Report predicts $34B telemedicine market by 2020

The global market for telemedicine will be worth more than $34 billion by the end of 2020, according to the predictions made by Mordor Intelligence in a new market research report.

North America accounts for more than 40 percent of the global market.

The increasing aged population, increasing incidences of chronic diseases and rapid rise in the software market are all driving the market's growth. And, hospitals' efforts to reduce both the number of hospital visits and length of stay are leading to increased us of home patient monitoring, according to the report.

Lack of physician support, poor cases of implementation, high technology costs, and legal and reimbursement concerns all are challenges for telemedicine growth.

Key participants in the global telemedicine market include Aerotel Medical Systems, IBM, Intouch Technologies, Medical International Research, Medtronic, Roche, Siemens Healthcare, 3M Health and Allscripts Healthcare Solutions.