Telecare Market size is expected to reach USD 6.3 billion by 2030

 Telecare Industry Overview

The global telecare market size was valued at USD 3.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2022 to 2030.

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.

Gather more insights about the market drivers, restrains and growth of the Global Telecare Market

 

Furthermore, breakthroughs in digital health, telecommunication, and electronic health record systems contribute significantly to the growth of the adoption of telecare tools for extending rehabilitation, health, and wellness services. In addition, the growing number of health apps for activity monitoring and continuous improvement of the app quality by the developers is also expected to boost the market growth. For instance, according to the data published in the journal BMJ, as of 2021, about 2.87 million mobile applications are available on the Google Play store and 1.96 million apps on the Apple Store, of those 99,366 belong to medical, health, and fitness categories.

In addition, telecare services help in the health monitoring of elderly people. The digital platforms and software used by remote monitoring centers can monitor and provide assistance to the elderly for unusual behavior patterns, or any warning signs of falls, further boosting its adoption. Furthermore, the growing geriatric population all over the world is also anticipated to drive the market for telecare over forecast years. For instance, according to the World Health Organization (WHO) by 2030, one in six people will be aged over 60 years in the world. Moreover, some of the telecare technologies also track the environmental condition and unconsciousness of the elderly person and automatically trigger the required response. These kinds of technological advancements thereby further support market growth.

Furthermore, 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. In addition, increasing app promotion activities and growing use of social media platforms are also anticipated to accelerate telecare service adoption. For instance, by October 2021 there were about 4.55 billion social media users over the world according to the DataReportal statistics, which equates to around 57.6% of the total world population.

Browse through Grand View Research's Healthcare IT Industry Research Reports

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Market Share Insights

  • June 2019: LloydsPharmacy a division of McKesson U.K. acquired Echo, a startup company that offers an app to help manage medication and order online repeat prescriptions for delivery

 

Key Companies Profile

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.
  • Sanofi

 

Order a free sample PDF of Telecare Market Intelligence Study, published by Grand View Research. 

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