Global Remote Healthcare Market To Surpass Market Valuation of US$ 59.7 Billion By 2032 Says Astute Analytica
The remote healthcare market is seeing phenomenal growth thanks to increasing chronic disease prevalence, aging populations, and a preference for accessible care. Advancements in telemedicine, remote monitoring devices, and AI-powered diagnostics are revolutionizing healthcare delivery, creating cost-effective, patient-centric care.
New Delhi, Feb. 19, 2024 (GLOBE NEWSWIRE) -- According to the Astute Analytica, the global remote healthcare market is projected to grow from US$ 10.2 billion in 2023 to US$ 59.7 billion by 2032, growing at a compound annual growth rate (CAGR) of 21.7% during the forecast period from 2024 to 2032.
In the past 5 years, the global remote healthcare market has seen rapid progress due to technological advancements and an increasing recognition of its ability to alter medical care delivery. As the global telehealth market experiences “unprecedented” expansion, several key stats highlight the sector’s dynamics and what is propelling its growth. Today, telemedicine utilization rates have grown, reaching as high as 65% in some health systems. This spike shows how adaptable the industry is along with how much patients and providers rely on remote health solutions for fast and effective treatment. Although this adoption rate is high, only about 8% of U.S.-based patients reported using video-based telehealth prior to COVID-19.
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The digital health market — which includes remote healthcare — will continue on a “strong” growth path moving forward, according to the report At The Forefront Of A Digital Revolution published by Astute Analytica in September 2023. The adoption of electronic medical records (EMR) and mobile health (mHealth) services has become more widespread as well as safer and more efficient when providing patient care. In Europe specifically, a survey on the remote healthcare market revealed that around 54% of healthcare providers have implemented mHealth services already while another one-fourth plan to do so. The report further states that the COVID-19 pandemic forced the world into lockdown but it also lit a fire under industries including remote healthcare, forcing them to evolve quickly or risk being left behind. As hospitals tried their best not to turn into COVID-19 hotspots for non-infected patients it became clear that quicker alternatives were needed for doctor visits -- especially simple check-ups which can now be done through apps on smartphones or other devices.
*Global Remote Healthcare Market: Report Scope*
Market Forecast in 2032 US$ 59.7 billion
Market Size Value in 2023 US$ 10.2 billion
CAGR 21.7%
By End Users Healthcare Providers (42.25%)
By Services Real-Time Virtual Health (46.17%)
*Mental Health is the Major Beneficiary of Remote Healthcare *
Remote healthcare market and mental health are now more tied together than ever. The challenges faced by telehealth in this field have seen significant attention, but it has quickly become a crucial tool to combat mental health issues. Various studies and surveys offer clarity on just how much remote healthcare affects those in need of said care. At the onset of COVID-19, depression and anxiety related symptoms rose from 36.4% to 41.5%. This is according to the CDC’s Household Pulse Survey between August 2020 and February 2021. And with projections indicating that psychiatrists may soon decrease up to 31,109, this only creates a bigger need for alternative care delivery methods.
Telehealth however has shown itself as a valuable asset when bridging the gap in rural areas where resources are even scarcer. As we saw a large drop in in-person contacts during the pandemic, remote contacts shot up significantly — proving that telehealth is fully capable of maintaining continuity of care during challenging times. An increase like such in remote mental healthcare engagement brings into question several things we must consider moving forward. Such as tailoring these services to meet patient needs on an individual basis, ensuring everyone regardless of their race or socioeconomic status can access telehealth technologies.
*AI-enabled systems Shaping the Remote Healthcare Market *
The integration of Artificial Intelligence (AI) into remote healthcare market is revolutionizing the sector, offering innovative solutions that enhance patient care, improve efficiency, and facilitate early interventions. Here are insights into the top AI-enabled systems in remote healthcare, illustrating the breadth and depth of AI's impact in this field. Today, AI's role in remote patient monitoring is transforming healthcare by providing advanced patient care and optimizing the management of chronic conditions. AI algorithms analyze patient data in real-time, enabling healthcare providers to make informed decisions and intervene early when necessary. This integration significantly reduces hospital readmissions and improves patient outcomes. Wherein, wearable sensors, equipped with AI, monitor vital signs and other health indicators, offering continuous patient monitoring outside of traditional healthcare settings. This technology supports personalized healthcare by adapting to the unique health profiles of individuals, enabling tailored interventions.
As per analysts at Astute Analytica, the FDA plays a crucial role in ensuring the safety, effectiveness, and transparency of AI solutions in medical devices. By regulating AI-enabled devices, the FDA aims to maintain high standards for patient care while fostering innovation in healthcare technology. Apart from this, combining IoT with AI makes smart healthcare systems that offer everything in the remote healthcare market . These systems do it all; from long distance monitoring to advanced diagnostics, they’re full of benefits. Using these new remote patient monitoring systems can do wonders for any healthcare system. They take the traditional way we treat people and flip it on its head. Instead of reacting to health problems, this tech lets doctors be ready for anything. Taking time to analyze health over time goes a long way. With that information, they can intervene earlier when there’s a problem and give proper care.
*More than 28% of the Revenue in the Global Remote Healthcare Market will Come from Europe*
The adoption of remote healthcare in Europe shows that the continent is progressive when it comes to technology in health solutions. In a survey conducted in 2022, over half (54%) of all healthcare providers reported using mobile health (mHealth) services. This means that more than half are aware and implementing mobile technologies for use within their facilities. Additionally, almost a fourth (24%) said that they were planning on incorporating mHealth into their operations soon. We have seen improvements because of this too - patient engagement has grown, care coordination has improved, and the time it takes to do everything has decreased. These numbers show an appreciation for tech within the medical field.
There’s also been an increase in adopting electronic medical records (EMR) around the Europe remote healthcare market. These are perfect when it comes to delivering safe, effective, timely, efficient, and patient-centered care. By providing easy access to certain things at certain times we can speed up processes and make sure everyone involved knows where they need to be. However, there is still a lot of work to do. According to a benchmark survey written by Astute Analytica’s Digital Acceleration Index - globally - healthcare came eighth out of nine in regards to digital maturity index.
The COVID-19 pandemic did cause rapid growth though. Most European social and health systems implemented remote services before 2020 but once the pandemic hit adaptation was needed. This development reshaped how care is delivered and made sure that accessibility wasn’t compromised during tough times. But it would be wrong not to mention that this journey does come with its pitfalls as well. A report by the World Health Organization (WHO) found serious digital health divides within some areas in Europe and Central Asia”
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*Top 10 Players Captures Over 48% Market Share of Global Remote Healthcare Market *
The remote healthcare market remains highly concentrated among the 10 largest players — Advanced ICU Care, AirStrip Technologies, American Well, BioTelemetry, InTouch Technologies, Koninklijke Philips, Medtronic, Resideo Life Care Solutions, Teladoc Health and Vivify Health. These players have focused on innovation, adaptability and scalability to win out in the market. First and foremost, they’ve made big bets on cutting edge technologies such as artificial intelligence (AI), machine learning and IoT. Leveraging these three fundamental technologies they’ve been able to offer services that are both more efficient and effective than their peers. Their early adoption also allowed them to gain a significant lead on competitors when it comes to incorporating these new techs into their workflows.
Their commitment to staying ahead in terms of innovation has not only translated into improved patient outcomes but has also given them an advantage in terms of service capabilities. By offering a wide spectrum of healthcare solutions, they’ve effectively become one stop shops for any issue a customer may be facing in the remote healthcare market. In addition to their technological investments this group is known for its strategic partnerships with other major players in the industry. Together with health care providers, insurance companies and government bodies they’ve integrated remote healthcare solutions into existing systems allowing for further reach. These partnerships have also enabled them to reach underserved communities which helps strengthen their foothold in the market.
When it comes to managing patients, these companies have placed an emphasis on user-friendly platforms that ease accessibility. Simple platforms allow them to attract wider groups of customers who are hesitant or new to telehealth visits. More often than not if a patient is satisfied with their first experience, then they will return as a repeat customer.
*Top Players in Global Remote Healthcare Market *
· Advanced ICU Care
· AirStrip Technologies
· American Well
· BioTelemetry
· InTouch Technologies
· Koninklijke Philips
· Medtronic
· Resideo Life Care Solutions
· Teladoc Health
· Vivify Health
· Other Prominent Players
Key Segmentation:
*By Service:*
· Real-time Virtual Health
· Video Communication
· Audio Communication
· Chat/Email Communication
· Remote patient Monitoring
· Tele-ICU
By End User
· Healthcare Provider
· Patients
· Employer Groups & Government Organizations
· Payers
*By Region*
· North America
· Europe
· Asia Pacific
· South America
· Middle East & Africa
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CONTACT: Vipin Singh
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website: https://www.astuteanalytica.com/