MARKET OVERVIEW
Healthcare IT is being utilized by the healthcare industry from process automation to patient interaction. Remote health is revolutionizing the healthcare industry and can be seen as a sub-set of healthcare IT that offers medical assistance to remotely located patients. It is a telemedicine service that minimizes hospital visits and reduces patient waiting time, along with which it allows constant monitoring of the patient's condition and performs preventive and control check-ups outside medical facilities. This form of care is done by the use of mobile devices which measure vital signs.
MARKET SCOPE
The "Global Remote Healthcare Market Analysis to 2028" is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the remote healthcare market with detailed market segmentation by service, end user, and geography. The report provides key statistics on the market status of the leading remote healthcare market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
-Based on service, the global remote healthcare market is segmented into real time virtual health, remote patient monitoring and tele-ICUs.
-On the basis of end-users, the market is bifurcated into healthcare providers, patients, payers and employer groups & government organizations.
MARKET DYNAMICS
Drivers:
-Increasing adoption of real-time virtual health services and growing use of mHealth apps drive the remote healthcare market growth.
-Rising incidence of chronic conditions such as diabetes, cardiac diseases, and hypertension and increasing geriatric population that requires regular monitoring and quality facilities boost the market growth.
-Favorable government policies along with the growing integration of telecommunications with medical services that reduces healthcare expenditure fuel market growth.
-Increasing awareness toward self-care and disease management and rising acceptance of remote healthcare services by insurance companies and its addition in its insurance schemes propel market growth.
Restraints:
-Privacy and data security risks.
-Low penetration in low-and-medium income countries.
-Inefficient telecommunication network.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The remote healthcare market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the remote healthcare market in these regions.
IMPACT OF COVID-19 ON REMOTE HEALTHCARE MARKET
COVID-19 first began in Wuhan (China) during December 2019, and since then, it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, UK, Turkey, Italy, and Spain are some of the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 pandemic had a global impact on the health of the population. As this had caused a shortage of hospital space. Considering that social distancing is one of the solutions capable of minimizing exposure to the infection; therefore, it provides immense opportunities for remote patient monitoring solutions. To reduce the burden on doctors and prevent COVID-19 transmission, many healthcare facilities worldwide adopted telehealth and remote monitoring. Many patients adopted real-time virtual health platforms to avoid hospitals visits during the pandemic resulting in increased adoption of real-time virtual care, remote patient monitoring, and tele-ICUs. Hence, the market witnessed growth and surge in demand due to increasing penetration of the internet, smartphones, and wearable devices, along with growing investments in the remote healthcare industry.
MARKET PLAYERS
The report covers key developments in the remote healthcare market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from remote healthcare market are anticipated to have lucrative growth opportunities in the future with the rising demand for remote healthcare in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the remote healthcare market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
-Biotronik
-Advanced ICU Care
-Koninklijke Philips
-Medtronic
-American Well
-Teladoc Health
-BioTelemetry
-UPMC
-Abbott
-Resideo Life Care Solutions
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.