New York, May 09, 2023 (GLOBE NEWSWIRE) -- In 2022, the global telecare market was valued at USD 4 billion and is expected to reach USD 6.8 billion in 2032. This market is estimated to register a CAGR of 5.6% between 2023 and 2032. The Global Telecare system is a technology-based healthcare service that offers patients in remote or inaccessible locations medical support and assistance through a variety of communications technologies. It entails the use of gadgets like wearable sensors, monitors, and communication technologies to track patients' health conditions and send the information to medical professionals for evaluation and diagnosis.
Patients can gain from the Global Telecare system's remote monitoring and real-time emergency intervention, among other advantages. It also offers a cheap and effective way to manage chronic illnesses, cut down on hospital stays also enhance general patient outcomes. The system also offers teleconsultation services, which allow patients to speak with medical experts over the phone, through video conferencing, or messaging programs.
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Key Takeaway:
- By product, in 2022, the Activity Monitoring segment dominates the telecare market with a 59% market share. due to its increased usage.
- In 2022, North America dominated the market with the highest revenue share of 47%.
- APAC is anticipated to have the highest CAGR among all the regions.
- APAC is expected to grow at a greater pace owing to witnessing rapid growth owing to the increasing government initiatives to promote telecare services, rising healthcare expenditure, and the growing geriatric population.
Factors affecting the growth of the telecare market
There are several factors that can have an impact on the growth of the telecare market. Some of these factors include:
- Population aging: As the population ages, telecare services are in greater demand. Telecare can offer elderly individuals essential support and help to live independently, which is increasingly crucial as the population of seniors grows.
- Technology advancements: The market is expanding as telecare services become more complex and efficient as a result of the development of new technologies including wearable gadgets, remote monitoring systems also smart home technologies.
- Cost-effectiveness: Telecare services have the potential to be less expensive than conventional medical care, particularly for patients with ongoing care needs who have chronic conditions. This is particularly critical in a healthcare system where expenses are growing as well as resources are limited.
- Remote healthcare delivery: As a result of individuals having to rely more on remote healthcare delivery, the COVID-19 pandemic has hastened the rise of telecare services. Telecare lowers the risk of infection and increases convenience for patients by allowing them to access healthcare services from the convenience of their own homes.
- Governmental initiatives: Governments are putting policies in place to support the expansion of telecare services as they increasingly recognize the advantages of these services. This covers spending on telecare infrastructure, creating telecare standards also funding telecare research.
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Top Trends in The Telecare Market
Telecare is the term used to describe the remote provision of healthcare services using technological tools including video conferencing, remote monitoring systems, and mobile apps. Telecare, which enables patients to get care from their homes while lowering the danger of exposure to the virus, has become more popular as a result of the COVID-19 epidemic. The demand for remote monitoring systems is being driven by the aging population, increasing prevalence of chronic diseases, and shortage of healthcare providers. Telecare helps patients to keep track of their health and also communicate information with healthcare professionals, enabling early identification of health problems and better results.
Consumers are becoming more and more accustomed to wearing wearable electronics, such as smartwatches and fitness trackers. These gadgets may track vital signs like blood pressure and heart rate and give healthcare professionals real-time information. The demand for telecare solutions that can integrate with wearables is anticipated to increase as the adoption of these devices rises. Technology advancements: Innovation in the telecare market is anticipated to be driven by technological developments including 5G networks, artificial intelligence, and the Internet of Things (IoT). These technologies can facilitate both more individualized care as well faster, more accurate data transfer. Government initiatives: To increase access to healthcare and lower healthcare costs, governments all around the world are investing in telecare. For instance, the UK government has committed to spending 3 billion over the coming several years on telecare also digital health.
Market Growth
The telecare market has had recent significant growth and is anticipated to do so in the years to come. Telecare is the practice of monitoring and caring for patients remotely using information and communication technology. Improvements in efficiency and cost-effectiveness as well as expanded access to healthcare services, particularly in distant and underserved areas, are made possible by this. The necessity for remote healthcare services to lower the danger of viral transmission has been underlined by the COVID-19 pandemic, which has also accelerated the expansion of the telecare sector. Telecare technologies are now widely used by healthcare practitioners to deliver home-based care, remote monitoring, and virtual consultations.
The market for telecare has also expanded as wearable technology, cell phones, and other linked devices have become more widely available. More individualized and effective care is possible thanks to the real-time collection and transmission of health data by these devices. The telecare industry is anticipated to expand overall as more patients and healthcare providers use telecare technologies to increase access to healthcare services and cut costs.
Regional Analysis
North America dominates the telecare market with a 47% market share. In the international telecare market, North America is a major player. Due to the expanding use of technology in healthcare, rising healthcare expenditure, and increased demand for individualized healthcare services, the region is predicted to keep holding the top position. North America's largest telecare market is the United States, which generates the majority of the region's revenue. The nation is a promising market for telecare solutions due to its advanced technological adoption rate and well-developed healthcare infrastructure. Since the Affordable Care Act (ACA) promises to enhance treatment quality while lowering costs, it has raised the demand for telecare services in the United States.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 4.0 billion |
| Market Size (2032) | USD 6.8 billion |
| CAGR (from 2023 to 2032) | 5.6% |
| North America Revenue Share | 47.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The need for telecare services to help aging live independently and safely in their own homes is growing as the world's population ages. Telecare solutions can help more effectively manage the chronic diseases that are growing more and more common. Diabetes, heart disease, and respiratory conditions are examples of chronic diseases. Technological development and the emergence of new technology, such as wearable devices, intelligent sensors, and mobile apps increased the accessibility and effectiveness of telecare services. Telecare systems can reduce healthcare costs by reducing the number of trips to the emergency room, reducing hospital readmissions, and promoting early intervention. As governments become increasingly aware of the potential of telecare services to improve healthcare outcomes, they are supporting them through financial as well as regulatory efforts.
Market Restraints
Many patients as well as carers may not be aware of telecare choices or how to use them. Healthcare professionals might not have the knowledge and training required to successfully integrate and use telecare technologies. Adopting and maintaining telecare services and technologies can be expensive, especially for those without health insurance. This might stop these concepts from spreading, especially in low- and middle-income countries. The cross-border transfer of sensitive personal health data required by telecare solutions may be subject to onerous legal restrictions.
This might restrict the ability of telecare companies to expand abroad and make it more difficult for them to get started. Telecare programs depend on contemporary technology, including mobile phones and internet connectivity. Owing to the limited availability of this technology in some areas, the usage of telecare solutions may be restricted. Telecare solutions involve the transmission and storage of sensitive health information, which is vulnerable to security breaches. Patients might start to worry about their security and privacy as a result, which might make them less likely to employ telehealth solutions.
Market Opportunities
The worldwide telecare market, which has grown higher over the past several years, has a wide range of opportunities for future expansion. The practice of providing medical treatments over the Internet or by other remote means is known as telecare, sometimes known as telehealth or telemedicine. A business opportunity for telecare is presented by the growing demand for remote medical services. As the population ages and chronic diseases become more prevalent, remote healthcare services are becoming more and more essential. Telecare can provide a useful and cost-effective solution to this problem by allowing patients to receive care from the comfort of their homes.
Another possibility is the growing accessibility of advanced technologies like artificial intelligence, machine learning, and the Internet of Things (IoT). Real-time monitoring, data analysis as well individualized treatment plans are made possible by these technologies, which can be used to improve the efficacy and efficiency of telecare services. Also, in order to reduce the risk of transmission caused by the COVID-19 pandemic, many healthcare providers were obliged to transition to remote care, which hastened the development of telecare services. As a result, telecare providers now have numerous opportunities to expand their operations and provide services to more individuals.
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Report Segmentation of the Telecare Market
Product Insight
Based on the product, the Activity Monitoring segment dominates the telecare market with a 59% market share. Activity monitoring involves the use of sensors also other monitoring devices to track the activities of individuals, such as their movements, sleep patterns, and daily routines. This data is then analyzed to detect any changes or irregularities that may indicate a potential health issue. The activity monitoring segment continues to grow due to the increasing prevalence of chronic diseases and the aging population. This technology allows individuals to remain independent and live in their own homes for longer periods, while still receiving the necessary care as well support. The market for activity monitoring devices is highly competitive, with a range of products available from both established with emerging companies. Key players in the market include Philips Healthcare, Tunstall Healthcare, and Medtronic.
The market for telecare is expected to experience the greatest CAGR in the remote medication management sector over the coming years. A variety of services, including medication reminders, medication reconciliation as well medication education a part of remote medication management. Many telemedicine platforms, like videoconferencing, mobile health apps, and remote patient monitoring equipment used to deliver these services.
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Market Segmentation
Based on Product
- Activity Monitoring
- Remote Medication Management
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
A competitive environment between the top players is created by the growing use of mobile health technology for domiciliary care, which supports patient's ability to live independently in their homes, improves their safety also manages risks, especially for old and vulnerable populations. To maintain a dominant position in the worldwide market, the leading companies are eager to create and introduce cost-effective digital healthcare platforms in response to customer demand. Moreover, the leading competitors' use of acquisitions, mergers, as well collaboration as major tactics helps to drive competition and is expected to hasten market growth over time.
Some of the major players include:
- Teladoc Health Inc
- Abbott Laboratories
- Johnson and Johnson
- AstraZeneca PLC
- F Hoffmann-La Roche Ltd
- Novartis AG
- Bristol-Myers Squibb Company
- GlaxoSmithKline plc
- Merck and Co Inc
- Pfizer Inc
- Sanofi
- Samsung Electronics Co Ltd
- Qualcomm Technologies Inc
- Orange
- Google Inc
- Allscripts
- Airstrip Technologies Inc
- AT&T
- Apple Inc
- Other Key Players
Recent Development of the Telecare Market
- In Sep 2020-In order to increase access to telehealth services, Apple and the US Department of Veterans Affairs partnered. To give medical professionals and veterans the greatest telehealth experience possible, our cooperation aims to strengthen Apple's platform.
- August 2020 -Google and Amwell, a telehealth provider that brings healthcare to patients' homes and places of employment, entered into a multi-year agreement. Through this agreement, the companies hoped to increase access to virtual care also enhance the experiences of patients and clinicians. Yet, it affects their special ability to innovate and provide fresh medical solutions across the continuum of care.
Browse More Related Reports:
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- Telemedicine Market size is expected to be worth around USD 590.9 billion by 2032 from USD 63.5 billion in 2022, growing at a CAGR of 25.7% during the forecast period from 2022 to 2032.
- Digital Health Market, which was worth USD 171,323.8 million in 2021, is forecast to grow at a CAGR of 21% between 2023-2032.
- Smart Healthcare Market was valued at USD 184 billion in 2022 and is expected to reach around 541 billion in 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 15.7%.
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