Extensive adoption of virtual care devices, wearable devices based on remote patient monitoring systems and proliferation of smartphones are factors driving the virtual care and remote medicine market growth
Growing demand for virtual or digital healthcare due its ease and convenience of use for both patients as well as doctors along with key benefit of affordability associated with reduced consultation costs, discounts and streamlined follow ups are gaining massive appeal. Hence, the virtual care and remote medicine market is anticipated to register an exponential growth amounting to 735 billion over the forecast tenure 2018 to 2028 with a CAGR of 30%. Virtual care also covers broad healthcare aspects such as telemedicine and telehealth which focus on delivering healthcare products and services through online means.
Virtual care and digital platforms have grown significantly popular amidst the COVID-19 pandemic environment with physicians and doctors obligated to maintain safe distance with patients and avoid close contact, adhere to all government established regulations and all the while maintain their own safety. The progress trajectory of the virtual care and remote medicine market reviews the existing progress graph followed by future growth prominently highlighting the market attractiveness.
Major factors such as the strengthening healthcare infrastructure, growth in investment trends and evolving healthcare models are driving the global virtual care and remote medicine market through the forecast years. The current healthcare sector is experiencing rising pressure from the escalating healthcare costs and growing prevalence of chronic diseases that are challenging the traditional medical care systems, modernization of the medical industry has kickstarted a promising revolution shifting the market dynamics from an all-conventional healthcare to a highly-advanced and fully equipped digital era of modern care.
Adroit Market Research report on the global virtual care and remote medicine market provides an all-inclusive survey of the entire time span from 2018 to 2028 throughout which the study determines crucial market drivers, restrains, opportunities and challenges. The market landscape has been assessed through historic years starting from 2018 to 2020 with 2020 as the base year of market analysis and forecast period from 2021 to 2028.
The report incorporates the current market scenario with the future traits of the market analysed with a global perspective further with a country level analysis. The study evaluates the market in-depth with a Porter’s five forces analysis followed by market positioning of key players based on their overall revenue, business presence, product significance and geographic footprint.
The virtual care and remote medicine market displays a fiercely competitive environment housing the popular and the young market players. Also, the virtual care and remote medicine industry players are seeking new opportunities be tapping onto potential market spaces to acquire a competitive lead among other industry players through strategic business moves such as forming mergers, collaborations and partnerships with other potential candidates with a view of enhancing business presence in the global environment.
Based on the component type segment, the market is categorised into products and services which are further bifurcated into multiple categories. The services segment is experiencing high rate of adoption particular prominence of tele-ICU is likely to accelerate the growth of service segment over the forecast period.
North America holds a robust remote healthcare industry landscape with presence of some of largest telehealth players and surging number of telemedicine software start-ups introducing apps and different types of services for enhancing patient care. the region is anticipated to continue massive scales of growth over the forecast owing to the presence of countries like the U.S. specialising in the digital healthcare industry and the government encouraging increasing number of projects and policies in favour of virtual healthcare technologies.
The major players of the global virtual care and remote medicine market include 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 remote medicine market portrays a wild competitive landscape with well-established local and globally dominant market players. The recognized market players are pacing up towards achieving sustainable growth and introducing advanced product services to stay ahead of the global competition.
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