Telemedicine refers to the process of providing remote medical services via real time communication between the health service provider and the customer. The process of telemedicine is conducted with the help of phone calls, through which patients seek advice from doctors for non-emergency medical problems which does not require a doctor to visit the patient. Though this process does not completely replace the need for a face to face meeting between the patient and the doctor, it complements the need in case of no-emergency. Telemedicine is cost effective since it obviates the need for a physical visit to avail medical treatment or advice. The process of telemedicine requires a web camera and a patient portal from where the doctors can get connected to a secured online medical database platform and collect the required information.
This process ensures a safe, secured, lower waiting time to consult a physician and an accurate mode of storing necessary medical information. On the other hand, m-health or mobile health is defined as health and medical practices that are conducted and supported with the help of mobile phones, personal digital assistants, and patient monitoring devices. M-health services utilize voice and short messaging services and other complex functionalities such as GPRS, GPS, Bluetooth technology, and 3G and 4G mobile telecommunication services to manage patient care, enhance medical diagnosis, reduce shortages of medicines at medical stores and so on.
The telemedicine and m-health convergence market is expected to be driven by the increasing inroads of internet connectivity coupled with the rising need to curb diseases that are linked with poverty such as HIV/AIDS, malaria, and tuberculosis. Efficient functioning of electronic processes and improved communication technologies support the growth of the telemedicine and m-health convergence market. Telemedicine and m-health convergence are gaining popularity in managing patients suffering from hypertension since it prevents cardiovascular consequences more effectively. A specific application of telemedicine for hypertension management is blood pressure telemonitoring (BPT), which allows remote data transmission of BP and additional information on patients' health status from their living site or from a community setting to the doctor's office or the hospital.
Poor internet connectivity in remote areas of underdeveloped and less developed countries is expected to create mild restraints in the growth of the telemedicine and m-health convergence market. Lack of social awareness is also expected to create hindrances in the growth of the market.
The telemedicine and m-heath convergence market has been segmented based on applications and region. Based on applications, the market can be further segmented into health surveys and data collection, health promotion and managing emergencies, mobile patient records, health awareness raising, and health call centers among others.
Based on region, the telemedicine and m-health convergence market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to hold a significant portion of the global telemedicine and m-health convergence market owing to implementation of extensive telemedicine programs and services by U.S. health care administrators. Increasing usage of mobile phones and broadband internet service coupled with growing incidence of infectious and chronic diseases are expected to drive the growth of the telemedicine and m-health convergence market in Asia Pacific. Increasing awareness regarding the benefit of internet connectivity in the healthcare sector has made people in this region proactive regarding the usage of tele-health services.
The telemedicine and m-health convergence market is highly competitive with a large presence of local and regional vendors. Key players operating in the telemedicine and m-health convergence market are Wellpoint, Vodafone, Veteran's Administration (VA), Samsung, Honeywell, Cisco, Apple, Logitech, Philips, and AT&T among others.
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.