The virtual care and remote medicine market is rapidly evolving gaining substantial momentum and is expected to reach USD 735 billion during the estimated timeframe 2021-2028, acquiring an estimated CAGR of 30%. The extensive growth rate can be ascribed to the dramatic rise in adoption of telehealth services that surged particularly after the emergence of COVID-19 pandemic. Online consultations skyrocketed in the last few years and is expanding the opportunities for the remote healthcare industry.
Rising preferences of the patients as well as doctors to conduct online check-ups and streamline healthcare services via digital appointments are some of the factors driving the growth of the virtual care and remote medicine market growth. Governments across middle- and low-income countries are poised to use remote healthcare as a potential tool to efface the gaps in care delivery. While governments are effectively targeting mass scale availability of advanced healthcare services catering even to the grass root levels, several high-tech solutions are underway to facilitate seamless reach. These developments will suffice as lucrative growth opportunities for the fast-growing virtual care and remote medicine market. In tandem, the ongoing pandemic necessitating safe social distancing protocols would offer additional fillip.
Challenges such as the exorbitant expenditure in deploying telecommunication devices and technical challenges on the part of end-users to prohibit upward growth trends in virtual care and remote medicine market. Advances in internet connectivity, favorable reimbursement policies and growing prevalence of life-threating ailments to further expedite adoption of virtual care and remote medicine.
Remote or virtual care and remote medicine has ushered a new era of service and product portfolios in the healthcare industry which encompasses a variety of product services either used directly or indirectly within a healthcare facility. For instance, digital healthcare covers activities right from booking a doctor’s appointment to sourcing medical care or pharmaceuticals through digital platforms. Virtual care has drastically evolved in the last decade with enhanced connectivity allowing services such as remote healthcare in the fields of cardiology or even psychiatry to magnify reach across diverse patient pools globally.
Online consultations have grown rapidly with a majority of patients today preferring audio or video sessions with their doctors to eliminate the risk of contracting the novel coronavirus, thus adhering to the norms of social distancing. Remote healthcare industry players are firmly rooted along with the surging number of new market entrants introducing disruptive technology successfully, eliminating traditional models of healthcare system.
New technologies in remote healthcare are significantly addressing the bottlenecks that previously existed between patients and physicians. The expanding competition among the market players and extensive advancements in the technologies are expected to contribute to market consolidation in virtual care and remote medicine market in the coming times.
The major players of the virtual care and remote medicine market are Doctor on Demand, OpenTeleHealth, Teladoc Health, MDLIVE, American Well, Dictum Health, Grand Rounds, Medtronic, Advanced ICU Care, BioTelemetry, Resideo Technologies, Koninklijke Philips, AMD Global Telemedicine and Allscripts Healthcare Solutions. The virtual care and remoted medicine market consist of local as well as international players driving innovations introducing advanced state-of-the-art products and services with highly advanced capabilities in order to gain a competitive lead in the global market.
Virtual Care And Remote Medicine Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 735 billion|
|Growth Rate||CAGR of 30% during 2021-2028|
|Segment Covered||Component Type, Deployment Mode, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Doctor on Demand, OpenTeleHealth, Teladoc Health, MDLIVE, American Well, Dictum Health, Grand Rounds, Medtronic, Advanced ICU Care, BioTelemetry, Resideo Technologies, Koninklijke Philips, AMD Global Telemedicine and Allscripts Healthcare Solutions.|
Key Segments of the Global Virtual Care and Remote Medicine Market
Component Type Overview, 2018-2028 (USD Billion)
- Real-time Virtual Health
Deployment Mode Overview, 2018-2028 (USD Billion)
- Cloud-based Delivery
- On-Premises Delivery
Application Overview, 2018-2028 (USD Billion)
- Remote Patient Monitoring
- Continuous Medical Education
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa
Reasons for the study
- The primary objective of the market research is to deliver a thorough survey and conclusive overview of the virtual care and remote medicine market. Gain yourself an upper hand over the rest of the market.
- The report ascertains competitive significance among the key players accelerating the market growth through innovative strategies.
What does the report include?
- The study on the virtual care and remote medicine market holistically covers an array of qualitative factors including the market drivers and restrains, opportunities and challenges
- The study incorporates a detailed assessment of the competitive nature of the virtual care and remote medicine market highlighting the existing and prospective market players and their strategic initiatives enhancing product portfolio
- The study also presents a structured segmentation based on the component type, mode of deployment, application, and regions.
- Accurate statistical estimations determining the market sizes and share have been incorporated in each of the segments mentioned above.
Who should buy this report?
- The report on the virtual care and remote medicine market imparts in-depth understanding suitable for all the players across the telehealth and telemedicine sector including healthcare service providers, payers, insurance providers and customers/patients.
- Venture capitalists, investors and entrepreneurs looking for accurate information on the future outlook of the global virtual care and remoted medicine market
- Software developers, researchers, healthcare professionals and consultants seeking for insights building the virtual care and remote medicine market.
Significant rise in the prevalence of chronic diseases with a rapidly escalating global population are two factors driving the demand for efficient healthcare services. Telehomecare evolution has expanded the product portfolio of the remote healthcare industry introducing highly innovative and appealing means to offer patient care, monitoring patient health status along with patient-specific information with the help of the latest technological aid in telecommunication. In addition, COVID-19 outbreak rapidly transformed the dynamics of the healthcare sector accelerating the inclination towards digital care services in order to reduce the extensive pressure on doctors and care givers which is considered to have a catalysing effect on the growth of the virtual care and remote medicine market.
Also, proliferation of smartphones and rising adoption of mHealth apps and wearable technologies are further boosting the market growth over the forecast period. Additionally, government initiatives have strengthened the virtual healthcare sector with deployment of favorable policies and regulations, investments and fundings supporting market players with potential technologies for enhancing the scope of growth of the global virtual healthcare and remote medicine market.
Component Type segment
Based on the component type, the market is split into products and services both of which are further bifurcated into component elements. The product segment consists of hardware, software and other products whereas the services segment encompasses telecardiology, teledermatology, telepsychiatry, telepathology, real-time virtual health, tele-ICU and others. The services segment is likely to dominate the future of remote healthcare throughout the forecast years owing to the rapid adoption of digital services such as virtual consultation and tele-ICU being one of the most predominant remote healthcare services popularly adopted worldwide.
Deployment Mode Segment
In terms of mode of deployment, the market is divided into on-premises delivery and cloud-based delivery system. The cloud-based delivery of virtual care is gaining momentum and is expected to witness exponential rise in adoption over the forecast period. With highly efficient digital platforms enhancing the connectivity between patients and physicians, cloud-based technology is considered a promising solution even for the providers as the technology infrastructure and installation follows a relative cost-effective method.
Application Overview Segment
Based on applications, the market is categorised into continuous medical education, remote patient monitoring, and telemedicine. Telemedicine dominated the market previously accounting for a major chunk of market share and is likely to witness optimum growth over the forecast span as well, owing to the increasing telemedicine software adoption. Growing significance of continuous patient monitoring particularly for geriatric population along with surged adoption of advanced wearables integrated with remote monitoring are expected to fuel the growth of the virtual care and remote medicine market over the forecast years.
Earlier in the historical years North America successfully dominated the virtual care and remote medicine market with maximum market share owing to multiple favorable factors such as the growing prevalence of life-threatening chronic diseases, increasing inclination towards teleconsultation and the strategic placement of the largest telehealth market players driving the innovation and advancing the technological capabilities.
The demand for virtual care has increased at an extravagant rate in the U.S. with growing awareness of cloud-based health care and medicine along with a robust infrastructure supporting the development of the telehealth and telemedicine industry in the region. Europe is expected to grow at a sustainable rate over the forecast years due to the establishment of ideal regulations and surging adopting of remote monitoring devices. Asia Pacific, is also likely to experience a remarkable growth with enhanced healthcare infrastructure capabilities.