Mordor Intelligence recently published new market research in “Global Telemedicine Market – Growth, Trends & Forecasts (2015-2020).” The research revealed that the global market for telemedicine is expected to be worth more than $34 billion by the end of 2020. The market growth is driven in a large part by the aging population and pressures to keep healthcare costs down. Many healthcare systems are trying to reduce the length of hospital stays by instead monitoring patients in their home. Telemedicine is the very solution to deliver quality care at lower costs in the comfort of a patient's own home.
Telemedicine has endless potential in North America, the largest market globally, accounting for more than 40% of the global market size. Developing countries are also experiencing increases in telemedicine because of increasing population and increasing incidence of chronic diseases. However, lack of physician support, high technology costs, and legal concerns are hindering the growth of the market. Some of the key participants in the global telemedicine market include Aerotel Medical Systems, IBM, Intouch Technologies, Medical International Research, Medtronic, Roche, Siemens Healthcare, 3M Health, and Allscripts Healthcare Solutions Inc. According to a report from BCC Research, the global telemedicine market boasts a compound growth rate (CAGR) of 18.6% over the next 5 years, which is highly owed to advancing health IT and an aging population in need of more affordable care methods.
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