Tele-Care Market is driven by continuous increase in the geriatric population, technological advancement, rising incidences of chronic diseases, cost effective service delivery and government initiatives
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 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.
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