Tuesday, March 8, 2011

Telemedicine market to more than double by 2015

The global telemedicine market is expected to grow by more than 100 percent in the coming five years, according to a report published by BCC Research.

The report, titled "Telemedicine: Opportunities for Medical and Electronic Providers" predicts that the telemedicine market will be worth some $23 billion in 2015 compared to $9.8 billion in 2010. The company's analysts estimate that the market will grow at a compound annual growth rate of 18.6 percent over the next 5 years.
The authors noted that the global telehospitals and clinics market accounted for 71% of the total Telemedicine market in 2009, and was worth $6.9 billion in 2010 compared to $5.6 billion in 2009. This sector is expected to continue and increase to $15 billion in 2015, at a compound annual growth rate of 16.8%.

The telehome market, which represented 28.5% of the market in 2009, is believed to capture nearly 35% by 2015. This sector is valued at nearly $2.9 billion in 2010 and is expected to increase at a 22.5% annual growth rate to $7.9 billion in 2015.

BCC said that there has been a global focus on the use of telemedicine as a tool to cut down healthcare costs and bring about mammoth savings. 

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