Remote healthcare is a telemedicine service that uses a mobile device to constantly monitor a patient’s condition and performance outside a medical facility.
Remote Healthcare Market: Introduction
Remote healthcare is a telemedicine service that uses a mobile device to constantly monitor a patient’s condition and performance outside a medical facility. It reduces the time of hospitalization, relaxes the burden on medical personnel, improves treatment efficacy, and offers day-to-day updates on patients’ medical data for medical facilities.
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For patients, it reduces the time taken to be admitted, provides treatment in a comfortable home setting, enables immediate and direct communication with medical staff, minimizes reaction time, increases therapy efficacy, and offers patients access to their own medical data.
Key Drivers, Restraints, and Opportunities of Global Remote Healthcare Market
Rise in number of government initiatives to implement healthcare planning, program development, and service delivery models in various rural regions throughout the world is estimated to propel the global remote healthcare market. Vendors are focused on the development of flexible and innovative healthcare solutions that provide patients in remote regions with real-time access. Collaborations between healthcare institutions and major vendors are likely to ensure that people living in rural areas receive adequate patient care and disease management services. Such advancements and improvements are projected to boost the global remote healthcare industry.
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Increase in healthcare expenses, expansion of burden of chronic diseases, rise in geriatric population, and a shortage of healthcare resources are also expected to increase the burden on healthcare organizations, thereby driving the market. Moreover, an increase in usage of smartphones, mHealth apps, wearable technologies, and digital healthcare is also estimated to fuel the global market during the forecast period.
Healthcare fraud is an important factor to address in telehealth and telemedicine practices. A patient or a physician might be victimized in numerous ways. For instance, the physician’s name and accounts may be exploited to receive insurance company payments, or non-eligible or non-listed institutional providers may engage in incorrect coding and billing for fraudulent claims. This factor is expected to hamper the market during the forecast period.
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Demand for remote patient monitoring services increased significantly during the pandemic. COVID-19 is very likely to be fatal in people with comorbidities such as diabetes. Consequently, a significant number of people opted for remote healthcare services. More number of hospitals are turning to remote healthcare services owing to an increase in the number of COVID-19 patients. For instance, Zyter launched a virtual rounding solution for COVID-19 patients. Such advancements offer significant opportunities for the market.
North America to Capture Major Share of Global Remote Healthcare Market
North America is expected to account for a major share of the global remote healthcare market. Increased prevalence of chronic diseases, the availability of reimbursement insurance for telehealth, and a rise in the overall and geriatric population are likely to boost the market in the region. Furthermore, the presence of a large number of remote healthcare technology providers as well as developed healthcare infrastructure further boost the market.
The remote healthcare market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. This expansion is attributed to public and private sector initiatives, such as awareness campaigns, collaborations, and R&D investment, which in turn are expected to improve the region’s market share in the near future.
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Key Players Operating in Global Remote Healthcare Market
The global remote healthcare market is highly concentrated due to the presence of key players. The players are investing in research and development activities for developing integrated remote healthcare solutions. Major players operating in the global are listed below:
- Advanced ICU Care
- Koninklijke Philips
- Teladoc Health
- Vivify Health
- AirStrip Technologies
- Medtronic
- InTouch Technologies
- American Well
- Resideo Life Care Solutions
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