Global Remote Healthcare Market Is Expected To Grow At A CAGR Of Over 33% During The Forecast Period 2020–2025

The global remote healthcare market by revenue is expected to grow at a CAGR of over 33% during the period 2019–2025. 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.

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Prominent Vendors

• Advanced ICU Care
• AirStrip Technologies
• American Well
• BioTelemetry
• InTouch Technologies
• Koninklijke Philips
• Medtronic
• Resideo Life Care Solutions
• Teladoc Health
• Vivify Health

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 following factors are likely to contribute to the growth of the remote healthcare market during the forecast period:

• Favorable Government Initiatives
• Emergence of New Pandemic Challenge
• Increasing Usage of Remote Healthcare in Outpatient Clinics & Specialists
• Surge in Virtual Visit

Global Remote Healthcare Market Segmentation

The global remote healthcare market research report includes a detailed segmentation by service, end-user, and geography. 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.

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.

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“The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market).”

The study considers the present scenario of the remote healthcare market and its market dynamics for the period 2019−2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent ones operating in the market.

KEY QUESTIONS ANSWERED:

1. What is the remote healthcare market size and growth rate during the forecast period?
2. What are the factors impacting the growth of the global remote patient monitoring system market?
3. How is the usage of IoT in healthcare impacting the Europe remote monitoring market?
4. Who are the leading vendors in the remote healthcare market, and what are their market shares?
5. Which service/end-user/segment is the largest revenue-generating segment during the forecast period?

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