Growing trend of personalized medicines to propel the need for remote healthcare.
Fort Collins, Colorado, Feb. 09, 2024 (GLOBE NEWSWIRE) — The Remote Healthcare Market size was valued at USD 7.2 Billion in 2022 and is anticipated to reach USD 54.7 Billion by 2032 at a CAGR of 22.5%.
Remote healthcare services are also called telemedicine or remote patient monitoring services and refer to the provision of various healthcare services and monitoring of the patient’s health outside the healthcare facilities. It is usually done through audio/video phone services through mobile apps or other online and offline platforms.
The demand for remote healthcare services is growing due to the integration of modern technologies like artificial intelligence, augmented reality, virtual reality tools, and other technologies in the healthcare industry for better, more accurate, and faster patient services. Demand for remote healthcare systems observed tremendous growth during the pandemic when people were advised to stay indoors to prevent the spread of the virus. This contributed to the wider adoption of remote healthcare techniques, and even post-pandemic, the adoption of remote healthcare technology is rising for patients who can be treated remotely without any need to visit the clinic or hospitals for every check-up. This is especially beneficial for older people who cannot travel to the hospitals regularly but need medical assistance periodically. Remote healthcare services help patients and doctors provide better services and attention to more critical patients as they can effectively schedule online appointments and check-ups well, thus providing effective services to all patients.
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The global remote healthcare market has been segmented into service, end-user, and region. The market is segmented into remote patient monitoring, real-time virtual health, and tele-ICU services, based on services. Tele-ICU holds a significant share in the service segment, and its demand drastically increased during the pandemic as patients worldwide needed treatment assistance during the critical period. Also, the demand for physicians is rising, especially in developing and under-developed countries, due to the lower doctor-patient ratio. According to the OECD, the doctor-patient ratio in lower-middle and low-income Asian countries is 1.1 doctors for 1,000 patients and 1.6 doctors for 1,000 in upper-middle-income countries.
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Remote Healthcare Market Report Highlights:
- The global remote healthcare market growth is anticipated to have a CAGR of 22.5% by 2032.
- The demand for remote healthcare services is still expected to grow during the forecast period as it is convenient for patients and doctors and helps them save the resources they spend on their hospital visits.
- Medical practitioners are using remote healthcare services to measure temperatures virtually, and virtual reality devices are used not only during surgeries but also to train medical students.
- North America holds a significant share of the remote healthcare market, with the United States holding a substantial share in this region. Due to the rise in the geriatric population, the demand for convenient medical services has been rising for the past few years. According to the Population Reference Bureau, the number of Americans aged 65 years and above is expected to reach 95 million by 2060, making up 23% of the total population.
- Some prominent players in the remote healthcare market report include CVS Health Corporation, Medtronic Plc., American Well, Clover Health, Koninklijke Philips N.V., Munson Healthcare, Hicuity Health, AirStrip Technologies, Vivify Health, and 1upHealth.
Industry Trends and Insights:
– In 2023, Accuhealth announced the launch of Amazon Alexa Skill by empowering patients to access healthcare services through Amazon. It allows the patients to request a callback via Amazon connect system with a daily reminder.
– In 2021, Babyscripts raised USD 19 million in a Series B funding round.
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Remote Healthcare Market Segmentation:
By Service: Remote patient monitoring, real time virtual health, tele-ICU
By End-user: Patient, payer, provider, employer groups and government organizations
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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