DUBLIN, April 8, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Brazil, Russia, India, China (BRIC) Telemedicine Market Delivery Mode, Application, Component - Forecast to 2020" report to their offering.
The BRIC telemedicine market is expected to reach USD 1.20 Billion by 2020 from USD 498.7 Million in 2015, growing at a CAGR of 19.2% during the forecast period (2015-2020)
The market is driven by the need for better healthcare in rural areas, tremendous growth in telecommunication, rising prevalence of chronic diseases in BRIC nations, and low cost of telemedicine.
However, high infrastructural costs and lack of skilled resources may restrain market growth to a certain extent. On the other hand, favorable government initiatives present a huge growth potential for telemedicine in the BRIC nations. Lack of telemedicine standards in the BRIC countries may pose a challenge to the growth of BRIC telemedicine market.
By component, the BRIC telemedicine market is divided into services, software, and hardware. The services segment accounted for the largest share of the BRIC telemedicine market in 2015. Factors such as rising adoption of remote monitoring solutions and technological advancements in telecommunications are contributing to the growth of this segment.
On the basis of deployment mode, the BRIC telemedicine system market is categorized into three segments, namely, on-premise, web-based, and cloud-based. The web-based segment accounted for the largest share of the BRIC telemedicine delivery mode market in 2015. Factors such as huge customer base and remote data accessibility are driving the growth of this segment.
Based on application, the BRIC telemedicine market is segmented into teleconsultation, teleradiology, telecardiology, telepathology, teledermatology, and other applications. The teleconsultation segment accounted for the largest share in 2015.
The geographic analysis reveals that China is expected to account for more than half of the BRIC telemedicine market in 2015. It is a major market for telemedicine due to the huge awareness and acceptance of telemedicine, rising incidences of chronic and lifestyle diseases, and growing healthcare expenditure.
In addition, major local companies have easy access to this market, which makes it the largest and most significant market for suppliers. Brazil, on the other hand, is expected to grow at the highest CAGR over the next five years. Growth in the Brazilian telemedicine market is mainly driven by the increased purchasing power, emerging mindset towards wellness, and rising healthcare expenditure.
The key players in the BRIC Telemedicine market are Apollo Hospitals (India), AMD Telemedicine Technologies (U.S.), GE Healthcare (U.K.), Neosoft (China), and SnapMD (U.S.).
For more information visit http://www.researchandmarkets.com/research/pzz44c/brazil_russia
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SOURCE Research and Markets