Report: Global Telemedicine Market to Grow 18.5 Percent Through 2018

The shortage of physicians in rural and remote areas in tandem with the continuous development of telecommunication are providing the opportunity for telemedicine to increase its services to millions of patients, according to a new report from Research and Markets.

This widespread deployment of services will continue at a rapid pace for the foreseeable future; the increase in telemedicine applications are increasing due to the high prevalence of chronic diseases, consistent need for improved quality services and rising elderly population across countries which demand telemedicine to deliver improved products with higher patient satisfaction.

As a result, the global telemedicine market, which stood at $14.2 billion in 2012, is expected to grow at a compound annual growth rate (CAGR) of 18.5 percent during 2012-2018, according to the report, “Global Telemedicine Market Outlook to 2018.”

On the geographical-front, the report presents a detailed analysis of key geographies and recent telemedicine-oriented developments. The government and market players, particularly across the U.S, have taken a step forward to support benefits of telehealth/telemedicine services via proposed Medicare and Medicaid programs. Recognizing the potential of telemedicine for the development of healthcare in the country, the USDA has provided funding that is expected to deliver positive outcomes in the field of telemedicine, according to the report.

A report in June from the New York City-based research firm Kalorama Information indicated that the telemedicine market has grown 237 percent in five years, from 2007 through 2012