The global telehealth market is expected to more than double from about $11.6 billion in 2011 to about $27.3 billion in 2016, representing a compound annual growth rate of 18.6% over the next five years, according to a report by BCC Research, Healthcare IT News reports.
The report, titled "Global Markets for Telemedicine Technologies," estimates that hospital- and clinic-based telehealth technologies accounted for $8 billion of the global telehealth market in 2011 and will increase at a 16.8% compound annual growth rate to reach nearly $17.6 billion in 2016.
The report estimates that home-based telehealth technologies accounted for $3.5 billion of the global telehealth market in 2011 and will increase at a 22.5% compound annual growth rate to reach $9.7 billion in 2016.
Researchers also examined the technology and services segments of the telehealth market and estimated that:
- The telehealth technology market will grow from $4.6 billion in 2011 to $11.3 billion in 2016; and
- The telehealth services market will grow from $7 billion in 2011 to nearly $16 billion in 2016.
Possible Factors Behind Growth
Researchers said the telehealth market is poised for growth partly because of increased interest in the technology as a tool for reducing health care costs.
In addition, researchers noted that telehealth tools could help health care providers meet an expected increased demand for medical services after the federal health reform expands access to health insurance coverage (Monegain, Healthcare IT News, 3/14).