Telecare Market To Reach $6.34 Billion By 2030 | CAGR: 5.10%

Telecare Market Growth & Trends

The global telecare market size is anticipated to reach USD 6.34 billion by 2030, registering a CAGR of 5.10% from 2024 to 2030, according to a new report by Grand View Research, Inc. Telecare provides services mainly to vulnerable and elderly individuals 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 healthcare services. Thus, technological advancements have played a crucial role in driving the market growth. Innovations, such as wearable devices, remote monitoring systems, and telemedicine platforms, have revolutionized healthcare delivery by enabling real-time health monitoring, virtual consultations, and remote patient management. For instance, in June 2023, Telecare introduced RxPad, Australia's standalone platform for electronic prescriptions.

Designed by clinicians for clinicians, this innovative solution aims to replace traditional paper prescriptions. RxPad is poised to revolutionize healthcare delivery, improving patient experiences and empowering doctors, making consultations more efficient and enjoyable for everyone involved. This innovative device offers the most advanced features in the market. Moreover, the growing aging population is a significant factor propelling market expansion. With the growing aging population, the demand for healthcare services increases, particularly for chronic disease management and elderly care. Telecare offers a viable solution to meet these demands by providing continuous monitoring and support for older adults. It enables elderly patients to live independently while ensuring they receive timely medical attention.

This demographic shift is creating a substantial market for telecare solutions that cater to the specific needs of older individuals, promoting safety, health, and well-being in an aging society. Furthermore, the increasing prevalence of chronic diseases and rising demand for personalized healthcare solutions have propelled the adoption of telecare technologies. Chronic conditions, such as diabetes, hypertension, and heart disease, require continuous monitoring and management, which can be effectively facilitated through remote monitoring solutions. Telecare enables proactive disease management, early detection of complications, and timely interventions, leading to improved patient outcomes and reduced healthcare costs in the long run. The market is poised for continued growth as healthcare stakeholders recognize the transformative potential of remote monitoring and care management solutions in delivering accessible, cost-effective, and patient-centered healthcare services.

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Telecare Market Report Highlights

• The activity monitoring segment held the largest share of 59.42% in 2023. This expansion can be attributed to several factors, including the aging population, increased prevalence of chronic diseases, and advancements in technology

• North America dominated the global market and accounted for a revenue share of 48.94% in 2023. 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

• The market is highly competitive with key players, such as Teladoc Health, Inc. and Abbott Laboratories, holding significant positions. The major companies are undertaking various strategies, such as new product development, collaborations, acquisitions, mergers, and regional expansions, to serve the unmet needs of their customers

Telecare Market Segmentation

Grand View Research has segmented the global telecare market based on type and region:

Telecare Type Outlook (Revenue, USD Million, 2018 - 2030)

• Activity Monitoring

• Remote Medication Management

Telecare Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Norway

  • Sweden

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

  • Thailand

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players of Telecare Market

• 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.