Remote Healthcare Market: Introduction
- Remote healthcare is a telemedicine service that uses a mobile device to constantly monitor a patient's condition and performance outside a medical facility. It reduces the time of hospitalization, relaxes the burden on medical personnel, improves treatment efficacy, and offers day-to-day updates on patients' medical data for medical facilities. For patients, it reduces the time taken to be admitted, provides treatment in a comfortable home setting, enables immediate and direct communication with medical staff, minimizes reaction time, increases therapy efficacy, and offers patients access to their own medical data.
Key Drivers, Restraints, and Opportunities of Global Remote Healthcare Market
- Rise in number of government initiatives to implement healthcare planning, program development, and service delivery models in various rural regions throughout the world is estimated to propel the global remote healthcare market. Vendors are focused on the development of flexible and innovative healthcare solutions that provide patients in remote regions with real-time access. Collaborations between healthcare institutions and major vendors are likely to ensure that people living in rural areas receive adequate patient care and disease management services. Such advancements and improvements are projected to boost the global remote healthcare industry.
- Increase in healthcare expenses, expansion of burden of chronic diseases, rise in geriatric population, and a shortage of healthcare resources are also expected to increase the burden on healthcare organizations, thereby driving the market. Moreover, an increase in usage of smartphones, mHealth apps, wearable technologies, and digital healthcare is also estimated to fuel the global market during the forecast period.
- Healthcare fraud is an important factor to address in telehealth and telemedicine practices. A patient or a physician might be victimized in numerous ways. For instance, the physician's name and accounts may be exploited to receive insurance company payments, or non-eligible or non-listed institutional providers may engage in incorrect coding and billing for fraudulent claims. This factor is expected to hamper the market during the forecast period.
- Demand for remote patient monitoring services increased significantly during the pandemic. COVID-19 is very likely to be fatal in people with comorbidities such as diabetes. Consequently, a significant number of people opted for remote healthcare services. More number of hospitals are turning to remote healthcare services owing to an increase in the number of COVID-19 patients. For instance, Zyter launched a virtual rounding solution for COVID-19 patients. Such advancements offer significant opportunities for the market.
North America to Capture Major Share of Global Remote Healthcare Market
- North America is expected to account for a major share of the global remote healthcare market. Increased prevalence of chronic diseases, the availability of reimbursement insurance for telehealth, and a rise in the overall and geriatric population are likely to boost the market in the region. Furthermore, the presence of a large number of remote healthcare technology providers as well as developed healthcare infrastructure further boost the market.
- The remote healthcare market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. This expansion is attributed to public and private sector initiatives, such as awareness campaigns, collaborations, and R&D investment, which in turn are expected to improve the region's market share in the near future.
Key Players Operating in Global Remote Healthcare Market
The global remote healthcare market is highly concentrated due to the presence of key players. The players are investing in research and development activities for developing integrated remote healthcare solutions. Major players operating in the global are listed below:
- Advanced ICU Care
- Koninklijke Philips
- Teladoc Health
- Vivify Health
- AirStrip Technologies
- InTouch Technologies
- American Well
- Resideo Life Care Solutions
Global Remote Healthcare Market: Research Scope
Global Remote Healthcare Market, by Service
- Remote Patient Monitoring
- Real Time Virtual Health
- Video Communication
- Audio Communication
- Email/Chat box
Global Remote Healthcare Market, by End-user
- Employer Groups & Government Organizations
Global Remote Healthcare Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.