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DALLAS – A new research report from MarketsandMarkets (M&M), a U.S.-based global market research and consulting firm, shows that the telemedicine market in Brazil, Russia, India and China can be expected grow to nearly half a billion dollars in the coming years.
The study, "Telemedicine Market in Brazil, Russia, India, China (BRIC) - Advanced Technologies, Global Forecast," shows that the telemedicine sector in those fast-emerging economies is expected to reach a market size of $418.4 million by the year 2014, at a compound annual growth rate (CAGR) of 15.8 percent from 2009 to 2014.
Those numbers take into account both the BRIC telemedicine technology market (expected to reach a size of $307.4 million by the year 2014 growing at a CAGR of 16.6 percent from 2009) and the telemedicine service market in those four countries ($111 million in 2014 with CAGR of 13.8 percent).
The BRIC telemedicine market is witnessing significant growth due to the increase in the number of patients suffering from chronic diseases such as chronic obstructive pulmonary disease, chronic heart failure, asthma, hypertension and diabetes.
Those illnesses, combined with a recent uptick in IT spending, are identified as the key factors boosting demand for telemedicine in these countries. Moreover increasing demand for better healthcare services and growth in the telecommunication network are also impacting BRIC telemedicine market.
The BRIC telemedicine market is classified based on the type of technology and services used. The technology market can further be divided based on hardware and network connectivity solutions. Here, a basic telemedicine platform and clinical devices are the major hardware in use.
The report further analyses the BRIC telemedicine market on the basis of applications such as teleconsultation, telecardiology and teledermatology – the major telemedicine applications in BRIC countries. Telecardiology is very popular in India, for instance, whereas teleradiology is more popular in Brazil, as is teleconsultation. Teledermatology, telesurgery and home telehealth are less in use and are still in their nascent stages.
For more on the BRIC telemedicine study, click here.
