COVID-19 Pandemic to trigger the growth of the Global Remote Healthcare Market by 2026
Remote healthcare is progressing towards becoming the future of medicine as in the world of digital connection, the way people access medical care is evolving. It has become a convenient way for patients to access medicine as it allows constant health monitoring and modern diagnostics without leaving home. It also facilitates communication between physicians & patients and services with proven medical values.
With the Covid-19 crisis preventing all but necessary in-person contact, the current Covid-19 pandemic condition has significantly augmented the uptake and availability of remote healthcare services. In March 2020, to help remote monitoring for COVID-19 patients, Medtronic launched new solutions that would help to evaluate, monitor, and support patients who may be concerned about COVID-19 and their respiratory symptoms. For instance, to support the Covid-19 patients and lower the burden of healthcare workers, tele-ICU services were extensively adopted by healthcare facilities across the world. Further, over the years, the healthcare sector is evolving substantially with the growing penetration of advanced technologies in this sector leading to the launch of numerous healthcare devices and services. These factors are majorly propelling the growth of the global remote healthcare market. Additionally, real-time virtual health services including chat box, video & audio are been used widely most of the people in developed countries. Moreover, factors such as increase in use of digital healthcare, wearable technologies, mHealth apps, and smartphones are equally contributing to the growth of the global market. Furthermore, increase in integration of artificial intelligence-based technologies with wearable devices is likely to drive the growth of the global market during the forecast period.
The global remote healthcare market is fragmented based on service, end-user, and region. Based on the service, the global market is bifurcated into tele-ICUs service, remote patient monitoring service, and real time virtual health communication service. The end-user segment consists of private healthcare service providers, government healthcare institutions, government healthcare insurance organizations, private medical insurance firms, and employer groups.
Regionally, North America is estimated to account for a maximum share in the global remote healthcare market during the forecast period. The rapid spread of Covid-19 infection affecting a huge population in the US has bolstered the adoption of remote healthcare services. In addition to this, increase in the prevalence of chronic diseases, growing use of wearable technologies, presence of a well-established healthcare sector, and the existence of providers of remote healthcare technologies on large scale are also some of the key factors that are augmenting the growth of the market in North America. The market in Asia Pacific is estimated to offer lucrative opportunities and grow at a faster growth rate over the forecast period owing to growing initiatives for better access to healthcare providers, lack of healthcare resources, and growing penetration of IT in healthcare sector.
The global Remote Healthcare market accrued earnings worth approximately 10.6 (USD Billion) in 2019 and is predicted to gain revenue of about 37.5 (USD Billion) by 2026, is set to record a CAGR of nearly 32.1% over the period from 2020 to 2026. The report offers assessment and analysis of the Remote Healthcare market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
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The prominent players operating in the global remote healthcare market are Advanced ICU Care, AirStrip Technologies, Vivify Health, Teladoc Health, Koninklijke Philips, BioTelemetry, Resideo Life Care Solutions, American Well, InTouch Technologies, and Medtronic.
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