North America Telecare Market Size, Share & Industry Trends Analysis Report By Product Type (Activity Monitoring and Remote Medication Management), By Country and Growth Forecast, 2021 - 2027
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Market Report Description
The North America Telecare Market would witness market growth of 4.3% CAGR during the forecast period (2021-2027).
Telemedicine, or telecare, is the virtual delivery of healthcare services over telecommunications infrastructures, such as tests and consultations. Numerous companies have already initiated or deployed telemedicine initiatives. Even small and independent medical practices are beginning to use telemedicine as an effort to cope with local retail clinics and avoid losing patients. Healthcare facilities can receive several benefits by leveraging telemedicine features. Moreover, it has the potential to increase efficiency and profitability, along with improving patient access to medical services. This factor would facilitate the penetration of telecare services
Telecare solutions are considered beneficial in improving health outcomes while also lowering costs. When compared to traditional approaches, telecare services save money for patients, providers, as well as market players. Telemedicine has lowered healthcare costs while boosting efficiency with better chronic illness management, shorter travel times, pooled healthcare professional staffing, and reduced hospital stays. As a result of all of these factors, the telecare market is anticipated to grow significantly over the forecast period.
Telecare is a rapidly developing aspect of healthcare across the United States, owing to the country's high adoption of innovative healthcare technologies and the rising burden of chronic diseases. Telecare has enhanced care management, improved patients' quality of life, as well as significantly reduced healthcare costs. Moreover, according to the data shared by the National Library of Medicines, Chronic wounds are estimated to affect 2% of the population in the United States. Chronic wounds cause a negative impact on people all around the world. According to a 2016 research from Wales, chronic wounds affect 6% of the population, costing the NHS 5.5 percent of its budget.
The US market dominated the North America Telecare Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,411.1 million by 2027. The Canada market is poised to grow at a CAGR of 6.6% during (2021 - 2027). Additionally, The Mexico market would exhibit a CAGR of 5.7% during (2021 - 2027).
Based on Product Type, the market is segmented into Activity Monitoring and Remote Medication Management. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Telecare Market is Estimated to reach $5.5 Billion by 2027, at a CAGR of 5.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Abbott Laboratories, Pfizer, Inc., Sanofi S.A., Johnson & Johnson, AllScripts Healthcare Solutions, Inc., AT&T, Inc., Samsung Electronics Co., Ltd., Apple, Inc., Qualcomm, Inc., and Google LLC.
Scope of the Study
Market Segments Covered in the Report:
By Product Type
- Activity Monitoring
- Remote Medication Management
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Abbott Laboratories
- Pfizer, Inc.
- Sanofi S.A.
- Johnson & Johnson
- AllScripts Healthcare Solutions, Inc.
- AT&T, Inc.
- Samsung Electronics Co., Ltd.
- Apple, Inc.
- Qualcomm, Inc.
- Google LLC
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