Telemedicine Market Overview
Technology and medicine are the most rapidly evolving fields globally, and with advancement, they bring about significant change. As the two fields grow, they become increasingly intertwined. Medical devices, diagnostic devices, cloud-based electronic health records (EHR), and digital consultation platforms are some of the examples of technology and healthcare working together. Since widespread digitization has become essential across industries, the healthcare industry has witnessed various market opportunities and expanded to include various digital platforms, leading to the development of telemedicine. Telemedicine services include offering consultations, guidance, support, information, reminders, and other medical services over online platforms, such as mobile applications or websites. Although these services have been offered for decades, recent advancements have created the need for market opportunity analysis and propelled substantial growth.
The inevitable incorporation of digitization in healthcare has propelled the industry forward and created a crucial niche market. Request a free proposal to learn how your business can capitalize on opportunities in the telemedicine market with Infiniti’s market opportunity analysis.
Market Opportunity Engagement Overview
As consumers become increasingly dependent on, and comfortable with, technology, mobile devices, and internet services, the market continues to grow. In a rapidly evolving and highly competitive market like the telemedicine market, understanding various dynamics, identifying profitable opportunities, ensuring market readiness for all offerings, and staying ahead of the curve is imperative. Therefore, telemedicine market leaders are leveraging market opportunity analysis solutions for clarity regarding barriers to entry, ideal distribution channels, competitors, and other market dynamics.
Business Challenges:
The client is a telemedicine services provider based out of Europe, that provides consultations, prescriptions, and advice for various non-emergency medical issues. The service provider sought to launch a new set of features to accommodate for the COVID-19 pandemic, including audio and video-based conferencing, and remote scheduling features for physicians. However, the company wanted a detailed report of competitors with similar strategies, consumers’ needs and demands, market readiness for these features, and significant profitable market opportunities to help their business grow. Therefore, the telemedicine market player sought to leverage Infiniti’s market opportunity analysis solutions and gain unparalleled clarity into the European telemedicine market.
Telemedicine services have become increasingly important during the COVID-19 pandemic, and ensuring your offerings meet consumers’ needs is crucial. Speak with our experts and learn how you can differentiate and improve your new offerings with market opportunity analysis.
Our Approach:
Infiniti’s market opportunity experts developed a comprehensive market opportunity analysis engagement to help the telemedicine market player that included four phases. In the initial phase, Infiniti’s experts conducted a customer segmentation analysis to identify profitable segments of the market, identify and categorize customers as per their needs, preferences, spending behaviors, and demands.
During the second phase, Infiniti’s market opportunity analysis experts provided the client with in-depth insights into their competitors’ offerings, strengths, weaknesses, and upcoming initiatives with a competitive intelligence study. This step aimed to help the telemedicine services provider gain clarity regarding other offerings in the market and ensure differentiated offerings.
For the third phase, our experts conducted market opportunity identification study, and offered the client relevant data regarding upcoming trends, changing market dynamics, significant market developments, and recent technological advancements. With insights into these factors, the telemedicine market player identified upcoming profitable market opportunities, adapted their offerings, and developed comprehensive strategies to accommodate for upcoming changes.
Business Outcome of the Market Opportunity Analysis:
With the insights gained from Infiniti’s market opportunity analysis solution, the telemedicine market player gained insight into their consumers’ needs and demands, evaluated their competitors’ strategies, and developed strategies for profitable market opportunities. The customer segmentation analysis helped the client understand their consumers’ needs, identify target profitable customer segments, and adapt their services to meet crucial demands and previously unmet needs.
Additionally, with the relevant data regarding key competitors’ strategies, the telemedicine market player could keep abreast of their offerings. The client also identified competitors’ weaknesses, and strengths, and adapted their services and new features to differentiate their offerings. The competitive intelligence study also helped the client stay a step ahead of their competitors and industry leaders. Further, the market opportunity identification study helped the client understand upcoming changes in the market, evaluate them, and develop offerings or strategies to mitigate potential risks and capitalize on profitable market opportunities.
With insights from Infiniti’s market opportunity analysis the client successfully launched their new features, with various adaptations, and gained significant positive feedback from target consumer segments. Additionally, the telemedicine services provider continued to provide novel offerings to their consumers, stay a step ahead of their competitors, and capitalize on relevant market opportunities.
Ready to become a telemedicine market leader? Request more information to learn how Infiniti’s market opportunity analysis solutions can help your business grow.
