The telemedicine market, which according to BCC Research is comprised of "telehospital" and "telehome" technologies, is expected to reach $43.4 billion by 2019 with a compound annual growth rate of 17.7 percent, according to a recent report from the firm.
According to BCC, the telehospital market refers to "services that are provided within or between hospitals, clinics or other healthcare providers", while the telehome market consists of remote monitoring devices for out patients.
“In the near to midterm, telemedicine technologies offer one of the few ways of enabling healthcare personnel to meet the increased demand for healthcare services without unacceptable delays or service rationing,” BCC Research healthcare analyst Andrew McWilliams said in a statement. “The growing adoption of telemedicine services is expected to significantly impact larger markets such as healthcare, health insurance, home care, telecommunications (telecom), networking, disease management, e-health, and healthcare IT.”
BCC found that the telehospital market is expected to reach $19.5 billion in 2019 and will grow at a compound annual growth rate of 12 percent. The telehome market, though, is the largest and fastest growing segment of the overall telemedicine market, according to BCC, and is expected to jump from $6.5 billion in 2013 to $24 billion in 2019. The telehome market is also estimated to jump from 40 percent of the telemedicine market share to 55 percent in 2019.
Earlier this month, a report from Kalorama Information found that the patient monitoring market is worth $29.7 billion globally, up 7 percent from last year.
In March, BCC released another report that found the mobile health market is expected to grow to $21.5 billion by 2018 with a compound annual growth rate (CAGR) of 54.9 percent. The global mobile health market reached $1.5 billion in 2012. The European market is growing the fastest and will surpass the current global market leader, North America, by 2018.