A shortage of physicians in rural and remote areas will fuel double-digit growth in the global telemedicine market, according to a new report by market research firm Research and Markets.
The report forecasts a compound annual growth rate (CAGR) of 18.4% for the rest of this decade, with a worldwide market value of $17.8 billion in 2014.
Other significant market drivers include the high prevalence of chronic diseases, an increasing number of smartphone users, the need for better-quality healthcare services, and increasing elderly populations around the world, according to the company.
However, reimbursement challenges, uneven distribution of telecommunication networks in remote areas, and high operating costs could adversely affect global telemedicine growth in the coming years.
