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Telecare Global Market Insights: Growth Drivers, Size & Forecasts to 2029
Telecare
What Is the Forecasted Market Growth Rate of the Telecare Industry?
The telecare industry has seen rapid expansion in the past few years. The market will surge from $5.93 billion in 2024 to $6.53 billion in 2025, presenting a compound annual growth rate (CAGR) of 10.1%. The significant growth observed in the previous period can be credited to factors such as the growing elderly population, rising chronic disease prevalence, restricted healthcare access in rural regions, government-led initiatives for remote care and the initial embrace of personal emergency response systems.
How Will the Telecare Market Size Evolve From 2025 to 2029?
The market size for telecare is predicted to witness substantial growth in the coming years, escalating to $9.51 billion by 2029, displaying a compound annual growth rate (CAGR) of 9.8%. The anticipated growth during this forecast period can be ascribed to the increasing demand for aging-in-place solutions, the rise in healthcare digitalization, the broadening of reimbursement policies, the merging of telecare with primary healthcare, and the growing requirement for instantaneous health monitoring. Key trends projected during this period include the enhancement of remote monitoring technologies, sustained innovation in wearable telecare devices, ongoing research and development in fall detection methods, its combination with smart home ecosystems, and the rise of cloud-based telecare platforms.
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What Are the Main Growth Drivers in the Telecare Market Today?
The telecare market is poised for growth, fueled by the increasing utilization of remote healthcare services. These services allow healthcare provision through telecommunication technologies, eliminating the need for patients to visit healthcare facilities in person. The rise in these services can be attributed to the growing geriatric population, who often prefer to age at home, resulting in the need for continuous remote surveillance and aid. Telecare supports remote healthcare services by providing real-time monitoring, emergency intervention, and communication via connected devices, guaranteeing that care can be administered without the need to be physically present. For example, USAFacts, a US-based non-profit civic organization, reported in November 2023 that telehealth appointments among Medicare recipients skyrocketed from roughly 5 million in April 2021 to over 53 million in August 2022. Consequently, the expanding use of remote healthcare service solutions is triggering the telecare market's growth.
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Which Telecare Market Segment Is Expected to Lead Through 2029?
The telecare market covered in this report is segmented -
1) By Type: Activity Monitoring, Remote Medication Management
2) By Technology: Non Wearable, Wearable
3) By End Use: Healthcare Consumers, Healthcare Providers, Payers
Subsegments:
1) By Activity Monitoring: Motion Sensors, Bed And Chair Occupancy Sensors, Door And Window Sensors, Wearable Activity Trackers, Fall Detection Devices
2) By Remote Medication Management: Smart Pill Dispensers, Automated Medication Reminders, Mobile Medication Management Apps, Connected Inhalers, Remote Dose Monitoring Platforms
Which Market Trends Are Expected to Dominate Telecare Industry Growth?
Leading entities in the telecare sector are prioritizing the introduction of novel solutions by cultivating strategic partnerships. These collaborations aim to augment remote monitoring abilities and diversify their service spectrum to cater to the escalating needs of elder and chronic care support. Such strategic collaborations allude to alliances involving organizations pooling their assets and potential to fashion creative solutions, improve service provision, and realize shared objectives more effectively. As an example, in December 2024, Skyresponse AB, a technology firm based in Sweden, and OneCo Technologies AS, a Norwegian company concentrating on health tech solutions, entered a strategic alliance. The partnership's objective is to offer innovative, fully-digital, and cloud-based telecare solutions aimed at enhancing autonomous living, care establishments, institutions, and hospitals across both private and public sectors. This liaison amalgamates Skyresponse's advanced alarm management platform with OneCo's proficiency in electronics, automation, and telecommunications to provide telecare services that are flexible, economical, and user-friendly. The initial focus of this partnership remains a remote night check-in solution that marries KeplerVision and the Skyresponse Responder App, with Norway's preeminent private care home operator being one of the first to introduce it.
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Which Companies Hold the Largest Market Share in the Telecare Sector?
Major companies operating in the telecare market are Philips Healthcare, Teladoc Health Inc., The Access Group Limited, Tunstall Healthcare Group Limited, VITAS Healthcare Corporation, ConnectAmerica.com LLC, Ascom Holding AG, Resideo Technologies Inc., American Well Corporation, Cera Care Limited, Doctor on Demand Inc., Enovation Group B.V., AliveCor Inc., TeleSpecialists LLC, iHealth Labs Inc., Vivify Health Inc., Careium AB, Essence SmartCare Ltd., Helios Telecare Inc., Rest Assured LLC, Tyto Care Ltd.
Where Is the Telecare Market Experiencing the Highest Growth?
North America was the largest region in the telecare market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the telecare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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