By: Dylan Sikes - AllPennyStocks.com News

Monday, June 22, 2015

According to a 2012 report by BCC Research, the worldwide telemedicine market is expected to grow from $9.8 billion in 2010 to $27.3 billion in 2016. The research firm noted that the global telemedicine market will grow at a CAGR of 18.6% between 2012 and 2016. In a report released in September 2014, BCC Research said that the global telemedicine market reached $16.3 billion in 2013 and crossed $19 billion in 2014. Looking ahead, the market is expected to grow at a CAGR of 17.7% through 2019 and reach $43.4 billion.

According to Research and Markets estimates, the global telemedicine market was worth $17.8 billion in 2014. This is below BCC’s estimates but Research and Markets expects the telemedicine market to grow at a higher CAGR of 18.4% between 2014 and 2020.

Research and Markets notes in its report that telemedicine applications are seeing widespread use due to high prevalence of chronic diseases, increasing smartphone users, need for better quality services and an aging population.

According to Research and Markets, the telemedicine market is dominated by big players like McKesson, Phillips Healthcare, GE Healthcare and Cerner. However, there are also some smaller players in this space. One such player is Net Medical Xpress Solutions Inc. (OTCQB:NMXS). Based in Albuquerque, New Mexico, NMXS offers collaborative tools for quality and secure digital consultations. The company has four business units.

This morning, NMXS made a major announcement. The company said that it has entered into an agreement with telehealth consultant group T4 to provide telemedicine services for 7 government hospitals in Iraq and Saudi Arabia. Commenting on the development, Dick Govatski, CEO of Net Medical, said that HealthStar Networks is providing diagnostic equipment and coordinating the construction of modular hospitals for the program. Providing details on the program, Govatski said that each of the seven hospitals will have between 25 and 100 beds. He added that the first two hospitals are expected to be deployed in the next 90 to 120 days.

As per the agreement, NMXS will provide primary care physicians as well as orthopedic surgeons, cardiologists, neurologists, and trauma specialists using its telemedicine technology. NMXS’s proprietary, web-based technology platform allows medical providers to make real-time assessments of patients’ conditions and treatment needs. Govatski noted that the agreement in the Middle East marks another major international application of telemedicine by the company.

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