Already a $17B industry, telemedicine poised for explosive growth

It would be an understatement to say telemedicine is growing in popularity and prevalence in the healthcare industry — the market for video consultations is on a path of exponential increase.

In 2014, the telemedicine technology market was valued at approximately $17.8 billion, and the market is expected to grow at a compound annual growth rate of 18.4 percent through 2020, according to a Research and Markets report.

Much of the growth in this market is driven by the increased prevalence of chronic diseases, increased smartphone use and the need for better quality services, especially for the growing elderly population, according to the report.

However, reimbursement barriers, lack of connectivity and high operating costs are elements slowing the widespread adoption of telehealth capabilities.

Key players in the telemedicine technology industry include McKesson, Philips Healthcare, GE Healthcare, Siemens Healthcare, Cerner, IBM and Honeywell Life Care Solutions, according to the report.

More articles on telemedicine:

Alabama marks 7th state to join telemedicine interstate licensure compact, sets initiative in motion
$14M Medicare telehealth reimbursements only the tip of $615B iceberg
MEDNAX to acquire radiology, telemedicine company vRad for $500M

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