global-telemedicine-market-industry
Published

JUN 2018

Telemedicine Market - Segmented by Type, Clinical Service, Technology, Mode of Delivery, and Geography - Growth, Trends, and Forecast (2018 - 2023)

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The global telemedicine market is anticipated to register a high CAGR of approximately 20% during the forecast period (2018-2023).

Growing Medicare Reimbursement for Telehealth Services

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 growing 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 global telemedicine market.

Privacy & Security Concerns in Telehealth  

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.

North America is the leader in Telemedicine

The North America region has been the progenitor in the field of telemedicine. The beginning of telemedicine in United States, dates back to 1950-60s, when first tele psychiatry 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.   

                                              

Key Developments in the Market

  • November 2017 – BioTelemetry, Inc., announced a partnership with Apple Inc. to provide cardiac monitoring services in conjunction with the Apple Heart Study
  • November 2017 - 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.  Under this partnership, Telcare is likely to serve as the supplier of remote blood glucose systems and the resulting data for patients enrolled in Onduo’s groundbreaking diabetes management program

Major players– Philips, IBM, Medtronic, Honeywell Life Sciences, Allscripts Healthcare Solutions Inc., McKesson Corporation, BioTelemetry and SHL Telemedicine Ltd., among others.

Reasons to Purchase this Report

  • Current and future telemedicine market outlook in the developed and emerging markets
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • The segment that is expected to dominate the market
  • Regions that are expected to witness fastest growth during the forecast period
  • Identify the latest developments, market shares, and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate sheet in excel

Customization of the Report

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