Report: Australia and New Zealand Remote Healthcare Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Service (Real Time Virtual Health, Remote Patient Monitoring, and Tele-ICUs); and End-User (Healthcare Providers, Patients, Payers, Employer Groups and Government Organizations)
In 2022, Remote Patient Monitoring Segment to Dominate Remote Healthcare Market
According to The Insight Partners research study on "Remote Healthcare Market Forecast to 2028 – COVID-19 Impact and Country Analysis – by Service and End User," the market is expected to grow from US$ 1,545.82 million in 2022 to US$ 8,317.66 million by 2028; it is estimated to grow at a CAGR of 27.3% from 2022 to 2028. The rise in the use of telehealth and virtual care during the COVID-19 pandemic and the increase in investment in telehealth are contributing to the remote healthcare market growth. However, data safeguarding concerns restrict the market growth.
Increase in Investment in Telehealth
The healthcare system in Australia is currently considered to be one of the strongest in the world. However, with a rapidly fluctuating economy, an increase in chronic diseases, and changes in customer expectations, the Australian government is focusing on strengthening the healthcare system. The Australian Digital Health Agency is collaborating with Health Level Seven Australia to support the consistent adoption of digital health standards across Australia's health system. The organizations recently signed a memorandum of understanding to improve connectivity across the national healthcare system.
In 2020, the federal government in Australia committed to investing US$ 500 million to develop the country’s ”virtual-first” healthcare infrastructure.
To successfully leverage digital services, the New Zealand government plans to invest in the infrastructure needed to support healthcare automation, bringing systems and services online to keep pace with demand and the public’s expectations. In Budget 2022, the government invested US$ 6.5 billion (NZD 11.1 billion) in healthcare, its biggest to date, which includes over US$ 400 million (NZD 600 million) for the health system's data, digital infrastructure, and capability.
Based on service, the remote healthcare market is segmented into real time virtual health, remote patient monitoring, and tele-ICUs. The remote patient monitoring segment held the largest market share in 2021. However, the real time virtual health segment is anticipated to register the highest CAGR of 27.8% in the market during the forecast period (2022–2028). The major driving factor for the remote patient monitoring segment is the rising adoption of smartphones, the internet, and wearable devices. Moreover, increasing investments and rising initiatives by healthcare stakeholders are driving the adoption of remote patient monitoring devices and services.
Based on end user, the remote healthcare market is segmented into healthcare providers, patients, payers, and employer groups and government organizations. The healthcare providers segment held the largest share of the market in 2021. However, the payers segment is anticipated to register the highest CAGR of 28.4% in the market during the forecast period (2022–2028). In September 2021, Philips and Teladoc Health teamed up to offer hospitals and health systems in Australia and New Zealand a scalable end-to-end virtual care service that allowed them to conduct remote patient monitoring across health facilities with limited clinical resources. Philips and Teladoc extended their virtual care solutions to enhance patient access to healthcare services and improve clinician experience and patient health outcomes while reducing the overall cost of care.
BIOTRONIK SE & Co KG, Koninklijke Philips NV, Hicuity Health Inc, Medtronic Plc, American Well Corp, Teladoc Health Inc, BioTelemetry Inc, Abbott Laboratories, GE HealthCare, and Siemens Healthcare GmbH are the key companies operating in the remote healthcare market.
The report segments the remote healthcare market as follows:
The remote healthcare market is segmented based on service, end user, and country. Based on service, the market is segmented into real time virtual health, remote patient monitoring, and tele-ICUs. Based on end user, the remote healthcare market is segmented into healthcare providers, patients, payers, and employer groups and government organizations.
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