4 months ago




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

USE OF TELEMEDICINE Technology has had a significant impact on the field of healthcare. Video-based telemedicine has helped doctors, diagnose, monitor and treat patients who are remotely located using equipment that can extend from basic video conferencing to a full-fledged suite of telemedicine scopes and devices. The service scope of Telemedicine deals with Family Medicine, Oncology, Pathology, Dermatology, Radiology, Cardiology, Neurology, Psychiatry and Ophthalmology etc. Telemedicine is of particular value in the area of second opinion services and post-surgical follow up for patients. Africa’s First Smart Healthcare Ecosystem powered by blockchain 7

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