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Global Remote Healthcare Market - Industry Analysis and Forecast to 2030

Global Remote Healthcare Market - Industry Analysis and Forecast to 2030

Published date: 17-07-2020  Region: Global  Pages: 176  Format: Pdf  Publisher Name: BlueWeave Consulting & Research SKU: RO14/128/1045


The global remote healthcare market is estimated to grow at a CAGR of 23.2% from USD 6,700 million in 2019 to USD 66,472 million in 2030.

From the past few years, information technology (IT) has impacted almost every industry with some pros and cons; and healthcare ecosystem is not an exception. The healthcare sector has embraced the healthcare information technology (healthcare IT), right from process automation to the patient interaction. Remote healthcare is a sub-set of the integration between technology and healthcare facilities. The concept of remote healthcare service relates to providing medical assistance to remotely located patients (outside a healthcare facility: hospitals, clinics, etc.), i.e., at the comfort of patient settings. Such services are very crucial in current scenario and are highly beneficial in providing healthcare services in rural areas, in cases communicable diseases (corona, flu, etc.) outbreak, and others.

Increasing adoption of internet of medical things (IoMT), rising prevalence of chronic diseases (COPD, diabetes, cancer, and others: requiring prolonged monitoring), growing use of mHealth apps, favorable government policies are some major growth factors driving the global remote healthcare market during the forecast period (2019-2030). However, privacy and data security risks, changing guidelines, and low penetration of remote healthcare in low- & medium-income countries are majorly restraining the market growth during the projected period.

Increasing adoption of healthcare IoMT:

IoMT is a sub-segment of IoT, and it deals with interconnected medical devices/medicare connected to healthcare IT for improved patient experience. In the recent years, IoMT solutions have been increasingly adopted in the healthcare sector for remote patient monitoring. According to the UST Global Inc., in 2017, ~60% of the healthcare organizations across the globe have deployed IoMT in patient care activities like home/remote-monitoring. Moreover, it is estimated that more than 87% of the healthcare organizations are planning to implement IoMT related services by end of 2020. Hence, increasing adoption of IoMT is additionally supporting the remote healthcare market growth.

Privacy and data security risks:

Data theft, inappropriate data disposal, unauthorized access to data and other key information, data loss, and hacking are the major concerns that restraints the market. In 2015, Anthem/Blue Cross security breach was recorded and resulted in the loss of personal identifiable information (PII) of 78.8 million people. It was reportable that ~41% of the healthcare industry breaches occur owing to bad user practice. Furthermore, ~33% of the security breaches occurs owing to outdated operating systems and software.

Segmentation

This report analyses the remote healthcare market on the basis of market segments including services, end-user, and region.

Services segment is sub-segmented into real-time virtual health, remote patient monitoring, and tele-ICUs. Real-time virtual health involves interactions between physicians and patients through real time audio/video calls. The segment dominated the global market in 2019 with a share of about 46%, i.e., market value of USD 3,082 million. Real-time virtual health segment is further sub-segmented into video communication, audio communication, and chat/e-mail communication.

On the basis of end user, the global remote healthcare market is divided into healthcare providers, payers, patients, and others. Healthcare providers segment led the market with a market value of USD 2,747 million in 2019.

By region, the global remote healthcare market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is segmented into North America and South America. Europe is segmented into Western Europe and Eastern Europe. The Middle East & Africa region is sub-segmented into Middle East and Africa.

As per the regional study, the Americas led the global market in 2019. Presence of developed healthcare infrastructure in the U.S. & Canada and lack of sufficient healthcare service providers in the region drives the regional market growth. According to the Associations of American Medical Colleges, in 2019, the U.S. was estimated to witness lack of physicians availability as per the population density in the region. It is reportable that a shortage of 122,000 physicians may occur within the U.S. by 2032. Such a dearth of physicians is projected to increase the patients’ reliance on alternative and time saving methods to seek physicians help such as remote healthcare options. Considering the regional factors, the North America region accounted a revenue of USD 3,082 million in 2019.

Europe stood second in the global remote healthcare market with a share of ~29%. Increasing prevalence of chronic diseases and developed healthcare IT among others in the region are some major factors driving the regional market growth. According to the Diabetes.co.uk, in 2019, 6% of the total UK population accounted to be living with diabetes. Diabetes is a chronic condition and require continuous monitoring for effective treatment. This can be easily/effectively done through remote healthcare monitoring. Thus, increasing prevalence of chronic conditions is estimated to boost the demand of remote healthcare systems during the forecast period.

Asia-Pacific region holds immense opportunities for the market growth and can be seen as a developing revenue pocket for the market. Boosting healthcare IT segment and growing number of market entrants in this marketplace boost the regional market growth. According to the Indian Brand Equity Foundation, the Indian healthcare IT industry is estimated to reach USD 58 billion by the end of 2020. On the other hand, the Middle East & Africa hold the least market share in 2019, owing to presence of poor economies within the African region.

Competitive Landscape:

The global remote healthcare market is fragmented owing to presence of major market players and increasing market participation of market entrants. Market players are competing on the basis of price, quality and technology. Major players are adopting strategic collaborations for growing their footprints into the market. In 2018, Royal Philip and American Well signed a partnership for jointly delivering virtual care solutions across the globe.

Some major players analyzed are inclusive of Advanced ICU Care, Cerner, American Well,AirStrip, InTouch Health, BioTelemetry, Inc., Koninklijke Philips, Medtronic, Vivify Health, Athenahealth, Biotricity, BIOTRONIK, and others.

Key Pointers:

The global remote healthcare market is estimated to grow with a CAGR of 23.2% from 2019-2030. As per the studies, the market was valued USD 6,700 million in 2019.

In 2019, the Americas led the market with ~50% of the market share.

Increasing adoption of IoMT is majorly driving the global remote healthcare market.

Real-time virtual health segment was valued USD 3,082 million in 2019.

The tier one companies occupy ~50% of the market share.

Strategic collaboration is a key strategy adopted by players in the global marketplace.

USP of the Report:

Government Guidelines for the market

Competitive Landscape & Competitor Concentration

Product Benchmarking

Technology Analysis

Impact Analysis of Covid-19

Industry SWOT analysis

Industry PESTLE analysis



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