Global telemedicine market to hit $48.8B by 2023

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The global telemedicine market is expected to experience rapid growth over the next five years, according to a P&S Market Research report.

Here are five key trends:

1. The market is anticipated to reach $48.8 billion by 2023.

2. Analysts predict it will grow at a compound annual growth rate of 14.8 percent between 2018 and 2023.

3. Major drivers of the market include:

• The growing geriatric population
• The increased need for remote patient monitoring services
• The growing prevalence of chronic and lifestyle-associated diseases

4. However, inadequate healthcare structures in developing economies are proving to be a barrier to the growth of the global telemedicine market.

5. The market is seeing several collaborations and partnerships focused on accelerating and streamlining solutions as well as providing a wide range of services to healthcare organizations.

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