Bric Telemedicine Market size worth USD 2.7 Billion By 2025
Added: (Mon Nov 13 2017)
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A research study titled, “BRIC Telemedicine Market by Component, Application, and Delivery Mode - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the BRIC telemedicine market is projected to be around $2.7 billion by 2025.
Telemedicine is the utilization of information technology and telecommunication networks for the medical diagnosis and therapy purpose from a distance. The patients receive care from doctors or specialists who are far away and the patientsneed not travel to visit them. Telecardiology is the use of telecommunications to attain remote diagnosis and treatment of heart disease. Its advantages are increase in clinician’s knowledge, increased cost effectiveness, quality care, and cutting down of consulting time.Teleoncology is providing cancer care with the use of telecommunication at a distance.The main advantage for teleoncology is the low cost and low maintenance of the systems.Teledermatology is subspecialty of dermatology in which telecommunication is used to transfer medical information using audio,visual and data communication. The advantages are less waiting time, comparatively economic process and well documented records.Teleradiology is the electronic transmission of medical imaging studies from one place to another for interpretation/consultation purpose. The advantages of teleradiology are cost efficiency due to elimination of the need to travel,less time consuming process, reduced workload of radiologists and quick imaging results. Teleradiology can also be used for presentationsat educational centers for radiologists.
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Teleconsultation segment occupied the largest share of the global market in 2016,due to the convenience offered by mobile monitoring applicationsand rising elderly population across the world.The web-based segment occupied the largest share of the global BRIC telemedicine market in 2016. This dominance can be attributed to the presence of huge customer base and remote data accessibility.
China is expected to be the largest market for telemedicine due to increased household income and affordable prices of the products. Also, rapidly expanding consumer electronics industry largely facilitates the rising adoption of telemedicine in the country. Russian telemedicine market is steadily growing due to increase in the consumer awareness about mobile health.Telemedicine market in India is experiencing favorable growth due to government initiatives such as the SEHAT initiative launched in association with Apollo Hospitalsin September 2015. It provides healthcare access to millions of people irrespective of their geographical location.
The key strategy adopted by the companies in BRIC telemedicine market is product development facilitated by technological innovations. For instance, in 2017, AMD Global Telemedicine announced a new product series (including the Clinical Assist Series Tablet Cart, Modular Cart and the Laptop Cart) for skilled nursing and long term care facilities. Some of the major players in BRIC telemedicine market are GE Healthcare, Philips Healthcare, AMD Global Telemedicine Inc., Haemonetics Corp., Apollo Hospitals, Maestros Telemedicine, Medisoft Telemedicine Pvt. Ltd., Cloudvisit Telemedicine, Reach Health, and SnapMD Telemedicine Technology.
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Key Findings of the Research Study:
• Services segment accounted for the largest share of the BRIC telemedicine market in 2016, due to technological advancements in telecommunication and increasing adoption of remote monitoring systems.
• Based on application, teleconsultation segment held the largest share of the BRIC telemedicine market in 2016, owing to its benefits in eliminating the physical distance between the patient and the healthcare provider.
• Based on delivery mode, web based segment held the largest share of the BRIC telemedicine market in 2016, due to increased availability and quality of internet access around the world along with the convenience of remote data accessibility.
• China held more than half of the BRIC telemedicine market in 2016, due to the presence of a thriving smart devices and consumer electronics market.
• Brazil is expected to exhibit the highest CAGR over the forecast period as a result of increased purchasing power and healthcare expenditure.
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