Global telemedicine market poised for growth

The shortage of physicians in rural and remote areas, coupled with continuous development of telecommunications, is positioning the telemedicine market for sharp growth during the next five years, according to a report from research firm Research and Markets.

The market, which stood at $14.2 billion in 2012, is expected to grow at a CAGR of 18.5 percent during 2012 and 2018, according to the report, Global Telemedicine Market Outlook to 2018.

Telemedicine applications are increasing due to the high prevalence of chronic diseases, consistent need for improved quality services and the aging population which demand telemedicine to deliver improved products with higher patient satisfaction, the authors report.

Its growth also is fueled by increasing U.S. government support of telehealth and telemedicine services proposed in Medicare and Medicaid programs. Also, the U.S. Department of Agriculture has provided funding that is expected to deliver positive outcomes in the field of telemedicine.

The report includes an analysis of market players along with their product portfolios.