Thursday, June 17, 2010

BRIC telemedicine market to surpass $418 million by 2014

The telemedicine technology market of the BRIC countries will increase to over $418 million by the year 2014, according to a new report published by research firm MarketsandMarkets

The market research report titled "BRIC Telemedicine Market" forecasts that the market of the largest emerging economics will grow by a compound annual growth rate of 16.6% to $307.4 million in the next five years. The telemedicine service market of BRIC countries (Brazil, Russia, India and China) will increase by 13.8% to $111 million in 2014.

The BRIC term was coined by US investment bank Goldman Sachs in 2001, which argued that based on their rapid development, BRIC bloc of countries would eclipse the world’s richest economies by 2050.

The authors of the report note that the BRIC telemedicine market is witnessing a significant growth due to increase in the number of patients suffering from chronic diseases such as chronic obstructive pulmonary disease (COPD), chronic heart failure (CHF), asthma, hypertension, and diabetes.

They added that health services in BRIC countries are expanding their overall IT spending boosting demand for telemedicine services. In addition, growing demand for better healthcare services and growth in telecommunication network are also impacting the BRIC telemedicine market.

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