The Global Telecare Market size is expected to reach $5.5 billion by 2027, rising at a market growth of 5.7% CAGR during the forecast period.
Telecare is a dynamic technology that delivers healthcare services to patients across remote regions digitally as well as virtually. These modern digital technologies have enabled the delivery of patient-centric care to patients who are located remotely, minimizing the requirement for emergency department visits and drastically lowering hospitalization expenses, hence accelerating market growth. Telehealth applications aim to improve access to fundamental healthcare services while also improving their quality and safety.
Telecare services assist in the monitoring of elderly people's health. Remote monitoring centers’ digital software and platforms can monitor and help the elderly for abnormal behavior patterns or any warning indicators of falls, further increasing utilization. Moreover, the increasing geriatric population around the world is expected to fuel the telecare industry in the upcoming years. According to the World Health Organization, one in every six individuals in the world will be over 60 years old by 2030. Additionally, some telecare technologies monitor the elderly person's environment and level of consciousness, automatically triggering the appropriate response. As a result, technical advances like these helps to foster market growth.
The majority of potential patients, as well as many current patients, establish their first and recurrent relationships through the website of a telehealth services provider. The website is a powerful reputation booster as well as a pillar of the brand. It also provides answers to queries, alleviates fears, and establishes a connection. This factor is majorly encouraging market players across the world to bring more advancement across their businesses in order to increase their customer engagement.
Certain service providers have already begun to benefit from the new climate conditions. The main obstacle is to identify how to leverage telehealth services and technology. A fresh approach to healthcare marketing is now required. This factor would offer a significant opportunity for various new market players to enter the market.
The outbreak of the COVID-19 caused a severe harm to various economies all over the world. The pandemic considerably demolished various businesses, irrespective of their sizes, across the world. In addition, due to the rapid spread of the infection, governments all over the world were forced to impose nationwide lockdowns in their countries. While various industries were significantly devastated, the healthcare sectors across the world were constantly booming. Due to government-imposed restrictions, and reduced in-person consultations and hospital visits, virtual care services and telehealth applications observed an increased demand and popularity as a measure to reduce physical contact between patients and practitioners in healthcare facilities and reduce the risk of infection.
Telehealth has proven to be effective in reducing distance barriers and providing healthcare delivery in rural areas. A significant number of populations, particularly in developing countries, reside in rural areas where they do not have access to adequate healthcare. As a result, several governments are now emphasizing on providing healthcare services in remote areas via virtual care platforms. Additionally, numerous governments support the employment of electronic intensive care units (e-ICUs), which allow for remote patient monitoring via high-speed internet, two-way cameras, and electronic devices. The industry is growing due to strong government support and the establishment of favorable legislation to stimulate the use of telehealth solutions.
As per the data shared by the National Institute of Health, there is a total of 617 million people aged 65 and over across the world. In addition, this population is accounting for about 8.5 percent of the overall population of the world. Moreover, this number is estimated to increase in the future. The increasing number of geriatric populations is majorly attributed to the rising utilization of telecare services and solutions. At the age of 65 and above, people suffer from numerous disadvantages. For example, people in old age usually face issues such as immobility and problems in walking. Moreover, in disabilities like paralysis, these people significantly require solutions like telecare.
A major stumbling block in the deployment of telecare services is the occurrence of various potential technological barriers. Despite the considerable potential of telecare services, technological teleconsultation, and infrastructure obstacles are major stumbling blocks to the growth of the market in underdeveloped countries prevailing across the world. The adoption of digital health platforms necessitates the utilization of cutting-edge communications devices, high-speed internet with enough of bandwidth, along with increased storage capacity to incorporate and transmit medical data, all of which are still in short supply in many developing nations. High installation costs for necessary systems, devices, and equipment related to real-time monitoring of healthcare parameters are a major market stumbling block.
Based on Product Type, the market is segmented into Activity Monitoring and Remote Medication. In 2020, the activity monitoring segment acquired the largest revenue share of the telecare market. The increasing growth of this segment is attributed to the rising disposable income of people across the world. Moreover, activity monitoring comprises sensor-based tools that allow the user to monitor their physical activities and indication at their home. These factors are contributing to the growth of the telecare market.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 3.6 Billion |
| Market size forecast in 2027 | USD 5.5 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 5.7% from 2021 to 2027 |
| Number of Pages | 129 |
| Number of Tables | 163 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Product Type, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, Europe registered the largest revenue share of the telecare market. The market across this region is flourishing due to improvements in the sector of telecare and continual research activities performed by many market participants. The adoption of telecare solutions is being aided by improving internet access and increased smartphone prevalence. The rising demand for healthcare support in the regions' rural and remote areas is prompting key players to find creative solutions to meet the demand.
Free Valuable Insights: Global Telecare Market size to reach USD 5.5 Billion by 2027
The major strategies followed by the market participants are Partnership. Based on the Analysis presented in the Cardinal matrix; Apple, Inc. and Google LLC are the forerunners in the Telecare Market. Companies such as Samsung Electronics Co., Ltd., Sanofi S.A., AllScripts Healthcare Solutions, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Abbott Laboratories, Pfizer, Inc., Sanofi S.A., Johnson & Johnson, AllScripts Healthcare Solutions, Inc., AT&T, Inc., Samsung Electronics Co., Ltd., Apple, Inc., Qualcomm, Inc., and Google LLC.
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