Rapid expansion of the telecommunication and electronics sectors and increasing prevalence of various diseases are key factors driving global market revenue growth
The global telecare market is expected to reach USD 984.23 Billion in 2030 and register a robust revenue CAGR of 36.1% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are increasing geriatric population, high awareness about telecare services, increasing penetration of the internet, and rising number of smartphone users across the globe.
Telecare is the use of telecommunication services to provide healthcare virtually. It is best suited for elderly patients or people who cannot easily get to their healthcare providers. These services are cheaper than in-person consultations, don’t require waiting in hospital/clinic queues, and can be accessed using smartphones and tablets via voice or video call. Telecare service has been beneficial after the COVID-19 outbreak as people are preferring online consultations to limit risk of exposure to infections. Increasing government initiatives to promote these services and products, dearth of physicians and medical specialists, higher focus on improving healthcare infrastructure and facilities, and rising demand for remote patient monitoring among geriatric population and patients living in remote areas are key factors boosting global market growth. In addition, rising investments by various public and private organizations and increasing focus on developing more enhanced telecare services and products are expected to fuel global market growth in the near future.
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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.
Key companies profiled in the report include:
Medtronic, GE Healthcare, Cerner Corporation, Cisco Systems, Siemens Healthineers AG, American Well, Asahi Kasei Corporation, Iron Bow Technologies, Teladoc Health Inc., SnapMD, Dictum Health, Inc., American Well, InTouch Health, Inc., MDLive, Inc., Koninklijke Philips N.V. AMC Health, Doctor on Demand, Inc., Medvivo Group Ltd., Telespecialists LLC., GlobalMed, MedWeb, iMediplus Inc., Vsee, Chiron Health, Zipnosis, Inc.
Market Segmentation by Types:
Component Type Outlook (Revenue, USD Billion; 2019-2030)
- Products
- Services
Application Outlook (Revenue, USD Billion; 2019-2030)
- Telepsychiatry
- Teleradiology
- Telepathology
- Teledermatology
- Telecardiology
- Others
Delivery Mode Outlook (Revenue, USD Billion; 2019-2030)
- Cloud-based/Web
- Call centers
End-use Outlook (Revenue, USD Billion; 2019-2030)
- Healthcare Providers
- Hospitals
- Clinics
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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Telecare market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
Some key highlights from the report:
- Based on technology, store and forward segment is expected to register a robust revenue CAGR during the forecast period. Store and forward telecare is referred to as collecting clinical information such as medical history, laboratory reports, as well as demographic data and electronically transferring it to healthcare professionals at another location for evaluation. Rapid revenue growth can be attributed to shortage of medical experts, increasing need for cost-effective healthcare assistance, and rising investments to improve existing services.
- Based on components, services segment is expected to register a robust revenue CAGR over the forecast period, owing to increasing prevalence of chronic disorders, higher focus on improving healthcare access and health outcomes, rising investments for improving existing services, and increasing demand for remote patient monitoring.
- North America accounted for the largest revenue share in 2020, owing to factors such as high prevalence of chronic infections, well-established telecommunication systems, increasing demand for cost-effective virtual services, favorable reimbursement schemes, and rising investments in research development activities. In addition, government initiatives to promote telecare and presence of leading service providers are key factors expected to boost North America market growth going ahead.
- Asia Pacific market is expected to register a robust revenue CAGR during the forecast period, owing to rising number of chronic diseases and infections across the region, increasing need for healthcare assistance, high penetration of the internet and smartphones, and increasing elderly population. In addition, higher adoption of home healthcare, rising disposable income, and increasing demand for remote monitoring, especially in remote areas are other factors fueling market growth in Asia Pacific.
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