Spurred by drastic growth in "telehome" technology adoption, the global telemedicine tools market will likely reach $43.4 billion within five years, according to a new report published by Wellesley, Massachusetts-based BCC Research.
The market for telehome technologies, or tools that enable outpatients to receive telehealth services, is predicted by BCC to grow from $6.5 billion in 2013 to $24 billion by 2019. To that end, telehome technologies are expected to make up 55 percent of the overall telehealth market by 2019, up from 40 percent in 2013.
The telehospital tools market, meanwhile, which represents technologies used between healthcare providers, is anticipated to increase at a compound annual growth rate of 12 percent and reach $19.5 billion by 2019.
"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, networking, disease management, e-health and healthcare IT."
A similar report published by IHS last spring determined that the U.S. market for home health technology will reach $5.8 billion by 2018. Additionally, a report by iData Research published in March predicted that by 2020, the domestic market for patient monitoring technology will grow to more than $5.1 billion.
A Frost & Sullivan Survey published in February and based on information gathered at the American Telemedicine Association's 2013 annual meeting called the home--including remote patient monitoring--the biggest impact and opportunity in the telehealth market.
Compound annual growth rate for the telehome segment, according to BCC, is expected to increase 24 percent through 2019.