commercial sector initiatives like awareness campaigns, collaborations, and research and development financing are expected to grow the industry in the region.
The USA is expected to account for the highest market of USD 20.9 Billion by 2033, accounting for around one-third of the global forecasted market size. The country’s robust health infrastructure as well as a largely privatized healthcare system are also contributors to these growing numbers.
The market in the UK is projected to reach a valuation of USD 3 Billion by 2033, growing at a CAGR of 23.4% from 2023 to 2033. The market is projected to gross an absolute dollar opportunity of USD 896 Million during the forecast period.
In Japan, the market is projected to register a CAGR of 17.6% from 2023 to 2033, reaching a market valuation of USD 2.1 Billion by 2033. During the forecast period, the market in the country is expected to gross an absolute dollar opportunity of USD 1.7 Billion.
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The tele-ICU segment is forecasted to account for a significant market and is projected to grow at a CAGR of over 16% from 2023 to 2033. In 2022, the tele-ICU sector led the market, accounting for about half of the total revenue. The segment is being driven by key stakeholders' initiatives, collaborations, and partnerships. Philips Healthcare, for example, in cooperation with Showa University, launched an eICU program in Japan in May 2020. The goal of this initiative was to enhance the outcomes of high-risk patients while also advancing critical care globalization.
Similar several projects have been launched through the corporation in the United Kingdom, Australia, the Middle East, and the Americas. Hicuity Health and Covenant Health partnered in February 2022 to expand tele-ICU care in the East Tennessee region of the USA. The growing awareness of the advantages of tele-ICU is propelling the market forward. According to an article by Phillips, Tele-ICUs lead to a 20% decrease in death rates, a 30% reduction in hospital stay, and a 37% reduction in patient transfers.
Among the end-users, Providers commanded the largest revenue as well as a CAGR of nearly 37% in 2022. This is due to hospitals' rapid use of remote healthcare technology to alleviate the rising strain on healthcare systems. The need for remote patient monitoring and real-time virtual health services is being driven by a dearth of physicians, nurses, and hospital beds, particularly in developing nations. Furthermore, several hospitals are putting up tele-ICU units to relieve stress on hospital employees.
Due to the increasing use of real-time virtual healthcare and patient monitoring services by patients during the COVID-19 pandemic, the patient market is projected to expand at a fast pace in the projection period. The number of users on various real-time virtual health platform providers has increased significantly.
Remote healthcare services are expected to fuel the segment's development potential due to benefits such as time savings, convenience, faster services, cost savings, and greater access to healthcare specialists.
To grow their product range and regional presence, key competitors in the market are pursuing different tactics such as partnerships, collaborations, mergers & acquisitions, and product development. The key companies operating in the remote healthcare market include Advanced ICU Care, BioTelemetry, Koninklijke Philips, Teladoc Health, Vivify Health, AirStrip Technologies, Medtronic, InTouch Technologies, American Well, and Resideo Life Care Solutions.
Some of the recent developments of key Remote Healthcare providers are as follows:
Similarly, recent developments related to companies in the Remote Healthcare Market have been tracked by the team at Future Market Insights, which are available in the full report.
The market is valued at USD 7.8 billion in 2023.
Vivify Health, AirStrip Technologies, Medtronic are the prominent market players.
The market is forecast to register a CAGR of 20.7% through 2033.
The market is predicted to be worth USD 59 billion by 2033.
From 2018 to 2022, the market registered a CAGR of 15.2%.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Service 5.1. Real-Time Virtual Health 5.1.1. Video Communication 5.1.2. Audio Communication 5.1.3. Email/Chat box 5.2. Remote Patient Monitoring 5.3. Tele-ICU 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 6.1. Payer 6.2. Provider 6.3. Patient 6.4. Employer Groups & Government Organizations 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. East Asia 7.5. South Asia 7.6. Oceania 7.7. Middle East and Africa (MEA) 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Advanced ICU Care 17.2. BioTelemetry 17.3. Koninklijke Philips 17.4. Teladoc Health 17.5. Vivify Health 17.6. AirStrip Technologies 17.7. Medtronic 17.8. InTouch Technologies 17.9. American Well 17.10. Resideo Life Care Solutions 18. Assumptions & Acronyms Used 19. Research Methodology
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