A new technical market research report released by GLOBAL MARKETS FOR TELEMEDICINE TECHNOLOGIES from BCC Research projected the global telehome and telehospital market is be valued at $11.6 billion in 2011 and is expected to increase to $27.3 billion in 2016, a five-year compound annual growth rate (CAGR) of 18.6%.
The telehospitals and clinics segment accounted for $8 billion in 2011 and is expected to increase at a CAGR of 16.8% to reach nearly $17.6 billion in 2016.
The telehome segment accounted for $3.5 billion in 2011 and is expected to increase at a CAGR of 22.5% to reach $9.7 billion in 2016.
In addition the telemedicine market is segmented into technology (hardware, software, telecom, network) and service segments. The telemedicine technology market is expected to grow from $3.8 billion in 2010 to $4.6 billion in 2011 and $11.3 billion in 2016, with a CAGR of 19.8% over the next five years. The telemedicine service market is expected to grow from $5.9 billion in 2010 to $7 billion in 2011 and nearly $16 billion in 2016, mainly driven by growth in the telehospital service market.
There has been a global focus on the use of telemedicine as a tool to cut down healthcare costs and bring about mammoth savings.