The global telecare market size was valued at USD 3.7 billion in 2021, and is predicted to be worth around USD 6.2 billion by 2030, registering a CAGR of 5.6% during the forecast period 2022 to 2030.
Growth Factors:
Increasing advancement of the technology to provide more efficient and improved healthcare services to patients in their own homes by reducing the costly residence care or clinic attendance is anticipated to drive the market over the forecast years. In addition, growing awareness to maintain physical health and increasing penetration of the internet and smartphones also accelerate market growth. Moreover, increasing adoption and use of consumer-oriented fitness and health apps, exercise tracking tools and sensors, digital medication reminder systems, or early warning and detection technologies that connect people with family members or other caregivers also support the growth of the market.
The growing number of mobile subscribers and increasing penetration of the internet all over the globe are the major factors accelerating the adoption of telecare services. For instance, according to Ericsson, which is a leading provider of information and communication technology there are 8.1 billion mobile subscribers in 2021 and the number will rise to 8.9 billion in 2027.
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.
Report Coverage
By Type Analysis
The activity monitoring segment dominated the market for telecare and accounted for the highest revenue share of 51.3% in 2021. This high share is attributed due to the high adoption of telecare services for activity monitoring, especially among the elderly population.
The increasing adoption of telecare platforms by patients with physical disabilities for daily activity monitoring and the rising geriatric population to maintain their self-efficacy and remain safe in their own homes are the other factors supporting the growth of the segment.
The remote medication management segment is anticipated to witness the highest CAGR in the market for telecare over the forecast period. Growing demand for management of chronic disease conditions through virtual face-to-face encounters.
By Regional Analysis
North America dominated the telecare market for telecare and accounted for the highest revenue share of 50.5% in 2021. 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.
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.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Telecare Market 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 (Alphabet), Inc
- Allscripts
- Airstrip Technologies, Inc
- AT&T
- Apple, Inc.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
Market Segmentation
- By Product
- Activity Monitoring
- Remote Medication Management
By Geography
North America
Europe
- Germany
- France
- United Kingdom
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Telecare market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Telecare market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Telecare markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Telecare Market Study:
- Growth of Telecare in 2022
- Market Estimates and Forecasts (2017-2030)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Telecare and How to Navigate
- Key Product Innovations and Regulatory Climate
- Telecare Consumption Analysis
- Telecare Production Analysis
- Telecare and Management
Request Customization
Get a Sample
Get a Sample
Request Customization