The electronic health industry, or as commonly known as the eHealth industry, is witnessing exponential growth in the recent past few years. As the global internet and smartphone penetration continues to remain high, the industry has some promising prospects in the field. Even the number of applications for eHealth is increasing as IoT brings convenience and ease for healthcare providers and end users.
Understanding the market inside out
The latest reports from the Stratistics MRC, peg the valuation of the domain at $41.52 billion for the year 2017. The expected compound annual growth rate of the industry is 20.4 percent from the period 2017 to the year 2026. The double-digit growth represents a great opportunity, and the industry is supposed to cross the $220 billion figure by the year 2026.
Crucial factors affecting the growth of the industry
The eHealth industry has been welcomed with open arms by both governmental as well as private institutions. Quality products and services, extensive use of smartphones and laptops, lack of competent physicians, and increasing use of latest technologies to identify and diagnose critical health conditions has made a positive impact on the eHealth industry.
On the other hand, several factors inhibit the growth of the rising culture. High deployment costs, coupled with a lack of skilled IT professionals along with lack of proper laws in place, has affected the growth of the industry negatively.
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Key players in the regions
The eHealth industry is represented as a huge opportunity for both small as well as well-known companies dealing with a range of healthcare services. Some of the well-known companies that are leading the race are Allscripts, Athenahealth, Medtronic, Phillips, and Wipro. These companies come with years of experience and understand the market inside out. They know what works and what does not. Apart from that, these companies have a massive war chest and can bet any competition with sound strategies.
Major geographic regions
The eHealth industry is perceived well throughout the world. Government, as well as private institutions, need solutions that can handle the pressing needs. The lion share belongs to the United States of America. Easier access to advanced solutions and “tech-savvy” individuals make sure that the latest IT products are easily accessible in the country. On the other hand, other regions that will feel the presence of the industry include geographies like China, Japan, the United Kingdom, and Germany.
The primary services offered
The eHealth solutions can be broadly categorized into two significant aspects – eHealth services and eHealth Solutions. The solutions are chiefly based on standalone or cloud-based platforms. Furthermore, key customers can range from pharmacies to anything related to the healthcare industry. Some of the other end users are healthcare payers, healthcare consumers, and healthcare providers. The end users are described in a broad range of categories, and the end-users can be anything relating to the healthcare industry.
The eHealth care industry is huge and has quite less competition. Based on the requirements of the customer, the market is poised to grow at a steady fast pace.
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