Global Telecare Market Size, Share & Industry Trends Analysis Report By Product Type, By Regional Outlook and Forecast, 2021 - 2027
- March 2022 •
- 129 pages •
- Report ID: 6273386 •
- Format: PDF
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.
Market Growth Factors
Increasing government support and initiatives
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.
Increasing geriatric population all over the world
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.
Market Restraining Factors
Technical barriers in the utilization of Telecare services
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.
Product Type Outlook
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.
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.
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.
Strategies Deployed in Telecare Market
Partnerships, Collaborations and Agreements:
Dec-2021: Samsung, along with AT&T teamed up with Qure4u. This collaboration aimed to deliver remote patient monitoring for high blood pressure patients. Under this collaboration, Qure4u chose FirstNet, developed by AT&T, to provide highly secure and reliable connectivity to support RPM kits to help vulnerable patients in underserved and rural areas.
Oct-2021: AT&T joined hands with Navigil, a designer, manufacturer, and provider of mobile personal safety technology and services. This collaboration aimed to introduce its artificial intelligence-powered product, which consists of equipped Navigil 580 sensor on the dashboard, mobile, and wristwatches. Moreover, Wristwatch displays automated alarms, location information with emergency messaging. Additionally, it utilizes AT&T’s nationwide LTE-M cellular network designed to support the Internet of Things with a long battery, small form factors, and low cost.
Aug-2021: Apple Health app teamed up with BlueJeans Telehealth, which helps replicate the experience of onsite encounters. This collaboration focused on providing patients data such as sleep, fall, and heart rate with doctors during the clinical telemedicine visit.
Nov-2020: Google cloud came into partnership with Claritas HealthTech to unveiled tRAD, a teleradiology product. Through this partnership, tRAD provides a single platform for patients, that access online to review clinical reports, radiology images, and consult with physicians.
Sep-2020: Apple came into a partnership with the US Department of Veterans Affairs to expand access to telehealth services. This partnership aimed to enhance the platform of Apple’s expertise to provide the best telehealth experience to health professionals and Veterans.
Aug-2020: Google formed a multi-year, partnership with Amwell, a telehealth company that brings healthcare into the homes and workplaces of patients. Under this partnership, the companies aimed to expand their access to improve patient and clinician experiences, virtual care. Although, it influences their unique capabilities to transform and deliver new medical solutions around the continuum of care.
Mar-2020: AT&T teamed up with VitalTech, a rapidly growing market leader in Virtual Care, Telehealth, and Remote Patient Monitoring. Through this collaboration, the companies aimed to deliver health care services to the patient when they require them the most. Additionally, it would provide data analytic and highly secured connectivity whereas companies’ ability would bring a dependable end-to-end Virtual care solution to the market. Also, VitalCare provides 60 days free telehealth service platform to support patients and physicians.
Product Launches and Product Expansions:
Mar-2021: Abbott received FDA approval for NeuroSphere Virtual Clinic, a first-of-its-kind technology. This technology would enable patients to interact with physicians, ensure proper surroundings and functionality, and get new treatment settings remotely as per their requirements. Moreover, this technology is capable to provide optimal treatment for chronic pain and movement disorder patients, who don’t have proper health care facilities, are unable to go to the doctor due to covid, and have difficulty accessing care.
Sep-2020: Sanofi introduced a digital WeHealth ecosystem to connect doctors and patients. The product provides consumers to consult an easy buy and receive of the prescription from a medical professional of their choice. Moreover, it also delivers all the healthcare and medical needs to their doorsteps.
Jan-2020: HARMAN, a subsidiary of Samsung Electronics introduced HARMAN RCP, A remote monitoring solution. The product offers access to health data by connecting a wide group of non-medical and medical devices. Additionally, it would further provide digitalized services and processes to keep up with the demands and market pace.
Acquisitions and Mergers:
May-2018: Allscripts took over HealthGrid, a leading mobile, enterprise patient engagement solution. Through this acquisition, Allscripts expanded FollowMyHealth platforms, focusing on connecting consumers with providers. Moreover, it would combine the FollowMyHealth platform along with HealthGrid capabilities, providing enterprises to reach 100% of their patients without signing into a portal.
Jan-2018: Allscripts took over EHR vendor Practice Fusion, expanding its solution offering towards ambulatory clinics and small physician practices. Through this acquisition, the company aimed to propel innovation in improving clinical outcomes, real-world evidence research, addressing gaps in care, and improving clinical outcomes.
Scope of the Study
Market Segments covered in the Report:
By Product Type
• Activity Monitoring
• Remote Medication Management
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Abbott Laboratories
• Pfizer, Inc.
• Sanofi S.A.
• Johnson & Johnson
• AllScripts Healthcare Solutions, Inc.
• AT&T, Inc.
• Samsung Electronics Co., Ltd.
• Apple, Inc.
• Qualcomm, Inc.
• Google LLC
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