World News: 11:54 GMT Friday 7th December 2018. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Dec. 07, 2018 (GLOBE NEWSWIRE) -- The report has been added to 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.
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.
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.
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%.
Research and Markets also offers services providing focused, comprehensive and tailored research.
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: E-Healthcare
Globe Newswire: 11:54 GMT Friday 7th December 2018
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2018. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 0751938.