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)
The Australia and New Zealand remote healthcare market was valued at US$ 1,545.82 million in 2021 and is expected to reach US$ 8,317.66 million by 2028; it is anticipated to record a CAGR of 27.3% from 2022 to 2028.
The market growth is mainly attributed to factors such as the rise in the use of telehealth and virtual care during the COVID-19 pandemic and the increase in investment in telehealth. However, data safeguarding concerns are hampering the market growth.
In Australia's vast distances, difficult terrain, and, many rural areas are far from centralized health resources and specialist facilities, resulting in the growth of the remote health industry in Australia. Centralization of health care has become accessible due to advancements in mobile health (mHealth), telemedicine, telehealth, and remote patient monitoring (RPM) systems. Citizens of Australia and New Zealand are tech-savvy and eager to accept and purchase new technology, assuring market connectedness. Australia and New Zealand offer a variety of collaboration and investment opportunities. The Australian Government has also approved nationwide funding for telehealth services, which is now a permanent change, resulting in rapid adoption of telehealth services.
Digital Solutions for Aging Population
According to a new data projection based on results from the 2021 census, the population aged 65 and over in Australia is expected to grow by 54%, from ~4.31 million to 6.66 million, by 2041. Moreover, according to the New Zealand government, the population aged above 65 (0.79 million in 2020) has a 90% probability of increasing to 1.36–1.51 million by 2048. The geriatric population will continue to grow. This will bring several challenges, such as the rise of chronic diseases and an increase in the need for essential services for older people, including mental health services. Policy reforms like the Aged Care Royal Commission, digital transformation, wearable devices, and smart modular housing are likely to provide the biggest opportunities to revolutionize aged care in 2022 and beyond. The trend is quite predictable, considering the cumulative effects of the aging population, the high cost of in-patient care, and the enormous pressure on hospitals caused by COVID-19. Healthcare providers are already using more equipment for remote monitoring than ever before. Remote healthcare focuses on patients with chronic diseases, post-operative patients, senior patients, and patients from rural areas with limited access to healthcare facilities.
Based on service, the Australia and New Zealand 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, and the real time virtual health segment is expected to register the highest CAGR during the forecast period. Real-time virtual health, also called live telemedicine, uses video conferencing to provide virtual visits with healthcare providers. It helps patients interact with their healthcare providers, making it easy for a doctor-patient visit anytime, anywhere. It includes two-way communications (including video conferencing and phone consultations) that let providers and patients communicate in real time. It also helps in assessments of medical history, basic visual examinations, psychiatric evaluations, and even ophthalmic tests via real-time telemedicine. Several different mediums are utilized for this purpose, including phones and computers. Furthermore, Med2Wheels is the world's first portable real-time telemedicine kiosk that provides real-time telemedicine service at the doorstep that can be booked on call through a mobile application (iOS /Android). Based on end user, the Australia and New Zealand remote healthcare market is segmented into healthcare providers, patients, payers, and employer groups & 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 in the market during the forecast period.
The World Health Organization (WHO), Australian Bureau of Statistics, Australian Digital Health Agency, Health Care Service Corporation, NZ Telehealth Forum, International Trade Administration, and New Zealand Telehealth Leadership Group are among the major primary and secondary sources referred to while preparing the report on the Australia and New Zealand remote healthcare market.
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Australia and New Zealand Remote Healthcare Market – by Service
1.3.2 Australia and New Zealand Remote Healthcare Market – by End User
1.3.3 Australia and New Zealand Remote Healthcare Market – by Country
2. Remote Healthcare Market – Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Remote Healthcare Market – Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 Australia & New Zealand PEST Analysis
4.3 Expert’s Opinion
5. Remote Healthcare Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rise in Use of Telehealth and Virtual Care During COVID-19 Pandemic
5.1.2 Increase in Investment in Telehealth
5.2 Market Restraints
5.2.1 Data Safeguarding Concerns
5.3 Market Opportunities
5.3.1 Digital Solutions for Aging Population
5.4 Future Trends
5.4.1 Increase in Number of Digital Health Users
5.5 Impact Analysis
6. Remote Healthcare Market – Country Analysis
6.1 Australia and New Zealand Remote Healthcare Market Revenue Forecast and Analysis
6.2 Market Positioning of Key Players
6.3 Comparative Company Analysis
6.4 Growth Strategy Analysis
6.5 Performance of Key Players
6.5.1 Medtronic Plc
6.5.2 Koninklijke Philips NV
7. Australia and New Zealand Remote Healthcare Market – Revenue and Forecast to 2028 – by Service
7.1 Overview
7.2 Remote Healthcare Market Revenue Share, by Service 2021 & 2028 (%)
7.3 Real Time Virtual Health
7.3.1 Overview
7.3.2 Real Time Virtual Health: Remote Healthcare Market– Revenue and Forecast to 2028 (US$ Million)
7.4 Remote Patient Monitoring
7.4.1 Overview
7.4.2 Remote Patient Monitoring: Remote Healthcare Market– Revenue and Forecast to 2028 (US$ Million)
7.5 TELE-ICUs
7.5.1 Overview
7.5.2 TELE-ICUs: Remote Healthcare Market– Revenue and Forecast to 2028 (US$ Million)
8. Australia and New Zealand Remote Healthcare Market – Revenue and Forecast to 2028 – by End-User
8.1 Overview
8.2 Remote Healthcare Market Revenue Share, By End User 2021 & 2028 (%)
8.3 Healthcare Providers
8.3.1 Overview
8.3.2 Healthcare Providers: Remote Healthcare Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Patients
8.4.1 Overview
8.4.2 Patients: Remote Healthcare Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Payers
8.5.1 Overview
8.5.2 Payers: Remote Healthcare Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Employer Groups and Government Organizations
8.6.1 Overview
8.6.2 Employer Groups and Government Organizations: Remote Healthcare Market – Revenue and Forecast to 2028 (US$ Million)
9. Remote Healthcare Market – Revenue and Forecast to 2028 – Country Analysis
9.1 Australia and New Zealand: Remote Healthcare Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1 Overview
9.1.2 Australia and New Zealand: Remote Healthcare Market – Revenue and Forecast to 2028 (US$ Million)
9.1.3 Australia and New Zealand: Remote Healthcare Market, by Service, 2019–2028 (US$ Million)
9.1.4 Australia and New Zealand: Remote Healthcare Market, by End User, 2019–2028 (US$ Million)
9.1.4.1 Australia: Remote Healthcare Market – Revenue and Forecast to 2028 (US$ Million)
9.1.4.1.1 Overview
9.1.4.1.2 Australia: Remote Healthcare Market – Revenue and Forecast to 2028 (US$ Million)
9.1.4.1.3 Australia: Remote Healthcare Market, by Service, 2019–2028 (US$ Million)
9.1.4.1.4 Australia: Remote Healthcare Market, by End User, 2019–2028 (US$ Million)
9.1.4.2 New Zealand: Remote Healthcare Market – Revenue and Forecast to 2028 (US$ Million)
9.1.4.2.1 Overview
9.1.4.2.2 New Zealand: Remote Healthcare Market – Revenue and Forecast to 2028 (US$ Million)
9.1.4.2.3 New Zealand: Remote Healthcare Market, by Service, 2019–2028 (US$ Million)
9.1.4.2.4 New Zealand: Remote Healthcare Market, by End User, 2019–2028 (US$ Million)
10. Impact of COVID-19 Pandemic on Australia & New Zealand Remote Healthcare Market
10.1 Australia and New Zealand: Impact Assessment of COVID-19 Pandemic
11. Remote Healthcare Market – Industry Landscape
11.1 Overview
11.2 Growth Strategies in the Remote Healthcare Market (%)
11.3 Organic Developments
11.3.1 Overview
11.4 Inorganic Developments
11.4.1 Overview
12. Company Profiles
12.1 BIOTRONIK SE & Co KG
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Koninklijke Philips NV
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Hicuity Health Inc
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Medtronic Plc
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 American Well Corp
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Teladoc Health Inc
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 BioTelemetry Inc
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Abbott Laboratories
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 GE HealthCare
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Siemens Healthcare GmbH
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
LIST OF TABLES
Table 1. Australia and New Zealand: Remote Healthcare Market, by Service – Revenue and Forecast to 2028 (US$ Million)
Table 2. Australia and New Zealand: Remote Healthcare Market, by End User – Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia: Remote Healthcare Market, by Service – Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia: Remote Healthcare Market, by End User – Revenue and Forecast to 2028 (US$ Million)
Table 5. New Zealand: Remote Healthcare Market, by Service – Revenue and Forecast to 2028 (US$ Million)
Table 6. New Zealand: Remote Healthcare Market, by End User – Revenue and Forecast to 2028 (US$ Million)
Table 7. Organic Developments in the Remote Healthcare Market
Table 8. Inorganic Developments in the Remote Healthcare Market
Table 9. Glossary of Terms
LIST OF FIGURES
Figure 1. Remote Healthcare Market Segmentation
Figure 3. Australia and New Zealand Remote Healthcare Market Overview
Figure 4. Remote Patient Monitoring Segment Held Largest Share of Service Segment in Remote Healthcare Market
Figure 5. Australia and New Zealand Remote Healthcare Market – Industry Landscape
Figure 6. Australia & New Zealand: PEST Analysis
Figure 7. Experts’ Opinion
Figure 8. Remote Healthcare Market: Impact Analysis of Drivers and Restraints
Figure 9. Australia and New Zealand Remote Healthcare Market – Revenue Forecast and Analysis – 2020–2028
Figure 10. Market Positioning of Key Players in Remote Healthcare Market
Figure 11. Australia and New Zealand Remote Healthcare Market – Comparative Company Analysis
Figure 12. Australia and New Zealand Remote Healthcare Market – Growth Strategy Analysis
Figure 13. Remote Healthcare Market Revenue Share, by Service 2021 & 2028 (%)
Figure 14. Real Time Virtual Health: Remote Healthcare Market– Revenue and Forecast to 2028 (US$ Million)
Figure 15. Remote Patient Monitoring: Remote Healthcare Market– Revenue and Forecast to 2028 (US$ Million)
Figure 16. TELE-ICUs: Remote Healthcare Market– Revenue and Forecast to 2028 (US$ Million)
Figure 17. Remote Healthcare Market Revenue Share, By End User 2021 & 2028 (%)
Figure 18. Healthcare Providers: Remote Healthcare Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Patients: Remote Healthcare Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Payers: Remote Healthcare Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Employer Groups and Government Organizations: Remote Healthcare Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Australia and New Zealand: Remote Healthcare Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Impact of COVID-19 Pandemic in Australia and New Zealand Market
Figure 24. Growth Strategies in the Remote Healthcare Market (%)
The List of Companies - Australia and New Zealand Remote Healthcare Market
- BIOTRONIK SE & Co KG
- Koninklijke Philips NV
- Hicuity Health Inc
- Medtronic Plc
- American Well Corp
- Teladoc Health Inc
- BioTelemetry Inc
- Abbott Laboratories
- GE HealthCare
- Siemens Healthcare GmbH
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Australia and New Zealand remote healthcare market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Australia and New Zealand remote healthcare market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth country market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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