e-health: a key silver economy sector
The smart ageing market has tremendous growth potential, with the greying of the global population and the expected increase in the number of people on the planet over the age of 65 there between now and 2050. The most attractive telecare and telemedicine markets are expected to represent 78.1 million connected devices in use within the next five years, which will help decrease spending on health.
Strong growth potential for telecare and telemedicine
We estimate that the number of telecare products in use worldwide will reach 72.4 million units by 2025, with a real surge for new generation telecare solutions, i.e. 8% of the world’s senior population will be using these products by then. The number of dedicated telemedicine products for (frail and dependent) seniors, is expected to reach 5.7 million units in 2025, i.e. 1% of the world’s senior population will be using these products by that time.
Asia-Pacific boasts a remarkable lead in telecare and telemedicine
Regional distribution of telecare and telemedicine products for seniors in use, between 2018 and 2025
A wide array of players populating the value chain’s different links
The telecare market is dominated by large veteran players (Tunstall, Maricare, Philips Healthcare/ LifeLine) which are present on virtually every link of the value chain. A host of new entrants, with a chiefly national footprint (ATTENTIVE, 9Solutions), are also working to obtain a share of this market.
The cognitive stimulation solutions market is dominated by Big Tech when it comes to voice assistants, while most other robotics solutions are coming from start-ups (Intuition Robotic, Blue Frog) and R&D centres (MIT, Fraunhofer)
The telemedicine solutions market is dominated by MedTech giants, who are tweaking their sales pitch to target seniors. There are also a great many new entrants, most of which are start-ups, marketing smart object kits for continual monitoring of seniors.
Telecare populated by a large number of small companies
Key players in the telecare value chain
Growing use of remote consultation and the development of telecare
The regulatory framework governing remote consultations should be clearly defined, at least in Europe, within the next five years. This will make their use more automatic, especially in senior care facilities, and do reduce the need to transport elderly people to doctors’ appointments.
Telecare is also likely to get a boost from the expected widespread adoption of new generation telecare solutions in the coming years. By the same token, the adoption of monitoring solutions will likely increase if they take hold as part of a preventive approach that is encouraged and partially financed by health authorities in each country, for instance. Significant progress is, however, expected in robotics which for now remains a very unstable market, with the vast majority of projects still at the trial stage.
France among the top five in savings enabled by telecare
How the countries being examined rank in terms of savings generated by telecare products
Substantial cost reductions
Thanks to their built-in fall detectors, telecare products enable faster emergency response and so result in shorter hospital stays. We estimate that, in 2018, telecare solutions generated a 1% to 4% decrease in public health spending in the countries examined (with the exception of India which lags well behind). Over the next five years, these figures are expected to virtually double, reaching savings of up to 6.5% in the UK.
The adoption of telemedicine solutions will help reduce the number of trips to the doctor that frail or dependent seniors have to make. Telemedicine solutions generated an estimated 0% to 4% decrease in public health spending in 2018 (again, with the exception of India which continues to lag behind). Over the next five years, the savings enabled by these solutions could reach 5.2% in France.