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.