Report Description of the Bangladesh Telemedicine Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for Bangladesh Telemedicine Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the Bangladesh Telemedicine Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
Bangladesh Telemedicine Market Analysis Executive Summary
Telemedicine service is a value added service taking advantage of the developments in telecommunication and growing internet facilities. It can play a significant role in providing medical facilities in remote areas where modern health facilities are very limited. This service paradigm is especially critical for developing countries like Bangladesh where access to medical facilities and necessary equipment are limited in rural areas. Telemedicine can be a cheaper and easier way to disseminate medical facilities among large group of people in the remote areas by using limited resources.
Market Size and Key Findings
The Bangladesh Telemedicine Market Analysis size stood at around USD xx billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Market Growth Drivers Analysis
The rise of internet penetration in Bangladesh has brought a rapid rise that promoted a new era in online economics. Telehealth is 3rd in the list of most preferred investment segments in the country, with preference from 67% of investors, meaning that it has a bright economic future in Bangladesh. The primary purpose of telemedicine is to reach health care service to patient who is some way isolated from specialized care. Telemedicine provides services on 24 hours a day and seven days a week basis. The patient may be living in remote place like rural area or in a ship in Deep Ocean and even in space craft. Access to the internet has grown at around 19% per year from 2012 and so has the access to smartphones. This has enabled more businesses to roll out smart phone specific offerings and create a market for themselves.
Due to ill-equipment, insufficient numbers of doctors and health care professionals, and poor healthcare infrastructure, most rural people are required to travel long distance to access modern healthcare facilities mostly located in urban areas. To overcome this disparity in healthcare access, Telemedicine market can play a critical role. To introduce a new program, resource limitation is one of the major problems in developing countries. Although Telemedicine is started with high desire, it cannot reach its destination due to high costs, underdevelopment infrastructure, and lack of technical expertise.
Covid-19 Market Impact Analysis
Due to the rise of the COVID-19 pandemic, many things have gone through a revolution. This revolution is an increasing shift from the usage of in-person methodologies to online systems. Shopping, ride-sharing, health, and even education have all gone through this stage. Many of these sectors have many studies to find out their optimized usage.
Some of the major industry players involved in Asia Pacific telemedicine market include Koninklijke Philip N.V., In Touch Technologies Inc., Resideo0 Technologies Inc. and AMD Global Telemedicine Inc. among others. Companies undertake various strategies such as new product launch geographic expansions to strengthen their market share.
Products in Pipeline
- GrameenPhone runs a “Dial 789” service that uses mobile phones for consultancy purposes at district and upazila levels. This is very effective in suggesting OTC (over the counter) medicine and has more reach since there are no internet requirements.
- “Jeeon” has been one of the key players in the telemedicine industry for some too. They entered the market by signing an agreement with Paperfly. Paperfly will deliver life-saving medicine to remote areas pharmacies of the country as a partner of Jeeon.
Notable Recent Deals
- Under the Directorate General of Health Services (DGHS), high quality telemedicine services have been established at 2 specialized hospitals (Bangabandhu Sheikh Mujib Medical University and National Institute of Cardiovascular Diseases), 3 district hospitals (Shatkhira, Nilphamari and Gopalganj) and 3 sub-district hospitals (Pirgonj, Dakope and Debhata). Additionally, webcams have been given in each sub-district, district, medical college and post-graduate institute hospitals
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
Consultation with general practitioners is usually free for all government health services (national health call centre) and most private health (Shastho Batayon, LifeSpring, Synesis Health) services barring a few. The call rates range from Tk0.50-0.57 per minute. Some non-governmental services like Praava charges it’s patients somewhere between Bangladesh’s public healthcare system and more expensive private hospitals.
To overcome the disparity in healthcare access, a locally developed PC based low cost diagnostic equipment and software telemedicine service has been introduced in various districts in Bangladesh. These services have been provided through local pharmacies as rural healthcare center considering the fact that most people see these places as a first place of contact for an initial medical advice if they have any health issues, especially rural people. Service feedbacks are collected by volunteers following the schedule. These services have become popular particularly to women, senior and disabled citizens, since they are unable to travel other places due to distance and cost. In addition, patients can receive health care services from a particular mobile telemedicine service point at a nearest place. The center provides one day free consultancy for poor, vulnerable, and disadvantaged people. A trained operator collects primary information of a patient such as name, age, weight, blood pressure, check diabetes, any previous report or prescription, etc. Through online Telemedicine application, patient can even consult with urban doctors through video conferencing. Remote doctor provides prescription, if necessary, of a patient to the local operator through the Internet. A remote doctor can access the physical condition of a patient using stethoscope over the Internet with the help of a local operator if necessary. This service also provides the ECG health monitoring facilities to the local patients. All patients’ data are reserved in web server for further follow up services.