ALPHA MEDICAL WHITEPAPER
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TELEMEDICINE MARKET<br />
In 2016, the size of global telemedicine market was valued at USD 23.8 billion and is projected to grow with an average<br />
CAGR of 16.3% and reach USD 55.1 billion by 2021. The African telemedicine market however is valued at about USD 2.43<br />
billion and is projected to grow at an average CAGR of 10.8% and reach USD 4.1 billion by 2021. Also the global medical<br />
tourism industry is currently estimated to be worth USD 32.5 billion with Africa contributing over USD 1 billion. Nigeria alone<br />
accounts for about 25% of the contribution from Africa.<br />
Based on a new report, IFC estimates that over the next decade, $25-$35 billion in new investment will be needed to meet<br />
Africa’s healthcare demand. With digital health being the most sought after investment type. This is a chance to increase<br />
access to healthcare for millions of Africa.<br />
The largest driver for the growth of the African telemedicine market is the increasing demand for better personal healthcare<br />
methods. Increasing smart phone penetration, increasing vendor focus on home-based healthcare and wellness tools and<br />
growing demand for electronic health records are some of the prominent trends that the market is witnessing<br />
High technological costs, lack of trained professionals, and inadequate healthcare infrastructure are inhibiting the growth<br />
of the African market.<br />
Africa’s First Smart Healthcare Ecosystem powered by blockchain 6
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