Telemedicine is a broad range of modern technologies and services to provide patient care and improve the healthcare delivery system that is very cost-effective.
As per Medicare’s definition of telehealth services (42 CFR 410.78), “Telemedicine is viewed as a cost-effective alternative to the more traditional face-to-face way of providing medical care (e.g., face-to-face consultations or examinations between provider and patient) that states can choose to cover under Medicaid”
This 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.
The integration of information technology with the healthcare industry is arguably one of the most lucrative and beneficial developments in patient care delivery.
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 act 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.
Electronic communications and software are using in telemedicine to provide clinical services to patients without an in-person visit. This technology is frequently used for the management of chronic conditions, follow-up visits, specialist consultation, medication management. Patients will enjoy the followings:
- Less time away from work
- No travel expenses or time
- Less interference with the child or eldercare responsibilities
- No exposure to other potentially contagious patients
It also electronic communication means the use of interactive telecommunications equipment that includes, at a minimum, audio and video equipment that provides remotely via secure video and audio connections.
Telemedicine Market in China
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.
Telemedicine Market in Brazil
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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