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.
This includes payments to distant site providers and originating site payments. In the previous year, the same expense amounted to USD 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. 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.
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.
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 Market The North America region has been the progenitor in the field of telemedicine. The beginning of telemedicine in United States, dates back to s, when first tele psychiatry service was provided in Omaha.
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.News and analysis of current issues affecting health care providers and payers US telehealth market will grow from $ million in revenue in to $ billion in — High investment costs and uncertain return on investment have created a tenuous .
The global telemedicine technologies market, including hardware, software, and services, was valued at $ billion in and is predicted to grow at a compound annual growth rate .
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 The US telemedicine market report which provides statistics on global market scenario, US telemedicine market size by value, market segmentation, price analysis.
According to the report, the global telemedicine market was valued at approximately USD billion in and is expected to reach approximately USD billion by , growing at a CAGR of.
" United States Telemedicine Market Opportunities, - " has analyzed the potential of telemedicine market in the United States and provides statistics and information on market sizes.