BRIC telemedicine market likely to reach USD 1.20 billion by 2020
According to a research report published by Research and Markets, the BRIC (Brazil, Russia, India, and China) telemedicine market is estimated to reach USD 1.20 billion by 2020 from USD 498.7 million in 2015, growing at a CAGR of 19.2% over 2015-2020. Factors, which may contribute to the market growth, include unmet need for better healthcare in rural areas, significant growth in telecommunication, increasing prevalence of chronic diseases in BRIC nations, and availability of low-cost telemedicine. However, high infrastructural costs, a lack of skilled professionals, and a lack of telemedicine standards may limit the market growth to a certain extent. Geographically, China is expected to account for over half of the BRIC telemedicine market over the forecast period, while Brazil is expected to grow at the highest CAGR over the next five years based on increased purchasing power, emerging mindset towards wellness, and rising healthcare expenditure.