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.
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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.
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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.
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