Dublin, Dec. 07, 2018 (GLOBE NEWSWIRE) -- The "Telemedicine Market Share, Analysis, Size - Segmented by Type (Telehospitals, Telehomes, mHealth (mobile health), by Clinical Service, by Technology, by Mode of Delivery and Geography - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The global telemedicine market was valued at USD 32,842.48 million in 2017 and is expected to witness a CAGR of 18.83% over the period 2018-2023.
Growing Medicare Reimbursement for Telehealth Services Boost Telemedicine Market Growth
In 2016, Medicare paid a total of USD 28.75 million for telehealth services, spread across a total of 496,396 claims. This includes payments to distant site providers and originating site payments. In the previous year, the same expense amounted to USD 22.45 million, spread across a total of 372,518 claims.
Overall, 2016 saw a 33% increase, in the number of Medicare telehealth claims submitted, and a 28% increase in total payments. This uptick in total payments is not attributable to fee schedule rate increases, but rather to more providers using telehealth services with their traditional Medicare FFS beneficiaries.
Consequently, the growth rate of Medicare reimbursement for telehealth services is fueling the growth of the global telemedicine market.
Additionally, factors, like increasing prevalence of chronic diseases and innovation in communication technology is driving the growth of the global telemedicine market.
Privacy & Security Concerns in Telehealth to Hinder Market Growth
When communicating with patients through telehealth, there are risks that the telehealth encounter itself could result in a privacy or security law violations. Because these interactions, by definition, involve communications with patients who are not physically present, there is a heightened risk of disclosing information to the wrong person (i.e. somebody who is not the patient), which would likely be an unauthorized disclosure under the HIPAA Privacy Rule. To minimize this risk, telehealth providers should have in place reliable methods for verifying and authenticating the identities of the patient and practitioner(s) at the beginning of each telehealth encounter.
In the current market, there is a lack of such reliable methods for authentication purposes. Telehealth encounters may also be vulnerable to third-party interference, signal errors, or transmission outages. These types of incidents can result in the loss of data, interrupted communications, or the alteration of important clinical information, which, in addition to other liability risks, could lead to HIPAA privacy and security violations. As such, the current state of telemedicine is quite vulnerable from a privacy/security attack perspective.
This shortcoming prevents many potential patients from undergoing telemedicine-based treatments due to privacy breach apprehensions. Additionally, factors, like lack of inter-operability between e-Health solutions, and fragmented legal frameworks, including lack of reimbursement schemes for e-Health services, is limiting the growth of the global telemedicine market.
Market Segmentation Insights for the Telemedicine Market
The global telemedicine market can also be segmented by type into telehospital/clinic, telehome, and mHealth. The telehospital/clinic segment is the largest share in the market for the year 2017. However, telehome is estimated to be the fastest growing segment during the forecast period. The estimated CAGR for the telehome segment is 25.35 %.
Insights in the clinical services segment, telecardiology is one of the fastest-growing segments in telemedicine. The advancements in technology and web-based applications has allowed better transmission of healthcare delivery. Telesurgery is estimated to be the fastest growing segment during the forecast period with an estimated CAGR of 19.96%.
The market is segmented by technology into software, hardware, and telecommunication. The hardware segment is the largest share in the market for the year 2017. However, telecommunication is estimated to be the fastest growing segment during the forecast period with an estimated CAGR for the telecom segment is 21.64%.
By mode of delivery, the market is segmented into on-premise delivery and cloud-based delivery. In which on-premise delivery has the largest share of the market. However, Cloud-based Delivery is estimated to be the fastest growing segment during the forecast period with an estimated CAGR of 19.8%.
North America is the Leader in Telemedicine Market
The North America region has been the progenitor in the field of telemedicine. The beginning of telemedicine in the United States dates back to 1950-60s when first telepsychiatry service was provided in Omaha. In the current market, more than 50% of global market revenue is generated by US-based players and other players based in North America. The reimbursement policies although far from perfect, are still more conducive for telemedicine market growth in this region when compared with other geographies of the world.
Developments in the Market
- BioTelemetry, Inc., announced a partnership with Apple Inc. to provide cardiac monitoring services in conjunction with the Apple Heart Study
- Telcare, (a division of BioTelemetry) the manufacturer of the world's first FDA-cleared cellular-enabled blood glucose monitor, entered into a strategic collaboration with Onduo, a joint venture created by Verily (an Alphabet company) and Sanofi.
Key Topics Covered
1. Introduction
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
6. Drivers, Restraints, Opportunities and Challenges (DROCs) Analysis
6.1 Telemedicine Market Drivers
6.2 Telemedicine Market Restraints
6.3 Telemedicine Market Opportunities
6.4 Telemedicine Market Challenges
7. Market Segmentation
7.1 Telemedicine Market By Type
7.2 Telemedicine Market By Clinical Service
7.3 Telemedicine Market By Technology
7.4 Telemedicine Market By End-User
7.5 Telemedicine Market By Geography
8. Telemedicine Market Competetive Landscape & Company Profiles
8.1 Allscripts Healthcare Solutions Inc.
8.2 Aerotel Medical Systems
8.3 AMD Global Telemedicine
8.4 Bio Telemetry
8.5 Honeywell Life Care Solutions
8.6 InTouch Technologies
8.7 Medtronic
8.8 Philips
8.9 SHL Telemedicine Ltd.
9. Telemedicine Market Future Outlook
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