Telemedicine’s $14 Billion Market to Grow 18% by 2018
Several factors could poise the multi-billion dollar telemedicine market for double-digit growth by as much as 18% by 2018, according to a recent report from Research and Markets.
Totaling $14.2 billion in 2012, Research and Markets projects that the global telemedicine market will grow at a compounded annual growth rate of 18.5% during 2012-2018.
The increase in telemedicine usage can be attributed to a high prevalence of chronic diseases, as well as a globally aging population that demands this type of healthcare delivery to bring higher quality services, the report notes.
Geographically, the report details certain markets and the government influence fueling telemedicine practices, most notably the U.S. and its efforts toward supporting telehealth/telemedicine benefits via proposed Medicare and Medicaid programs.
Additionally, the report also recognizes the efforts of the U.S. Department of Agriculture to expand telehealth for individuals living in rural areas as another initiative.
GE Healthcare, IMB, Intel and Philips Healthcare are among the companies examined by Research and Markets as key players in the telemedicine field.
“The deployment of telemedicine services is increasing in tandem with the continuous development of telecommunication,” writes Research and Markets. “The shortage of physicians in rural and remote areas is providing the opportunity for telemedicine to increase its services to millions of patients. This widespread deployment of services will continue at a rapid pace for the foreseeable future.”
Written by Jason Oliva