Telemedicine Market Size, Share, Trends, Analysis, Overview (2018-23)
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)

PUBLISHED

NOV 2018

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)

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Telemedicine Market Overview

The global telemedicine market was valued at USD 32,842.48 million in 2017, is expected to witness a CAGR of 18.83%.over the period, 2018-2023 (henceforth, the forecast period). Telemedicine services and systems have made the most progress in the remote management of post-acute care patients with chronic conditions. Telemedicine is the remote delivery of healthcare services, such as consultations over the telecommunication or teleconference, which allows healthcare professionals to evaluate, diagnose, and treat patients. The telemedicine market is driven by the rise of healthcare costs, technological innovations, the trend of remote patient monitoring, and the rising prevalence of chronic diseases. In spite of the great scope for growth, there are some factors restraining the market, which include legal and reimbursement issues, high initial capital requirements, lack of physician support, and poor cases of implementation.

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.  

Key Developments in the Telemedicine Market

  • Nov 2017: BioTelemetry, Inc., announced a partnership with Apple Inc. to provide cardiac monitoring services in conjunction with the Apple Heart Study
  • Nov 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

The major companies include Allscripts Healthcare Solutions Inc., Aerotel Medical Systems, AMD Global Telemedicine, Inc, BioTelemetry, Honeywell Life Care Solutions, InTouch Technologies, Inc., Medtronic, Philips, and SHL Telemedicine Ltd., among others.

Telemedicine Market Segmentation

  • By Type
    • Telehospitals
    • Telehomes
    • mHealth (mobile health)
  • By Clinical Service
    • Teleconsultation
    • Telepathology
    • Telecardiology
    • Telesurgery
    • Teleradiology
    • Teledermatology
    • Telepsychiatry
    • Others
  • By Technology
    • Hardware
    • Software
    • Telecom
  • By Mode of Delivery
    • On-Premise Delivery
    • Cloud-based Delivery
  • By Geography
    • North America
      • US
      • Canada
      • Mexico
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Spain
    • Asia Pacific        
      • Japan
      • China
      • India
      • Australia
      • South Korea
    • Middle East and Africa  
      • GCC
      • South Africa
    • South America
      • Brazil
      • Argentina

Country-Level Data Points Coverage and Deliverables for Telemedicine Market

Telemedicine Market Report Summary

Metrics

Details

Industry

Telemedicine Market

Study Period

(2015 – 2023)

Growth Rate

18.23

Segmentation Scope

The telemedicine market has been segmented based on type, clinical service, technology, mode of delivery, and geography. The segmentation by type includes telehospitals, telehomes, and mHealth. The segmentation by clinical services includes teleconsultation, telepathology, telecardiology, telesurgery, teleradiology, teledermatology, telepsychiatry, and others. The segmentation by technology includes hardware, software, and telecom. The segmentation by mode of delivery includes on-premise delivery and cloud-based Delivery.

Regional Scope

North America (US, Canada, Mexico), Europe (UK, Germany, France, Italy Spain, Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), Middle East & Africa (GCC, South Africa and Rest of MEA) and South America (Brazil, Argentina and Rest of South America)

Key Developments

Nov 2017: BioTelemetry, Inc., announced a partnership with Apple Inc. to provide cardiac monitoring services in conjunction with the Apple Heart Study

Companies Covered

Allscripts Healthcare Solutions Inc., Aerotel Medical Systems, AMD Global Telemedicine, Inc, BioTelemetry, Honeywell Life Care Solutions, InTouch Technologies, Inc., Medtronic, Philips, and SHL Telemedicine Ltd., among others.

Report Offerings

Telemedicine Market offers the latest trends, growth prospects, industry competitiveness, major players, regional share of market and forecast to 2023.

Reasons to Purchase Telemedicine Market 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 the 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 Telemedicine Market Report

  • This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs

1. Introduction

                1.1 Market Definition

2. Research Methodology

3. Executive Summary

4. Key Inferences

5. Market Overview

                5.1 Current Market Scenario

                5.2 Porter's Five Forces Analysis

                                5.2.1 Bargaining Power of Suppliers

                                5.2.2 Bargaining Power of Consumers

                                5.2.3 Threats of New Entrants

                                5.2.4 Threat of Substitute Product And Services

                                5.2.5 Competitive Rivalry Within The Industry

6. Drivers, Restraints, Opportunities, and Challenges(DROCs) Analysis

                6.1 Telemedicine Market Drivers

                                6.1.1 Growing Medicare Reimbursement for Telehealth Services

                                6.1.2 Increasing Prevalence of Chronic Diseases

                                6.1.3 Technological innovation in Communication Technology

                6.2 Telemedicine Market Restraints

                                6.2.1 Privacy & Security Concerns in Telehealth

                                6.2.2 Lack of Interoperability between e-Health Solutions

                                6.2.3 Inadequate or Fragmented Legal Frameworks Including the Lack of reimbursement schemes for eHealth Services

                6.3 Telemedicine Market Opportunities

                6.4 Telemedicine Market Challenges

7. Market Segmentation

                7.1 Telemedicine Market By Type

                                7.1.1 Telehospitals

                                7.1.2 Telehomes

                                7.1.3 mHealth (mobile health)

                7.2 Telemedicine Market By Clinical Service

                                7.2.1 Teleconsultation

                                7.2.2 Telepathology

                                7.2.3 Telecardiology

                                7.2.4 Telesurgery

                                7.2.5 Teleradiology

                                7.2.6 Teledermatology

                                7.2.7 Telepsychiatry

                                7.2.8 Others

                7.3 Telemedicine Market By Technology

                                7.3.1 Hardware

                                7.3.2 Software

                                7.3.3 Telecom

                7.4 Telemedicine Market By End -  User

      7.4.1 Hospitals

      7.4.2 Clinics

      7.4.3 Patient Homes

      7.4.4 Other End Users

                7.5 Telemedicine Market By Geography

                                7.5.1 North America Telemedicine Market (2018-2023)

                                                7.5.1.1 US Telemedicine Market (2018-2023)

                                                7.5.1.2 Canada Telemedicine Market (2018-2023)

                                                7.5.1.3 Mexico Telemedicine Market (2018-2023)

                                7.5.2 Europe Telemedicine Market (2018-2023)

                                                7.5.2.1 UK Telemedicine Market (2018-2023)

                                                7.5.2.2 Germany Telemedicine Market (2018-2023)

                                                7.5.2.3 France Telemedicine Market (2018-2023)

                                                7.5.2.4 Italy Telemedicine Market (2018-2023)

                                                7.5.2.5 Spain Telemedicine Market (2018-2023)

                                                7.5.2.6 Rest of Europe

                                7.5.3 Asia-Pacific Telemedicine Market (2018-2023)

                                                7.5.3.1 China Telemedicine Market (2018-2023)

                                                7.5.3.2 Japan Telemedicine Market (2018-2023)

                                                7.5.3.3 India Telemedicine Market (2018-2023)

                                                7.5.3.4 Australia Telemedicine Market (2018-2023)

                                                7.5.3.5 South Korea Telemedicine Market (2018-2023)

                                                7.5.3.6 Rest of Asia-Pacific

                                7.5.4 Middle East & Africa Telemedicine Market (2018-2023)

                                                7.5.4.1 GCC Telemedicine Market (2018-2023)

                                                7.5.4.2 South Korea Telemedicine Market (2018-2023)

                                                7.5.4.3 Rest of Middle East & Africa

                                7.5.5 South America Telemedicine Market (2018-2023)

                                                7.5.5.1 Brazil Telemedicine Market (2018-2023)

                                                7.5.5.2 Argentina Telemedicine Market (2018-2023)

                                                7.5.5.3 Rest of South America

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.

                *List Not Exhaustive

9. Telemedicine Market Future Outlook

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