Outlook of the remote health delivery market in India
Extensive research carried out by the analysts at Technavio has shown that the remote health delivery market in India will witness exponential growth and will post a staggering CAGR of close to 20% over the forecast period. One of the main advantages of remote health delivery system is the significant reduction in travel time and costs, which is anticipated to propel this market’s growth in the coming years. With remote healthcare delivery systems, hospitals can reduce readmission rates by improving follow-up treatment and care management of people, especially those suffering from chronic diseases or those who need post-operative care. Moreover, many health organizations and hospitals are restricted from expanding geographically due to financial constraints or the shortage of doctors and healthcare professionals. With remote health delivery, the medical staff can reach out to more patients easily and at a much lesser cost.
With the introduction of new-age and advanced technologies, the remote health delivery market in India is likely to have a positive outlook over the next four years. For example, Lab-on-a-chip is an integrated microfluidics device that executes various laboratory functions without a physical laboratory. This portable and handheld device has a spiral micro-mixer that analyzes the blood sample on a small receptacle with nanostrips. The device can detect disease like flu, pneumonia, or even Ebola, within a few minutes. Also, with the increasing adoption of patient monitoring devices and onsite ultrasound devices for abdominal, cardiac, obstetrical, urological, and pleural scanning and peripheral vascular fluid detection will boost this market’s growth prospects until the end of 2020.
Competitive landscape and key vendors
The remote health delivery market in India is highly competitive owing to the presence of many large and small players operating in market. The vendors are constantly striving to enhance the quality and accessibility of healthcare systems. The increase in the consumer awareness of telemedicine and the use of electronic devices and the internet will boost the remote healthcare delivery market in India. The vendors compete with each other on various factors such as price, quality, and availability.
Key vendors in this market are -
- Apollo Hospitals
- Aravind Eye Care
- Narayana Health
- Philips Healthcare
Other prominent vendors analyzed in this report are Aerotel Medical Systems, AT&T, Fortis Healthcare, Manipal Hospitals, Medtronic, and TeleVital.
Growth drivers, challenges, and upcoming trends: Telemedicine centers
The cost of establishing a telemedicine center is around USD 2000, and these set-ups act as conduits between private medical facilities and the governmental amenities. For instance, an initiative by HealthPoint Services conducted in the state of Punjab provided online medical consultations at 80 cents and diagnostic tests at USD 1 in 2012. Due to such low fees and the subsequent increase in visits in a short period, the telemedicine initiative helped the company to decrease the cost and increase the scope of their activities. Also, independent players are readily tapping into the existing infrastructure created by the government. Nurses, midwives, and semi-professional support staff trained by the government are receiving further training on telemedicine. Following a tele-training course, their expertise is further improved by virtual access to doctors through video conferencing. With advances in the telecommunication technologies in the country, many independent organizations are launching in telemedicine initiatives to help prevent or treat medical conditions among the rural population.
This report provides several factors contributing to the adoption, limitations, and opportunities of the remote health delivery market in India. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the remote health delivery market in India?
- What are the key market trends impacting the growth of the remote health delivery market in India?
- What are the challenges to market growth?
- Who are the key vendors in the remote health delivery market in India?
- What are the market opportunities and threats faced by the vendors in the remote health delivery market in India?
- Trending factors influencing the market shares of India.
- What are the key outcomes of the five forces analysis of the remote health delivery market in India?
Technavio also offers customization on reports based on specific client requirement.
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Remote healthcare delivery involves the exchange of medical information to improve a patient’s clinical health status. This new-age health delivery system comprises varied applications and services using two-way videos, emails, smartphones, wireless tools, and other forms of telecommunications technology. Also, remote healthcare delivery technologies such as video conferencing have emerged as a promising solution that alleviates the impact of fewer physicians to patient ratio. Physicians are increasingly using telemedicine to use their time effectively and to overcome the shortage of healthcare experts.
The report, remote health delivery market in India, is a part of Technavio’s new research areas portfolio. This portfolio provides a comprehensive market analysis along with the market share, market sizing, and market segmentations covering areas such as agricultural equipment, furniture and home furnishing, health and wellness, home kitchen and large appliances, lab equipment, and outdoor gear. These market research reports provide a perspective on the various market opportunities and market threats along with the key trends that would influence the market growth during the forecast period. It presents insights into the changing competitive landscape and a detailed profiling and market analysis of the vendors. Also covered in the research are the key regions or countries that would have an impact on the market during the assessment years.