BRICS Telemedicine Market: Overview
The integration of information technology with the healthcare industry is arguably one of the most lucrative and beneficial developments in patient care delivery. The telemedicine market has been expanding with lightning speed around the globe and this dynamic market holds immense scope for growth in the emerging economies of the BRICS group.
This report has been designed to help clients ascertain the key areas of growth and prepare them for the hurdles that lie ahead. Major opportunities have been presented and recommendations to overcome challenges have also been listed. Leading industry tools such as SWOT analysis, Porter’s Five Forces analysis model, value chain analysis, market attractiveness, and investment feasibility studies have been deployed to give readers a 360-degree overview of the BRICS telemedicine market and its various nuances.
BRICS Telemedicine Market: Trends and Opportunities
A high percentage of the population in most BRICS countries is plagued by lifestyle and chronic diseases such as asthma, diabetes, and cardiac ailments. This is the most significant factor driving the uptake of telemedicine solutions in these nations. The urgent need for proper healthcare facilities and infrastructure, especially in rural areas, serves as a key driving factor for players in the telemedicine market. Improving internet connectivity in larger cities also acts as a major propellant.
With the development of a knowledge-sharing platform that is aimed at widening the scope of telemedicine, the report highlights the several opportunities that will be presented to players in this market. Constant support from various governments across BRICS nations to not just generate awareness among consumers but also ensure these services are affordable to all is another factor that is likely to ensure the steady growth of this market.
On the flip side, high infrastructure costs acts as a key deterrent. In addition, a certain lack of interest on the part of patients as well as doctors in most rural areas and certain legal hurdles in the provision of telemedicine threaten the smooth development of the market in BRICS countries.
BRICS Telemedicine Market: Regional Outlook
China is perhaps the largest market for telemedicine and is widely supported by a rising focus on health and remote patient monitoring. In addition to this, a thriving consumer electronics and smart devices industry offers a massive boost to the growing adoption of telemedicine. Increasing household incomes, coupled with the availability of sophisticated products at an affordable price, have greatly contributed to the telemedicine market in China.
The Brazil telemedicine market, one of the most promising ones in BRICS, continues to grow at a steady pace despite the unfavorable economic conditions in the recent past. With companies looking to offer products and services at an affordable price and investing significant resources in promotional activities, consumers in Brazil have been more accepting of telemedicine as a concept. Although multinational players dominate this market, the rising number of players entering this market is sure to inspire product differentiation and competitive pricing.
The Russia telemedicine market, like the market in other BRICS countries, is mainly influenced by the growing consumer awareness about mobile health and its multitude of benefits. Financial and political turbulence, however, continue to curtail the growth of this market. The uptake of telemedicine devices and services in India is propelled by an alarming rise in the incidence of various chronic diseases and the urgent need for improved patient care and monitoring. In South Africa, despite a rise in disposable income, the high costs of living eat into healthcare spending, thereby threatening the growth of the telemedicine market.
Companies Mentioned in the Report
Some of the leading players in the BRICS telemedicine market are Philips Healthcare, Haemonetics Corp., Apollo Hospitals, Maestros Telemedicine, Amd Global Telemedicine Inc., Medisoft Telemedicine Pvt. Ltd., Cloudvisit Telemedicine, GE Healthcare, Reach Health, and SnapMD Telemedicine Technology. Companies in this market are highly focused on innovation, investing significant amounts into the research and development of devices, software, and services that can be used for self-care and pre-op and post-op patient monitoring.
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
- 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.