The global telecare market size is expected to reach USD 6.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.7% from 2022 to 2030. Telecare provides services mainly to the vulnerable and geriatric people for immediate contact with someone for help in case of any emergency. In addition, the increasing development of new technology from telephones to online virtual visits has shaped the face of modern health care services. Moreover, the growing adoption of digital health services to extend patients’ access to care, remotely monitor risks, health conditions, or any early warning signs is anticipated to fuel market growth over forecast years.
Telecare Market Report Highlights
- The market size is anticipated to be valued at USD 6.3billion by 2030, owing to an increasing elderly population and growing preference for digital health services to extend patients access to care, remotely monitor risks, and health conditions
- The activity monitoring segment dominated the market in 2021, owing to the growing adoption of telecare services for remote activity monitoring and providing assistance to the elderly
- North America dominated the market and accounted for the largest revenue share of 50.5% in 2021, owing to the rising geriatric population in the U.S and increasing adoption of telecare platforms for daily activity tracking and remote medication management for elderly
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Telecare services expected to gain major share of the global telemedicine or telehealth market in the future, as it helps to avoid the need for elderly patients to visit hospitals or clinics in person. During the coronavirus pandemic, there was a momentous rise in the demand for telemedicine solutions due to the patient cancellations of in-person appointments during the rapid spread of the virus and country wide lockdown. Across the world, hospitals & clinics switched to video-conferencing for appointments & to discuss diagnosis and treatment options with patients for non-critical cases. Furthermore, COVID-19 pandemic brought its own set of physical & mental health challenges, Due to sudden isolation and loss of social interactions which took a toll on people’s mental health worldwide. So, virtual counseling are gaining momentum among mental health patients because they are easily accessible and offer greater privacy.
The activity monitoring segment dominated the type segment with a revenue share of 51.3% in 2021. This revenue share of the segment is attributed due to the growing adoption of telecare services for remote activity monitoring and assisting the elderly. The increasing number of geriatric population and growing preference to adopt smart remote assistants or personal alarms to monitor unusual behavior patterns or any warning signs of falls for the elderly are among the major factors anticipated to drive the segment growth over the forecast years. In addition, a growing number of telecare centers monitoring the social and lifestyle activity of a physically disabled or elderly individual 24/7 and providing appropriate help such as remote medical assistance is further supporting the growth of the market.
North America accounted for the highest revenue share of 50.5% by region in 2021 owing to the growing adoption of new technology and increasing penetration of the internet. In addition, the rising geriatric population in the U.S and increasing adoption of digital health care platforms for daily activity tracking and remote medication management for the elderly is anticipated to drive the market in this region over the forecast period. Furthermore, the presence of a larger number of telecare service providers further fuels market growth in this region.
Furthermore, the COVID-19 pandemic upsurge the adoption of digital health platforms including telecare. The increasing fear of life-threatening coronavirus infection in 2020 increases the adoption of remote patient monitoring and activity tracking platforms. Increasing promotion for remote patient monitoring using mobile technology by the government organizations for digital health management and the increasing use of mobile applications are among the major factors that further boosted telecare adoption in 2020. For instance, as per world economic forum data, there is a growth of 46% of the health and fitness app download during pandemic which thereby supported to market growth in 2020.
Pre and Post COVID-19 Impacts Insights:
The rapid spread of the COVID-19 pandemic all over the world and the adoption of social distancing practices accelerated the telecare adoption in 2020. The government imposed shut down and lock down to reduce disease exposure which also supported the market growth during the pandemic. Increasing demand for remote patient monitoring and management during the COVID-19 also accelerated the market growth in 2020. The increasing government initiatives to promote digital healthcare platforms for remote healthcare services is also anticipated to drive telecare adoption after the pandemic. Growing investment activities by the government to promote digital health services is also expected to boost the market growth during forecast years.
Telecare Market Insights By Geographical Regions:
North America dominated the telecare market for telecare and accounted for the highest revenue share of 50.5%. This is attributed to several factors such as the high penetration of smartphones and the internet, growing awareness among individuals to maintain physical health and the use of remote healthcare services. Furthermore, in Asia Pacific, the market for telecare is expected to exhibit the fastest growth rate over the forecast period owing to the large population and increasing demand for remote health management services. In addition, growing users of the internet and fast-growing smartphone penetration are also anticipated to drive the market growth over the forecast period in the Asia Pacific.
Industry Analysis By Major Competitors:
New entrants have now rushed to the market with more specialized virtual care platforms, fueled by a boom in venture capital dollars. The key players are looking forward to developing and launching cost-effective digital healthcare platforms as per the consumer demand to hold a strong position in the global market. Growing adoption of mobile health technology for domiciliary care, by providing support to live in their own homes independently, enhancing their safety, and managing risks, particularly for elderly and vulnerable populations, creates a competitive environment among the top players. Some of the prominent players in the telecare market include:
- Teladoc Health, Inc.
- Abbott Laboratories
- Johnson and Johnson
- AstraZeneca PLC
- Hoffmann-La Roche Ltd.
- Novartis AG
- Bristol-Myers Squibb Company
- GlaxoSmithKline plc
- Merck and Co., Inc.
- Pfizer, Inc.
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Telecare Market Segmentation
Grand View Research has segmented the global telecare market based on type and region:
Product Type Outlook (Revenue, USD Million, 2016 – 2030)
- Activity Monitoring
- Remote Medication Management
Regional Outlook (Revenue, USD Million, 2016 – 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Asia Pacific
- Australia
- China
- Japan
- South Korea
- India
- Singapore
- Latin America
- Mexico
- Brazil
- Argentina
- Middle East Africa
- South Africa
- Saudi Arabia
- UAE
List of Key Players of Telecare Market
- Teladoc Health, Inc.
- Abbott Laboratories
- Johnson and Johnson
- AstraZeneca PLC
- 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 (Alphabet), Inc
- Allscripts
- Airstrip Technologies, Inc
- AT&T
- Apple, Inc.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Grand View Research employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecast possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation that looks market from three different perspectives.