Global telemedicine market to experience 16.5% annual growth rate through 2023

The global telemedicine market is anticipated to experience rapid growth over the next six years, according to a Market Research Future report.

Here are five market trends:

1. The market is expected to grow at a compound annual growth rate of 16.5 percent from 2017 to 2023.

2. Factors driving the market include an increase in demand for healthcare services in rural areas and a rise in government initiatives.

3. However, the high installation cost of the telemedicine technology solutions may limit market growth in developing nations.

4. North and South America currently account for the largest share of telemedicine market.

5. The Asia Pacific is expected to the fastest growing region during the forecast period, due to a rising geriatric population, increasing prevalence of chronic diseases and developing healthcare infrastructure.

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