Telemedicine Market Set To Explode

By Katie Wike, contributing writer

Over the next five years, experts expect the global market for telemedicine technology to grow to over $43 billion.

“Global Markets for Telemedicine Technolgies,” a BCC Research report, estimates the global market for telemedicine technology will grow to $43 billion by 2019. This increase will be attributed to the growing popularity of telehome products that enable easier outpatient services.

One motivation for using products like these is to monitor at risk patients and prevent readmissions which could cost hospitals much more than an investment in telehome devices. A study of patients with congestive heart failure found telemonitoring cut readmissions in half.

Fierce Health IT reports the market for these telehome technologies is expected to increase from $6.5 billion now to $24 billion in 2019. These technologies will account for 55 percent of the overall market five years from now, rather than the current 40 percent.

The market for telehospital tools, which allows hospitals to communicate with each other, is expected to increase at 12 percent CAGR to reach $19.5 billion.

“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,” said BCC Research healthcare analyst Andrew McWilliams 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.”

By Katie Wike, contributing writer

“Global Markets for Telemedicine Technolgies,” a BCC Research report, estimates the global market for telemedicine technology will grow to $43 billion by 2019. This increase will be attributed to the growing popularity of telehome products that enable easier outpatient services.

One motivation for using products like these is to monitor at risk patients and prevent readmissions which could cost hospitals much more than an investment in telehome devices. A study of patients with congestive heart failure found telemonitoring cut readmissions in half.

Fierce Health IT reports the market for these telehome technologies is expected to increase from $6.5 billion now to $24 billion in 2019. These technologies will account for 55 percent of the overall market five years from now, rather than the current 40 percent.

The market for telehospital tools, which allows hospitals to communicate with each other, is expected to increase at 12 percent CAGR to reach $19.5 billion.

“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,” said BCC Research healthcare analyst Andrew McWilliams 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.”