BCC Research, released a report indicating that the global market for video conferencing-based telemedicine will more than double within the next five years to nearly $27.3 billion, according to a press release by Global Information Incorporated.
In the Global Markets for Telemedicine Technologies report, BCC Research estimates the telemedicine market value at $11.6 billion in 2011, up from the $9.8 billion previously reported in 2010. The forecasted compound annual growth rate of the telemedicine market over the next five years is set at 18.6 percent, according to the source.
The majority of the market is represented by hospitals and clinics, with a market segment currently valued at $8.1 billion, and with a projected growth rate that could reach as much as $17.6 billion in 2016. However, the segment that will see the fastest growth rate according to BCC Research will be in the telehome sector, as the home market is expected to grow from $3.5 billion in 2011 to $9.7 billion in 2016.
There has been a global focus on the use of telemedicine as a tool to cut down healthcare costs, and the implementation of the new U.S. healthcare reforms should increase the focus on video conferencing technologies for telemedicine.