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Remote healthcare employs advanced information technology to monitor patients and provide them with healthcare facilities. In recent times, IT sector is ruling almost all major industries, including healthcare. This method is an unconventional means of medical facility growing well with the use of technological tools to provide proactive care to the patients. It was stated in the UST Global Inc. that in 2017 more than 50% of the healthcare organizations round the globe has already using Internet of Medical Things (IoMT) in patient care activities which includes remote-monitoring as well. Moreover, almost 90% of such organizations are looking forward to use IoMT for various healthcare services. This propelled the market growth and it is expected to grow at compound annual growth of more than 20 per cent by the end of forecast period.
Remote healthcare provides number of applications including Telemedicine, remote patient monitoring, patient portals for appointments and record tracking and others. Even in the pandemic situation, the healthcare sector is taking all the necessary steps to help the patients feel supported by providing these engagement and connectivity tools.
How things stand in the market?
The market is majorly driven by rising prevalence of chronic disorders like diabetes, arthritis, cardiovascular diseases and others. According to information provided by the American College of Cardiology, total prevalent cases of cardiovascular disease in 2019 were more than 500 million with 18.6 million reported deaths. Moreover, the increased use of medical health applications which provides ease of access has created a favorable environment for the growth of remote healthcare facilities. Additionally, there is rising adoption of internet of medical things (IoMT) as it provides many advantages, mainly high connectivity. The market can be segmented on the basis of following segments.
Several other drivers that are contributing to the market growth are high spending on healthcare IT collaborations by major stakeholders. Also, favorable government policies have aided in the market growth. For instance, in India, the Ministry of Health & Family Welfare has started many initiatives using Information & Communication Technologies (ICT) for improving efficiency of the public healthcare system. Some of these initiatives are National Health Portal which provides information to citizens and stakeholders in different languages, e-hospital, online registration systems and many others.
Based on the services provided by remote healthcare, the real-time virtual remote healthcare market has gained an incremental growth over the foreseen period due to increasing availability of healthcare applications, which helps in patient self-management. Next, the elevating demand for virtual health and various digital healthcare tools including telemedicine in hospitals has made the healthcare providers the dominating contributors of market share. The surge in global cancer cases makes it the dominant share holder among the applications segment. Cancer treatment is a lengthy affair; therefore, a long term, proactive care is required with proper monitoring.
Market stretches round the globe
Availability of advanced sophisticated healthcare infrastructure and reimbursement coverage for telehealth helped North America to flourish in the market. In Europe, Favorable government initiatives made the region one the major contributors of the market share. Asia Pacific is expected to gain a hefty revenue in the forecast period by improving the healthcare expenditure. Also, there are numerous initiatives being imposed by government to support the remote healthcare business.
The smoothly running market of remote healthcare has to deal with different issues. For instance, such services require advanced broadband connectivity, which is not possible for small healthcare institutions and rural hospitals. Also, elderly people often face difficulties in using modern gadgets, such as mobile phones. Thus, not everyone can access the remote healthcare service. Moreover, there are problems of privacy and data security risks associated with remote health facilities.
In this technical era, there is high competition in the market and players are working hard to provide such tools and services which can make them better than others. Some of the major players are Advanced ICU Care, UPOlife, Cerner, American Well, AirStrip, InTouch Health, BioTelemetry, Inc., Koninklijke Philips, Medtronic, Vivify Health, Athenahealth, Biotricity, BIOTRONIK, and others.