Global Telehealth Market To Reach $43.4B by 2019, Report Finds
October 22, 2014 in News
The global telehealth market was $16.3 billion in 2013 and is estimated to reach $19.2 billion this year, according to BCC Research.
Details of Report
For the report, researchers analyzed global telehealth market trends, using:
- 2013 data;
- 2014 estimates; and
- Projected compound annual growth rates through 2019.
The report found that the global market for telehealth technology is expected to have a compound annual growth rate of 17.7% through 2019 (BCC Research report, September 2014).
Specifically, researchers projected that the home-based telehealth technology will:
- Increase from $6.5 billion in 2013 to $24 billion by 2019;
- Comprise 55% of the overall telehealth market by 2019, compared with 40% in 2013; and
- Have a 24% compound annual growth rate through 2019.
Researchers projected that the hospital-based telehealth technology market — which includes communication between providers — will:
- Increase to $19.5 billion by 2019; and
- Have a 12% compound annual growth rate through 2019.
BCC Research health care analyst Andrew McWilliams in a statement said, “In the near to midterm, telemedicine technologies offer one of the few ways of enabling health care personnel to meet the increased demand for health care services without unacceptable delays or service rationing.” He added, “The growing adoption of telemedicine services is expected to significantly impact larger markets such as health care, health insurance, home care, telecommunications, networking, disease management, e-health and health care IT” (FierceHealthIT, 10/17).