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.