Remote Healthcare Market is estimated to be US$ 57.1 billion by 2032 with a CAGR of 19.8% over the forecast period. Remote patient monitoring technologies are the type of digital health platform which enable patients to be determined outside of typical clinical visit, in their home or in their community. For example, patients with hypertension who monitored blood pressure at their home shared their readings with healthcare provider has achieved significantly better blood pressure control. Meta-analyses has found that monitoring blood glucose at home and sharing their reading with healthcare provider has achieved significant improvement in glycaemic control. Telemedicine are of three types which includes, remote monitoring, store & forward and real time interactive services. Telemedicine reduce the risks of infection from direct contact for physicians and patients. Telemedicine can be defined as using telecommunications technologies to support the delivery of all kinds of medical, diagnostic and treatment-related services usually by doctors. For example, this includes conducting diagnostic tests, closely monitoring a patient’s progress after treatment or therapy and facilitating access to specialists that are not located in the same place as the patient. The World Health Organization (WHO) defines Telemedicine as, “The delivery of healthcare services, where distance is a critical factor, by all healthcare professionals using information technologies for the exchange of valid information for diagnosis, treatment & prevention of disease & injuries, research & evaluation & for continuing education of healthcare providers, all in the interests of advancing the health of individuals & their communities.” Telemedicine is the use of electronic information to communicate technologies to provide and support healthcare when distance separates the participants. Telemedicine is used to link doctors operating with patient in one place and experts at another to help them through telecommunication. Remote monitoring telemedicine is the ability to monitor certain aspects of patient’s health from their own house which has become increasingly popular option after COVID pandemic. Remote patient monitoring allow providers to manage acute & chronic conditions, and also cut down patient’s cost of travelling and infection risk.COVID-19 pandemic has forced the healthcare providers to adopt telehealth solutions by accelerating the adoption of digital health platforms. However, rising adoption of digital healthcare technologies has given positive impact on target market growth.
The report “Remote Healthcare Market, By Service (Real Time Virtual Health, Remote Patient Monitoring, Tele-ICU), By Application (Obstetrics, Cardiology, Diagnosis, and Others), By End-Users (Patient, Payer, Provider, Government Organizations, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis and Forecast till 2032”
• In November 2022, LG has launched Virtual Care Solution with Amwell to address the hospital workforce shortages. Newly launched ‘Carepoint TV Kit’ by LG and powered by Amwell ‘Converge platform’ helps in leveraging existing LG healthcare TVs in patient rooms which allows providers to remotely monitor, engage, and discharge patients by reducing load of healthcare professionals.
• In October 2022, Samsung smart TV users will get remote healthcare through HealthTap across United States. The Korean tech giant has partnered with HealthTap to bring virtual healthcare to its smart TVs. HealthTap has determined the Samsung smart TV extension at SDC22. Customers will be able to review credentials, doctor bios, and video interviews.
• In August 2022, Teladoc Health & Cloud DX has announced the partnership to enhance the remote monitoring solutions for patients across the Canada. In this partnership Cloud DX platform will be enhanced with Teladoc Health’s virtual care capabilities. This partnership will bring deep expertise in virtual care, mental health care and chronic care management to Canadians.
• In January 2022, Clear Arch Health has announced the acquisition of Life Care Solutions to expand RPM (remote patient monitoring) market share. With this acquisition, Clear Arch Health will take a big step for solidifying its role in remote patient monitoring market by leveraging ‘Life Care Solutions’ deep experience, extensive customer base, validated LifeStream RPM software platforms.
Increase in acceptance and recognition of remote healthcare by stakeholders during post- COVID-19. Patients were sceptical about its reliability and were not sure if the doctor would be able to diagnose properly their symptoms or if they would receive good treatment telephonically compared to physical visits. Disruption that COVID-19 brought in everyone’s life is undeniable. During this time, remote healthcare has become the innovation catalyst in providing quality medical care at people homes. Rising expansion of internet & mobile connectivity are all positive steps towards rapid adoption of digital health platform all over the world. However, adoption of digital healthcare technologies is expected to boost the demand for remote healthcare market growth over the forecast period. As a result, market competition is intensifying, and both big international corporations and start-ups are vying to establish position in the market.
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Key Market Insights from the report:
Remote Healthcare Market accounted for US$ 8.45 billion in 2022 and is estimated to be US$ 57.1 billion by 2032 and is anticipated to register a CAGR of 19.8%. The Remote Healthcare Market is segmented based on Service, Application, End-Users and Region.
• Based on Service, Remote Healthcare Market is segmented into Real Time Virtual Health, Remote Patient Monitoring, Tele-ICU.
• Based on Application, Remote Healthcare Market is segmented into Obstetrics, Cardiology, Diagnosis, and others.
• Based on End-Users, Remote Healthcare Market is segmented into Patient, Payer, Provider, Government Organizations, and others.
• By Region, the Remote Healthcare Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
Competitive Landscape & their strategies of Remote Healthcare Market:
The prominent players operating in the Remote Healthcare Market includes, Medtronic plc., Philips Healthcare, InTouch Technologies, AirStrip Technologies, Amwell, Clear Arch Health, Teladoc Health, Zoom, Cisco Systems, Sesame Care, and others.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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