Demographic trend indicates a rapid aging population throughout the world, particularly in Europe. One of the major challenges of aging population is increased prevalence of chronic diseases and related functional disability. The geriatric population is prone to several diseases such as cancer, chronic wounds, cardiovascular, and gastrointestinal diseases due to weak immunity. To meet these needs, the health and social care sectors have found new ways of delivering quality and improved care with reduced cost. The concept has been named as ‘Tele-care’ and this is the most recent form of facility of medical services, mostly used to connect thepatients and healthcare providers at distant places. . The Tele-care concept comprises continuous, automatic and remote monitoring of lifestyle changes and real time emergencies in order to manage risk associated with independent living. The Tele-care services includes monitoring, diagnostics, communication, consultation and training to maintain independent quality of life of users.   

Telecare is increasingly being used as the population ages and incidence of long-term conditions increases. Many societies, especially in the more developed regions, now have aged populations that are larger than has ever been seen in the past. Between 2000 and 2050, the proportion of the world’s population over 60 years of age will double from about 11% to 22%. In absolute terms, the number of people aged 60 years or older is expected to increase from 605 million to 2 billion in the same period. The number of people aged over 80 years is growing particularly rapidly, and it is anticipated that this number will quadruple in the 2000–2050 period. Thus, continuous increase in the geriatric population is expected to be one of the potential drivers of the global tele-care market during the forecast period. Moreover, technological advancement, rising incidences of chronic diseases, cost effective service delivery, and government initiatives are some of the major factors contributing the growth of the global tele-care market. The steep cost of telecare devices and supplier vulnerability with respect to the rate of return impacts telecare device appropriation are considered to hamper market share of tele-care market in developing region.

The global tele-care market can be segmented on the basis of product type, services type, end-user and geography. The product type segment of the global tele-care market is sub-segmented in to digital diagnostic and monitoring devices, home safety sensors, telecare software, and others. The digital diagnostic and monitoring devices segment comprises blood glucose monitors, heart rate monitors, ECG monitors, vital sign monitors, foetal monitors, pulse oximeters, and other. Technological advancements in the field of fitness band access resulting in new and innovative products such as heart rate monitor, blood glucose monitor and various portable analyser have reduces the time of diagnosis and increase the user friendly usage are some of the factors contributing to the growth of market.

The service type segment covers tele-education, tele-consulting, tele-monitoring, tele-education, tele-surgery, and tele-care services. While, end-user segment includes hospital, clinics, home healthcare settings and skilled nursing facilities. In the U.S., there are over 6.5 million chronic wound patients and over 33% of the home health patients have wounds. However, there is a shortage of wound specialists, and it is anticipated that just 0.2% of the registered nurses are Certified Wound Specialists. Furthermore, according to the Association of American Medical Colleges (AAMC), a shortage of over 130,000 physicians is anticipated in the U.S. by 2050. The increasing geriatric population in the U.S., leading to increased retirement of experienced nurse specialists, contributes to the gap in the workforce. Thus, home healthcare end-user segment is anticipated to grow with highest CAGR.

Europe is the largest market for the telecare market due to rising geriatric population, increased adoption of advanced telecare solutions, escalating disposable income and government initiatives to develop innovative telecare solutions are the major factors boosting the growth of Europe telecare market in near future. Europe is followed by North America. Home care settings are mostly preferred because they are convenient, easy to access, monitors health continuously, and fast result output this factors helps to grow the whole market in this region. However, the market in Asia Pacific is projected to register a significant growth rate by 2024 due to unhealthy lifestyle resulting in increased prevalence of chronic and lifestyle diseases. In addition, high percentage of geriatric population, increasing awareness about health and increasing disposable income.

Major players operating in the deep vein thrombosis market include GE Healthcare, Abbott Laboratories, Dexcom, Inc., AMD Global Telemedicine, Inc., Bayer HealthCare AG, Boehringer Ingelheim GmbH, Bosch Healthcare Solutions, GlobalMed, Welbeing, and Apple Inc.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Tele Care Market

Pre Book