Growth in IoT, emergence of advanced technologies, and rise in awareness regarding benefits of eHealth solutions are some key factors expected to drive market growth
According to Emergen Research, the global eHealth market size was USD 61.99 Billion in 2019 and is expected to reach USD 314.55 Billion in 2027 and register a revenue CAGR of 22.4% during the forecast period, 2021-2028.
Market Dynamics:
eHealth is the application of information and communication technologies (ICTs) to support health and health-related activities in an efficient, secure, cost-effective, and reliable manner. It allows for instant access to patient records and information, allowing for more efficient healthcare system, reduce paper work and medical errors, and improve all aspects of patient care, including patient-centeredness, safety, communication, effectiveness, timeliness, education, and equity. In addition, e-health was recognized as fundamental to achieving supreme health priorities, such as SDGs (sustainable development goals) and Universal Health Coverage (UHC). This has increased popularity of e-health across the globe and is expected to drive market revenue growth during the forecast period.
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In addition, health organizations globally are encouraging adoption of digital health services to reduce healthcare cost and facilitates faster health services, especially during Covid 19 pandemic where social distance was at upmost importance. As a result of the pandemic, e-Healthcare services like teleconsult, e-pharmacies, telemedicine, and home medical devices are growing rapidly. For instance, in April 2020, Max Healthcare launched a video consultation platform, as well as the MaxMyHealth App. Approximately 1.63 lakh people have downloaded the app as of October 31st, 2021. These are some factors expected to positively impact revenue growth of the market over the forecast period.
However, rising cases of cyber-attacks, complexity of healthcare IT, difficulties in user interface systems, lack of reimbursement policies, and risk of data loss (in the form of fake prescriptions and deep discounts) are some factors expected to restrain market revenue growth over the forecast period. In addition, lack of awareness regarding digital healthcare security services poses threat to data privacy, increase in cases of ransomware attacks and loss of patient data, in turn, restraining market growth to a certain extent.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
eHealth Solutions Segment Revenue to Expand at a Rapid CAGR:
eHealth solutions segment is expected to register a rapid revenue CAGR over the forecast period due to growing use of telehealth, adoption of numerous healthcare technologies such as wearable and electronic healthcare records (EHR), and increasing government initiatives towards minimizing healthcare cost and facilitate better patient outcomes.
Healthcare Providers to Register Significant Revenue Growth:
Healthcare Providers segment is expected to register significant revenue growth over the forecast period owing to increasing number of hospitals globally, technological advancements in telehealth monitoring devices, large scale application of remote monitoring in geriatric patients and rising number of tele-specialty services globally.
Asia Pacific to Account for Largest Revenue Share:
Asia Pacific is expected to account for largest revenue share in the global market over the forecast period due to availability of advanced eHealth solutions, rapid adoption of advanced technolohies such as machine learning (ML) and Internet of Things (IoT), and increasing geriatric population. Further, increasing government initiatives towards digitalization and digitization in the emerging economies such as India and China having huge population base another factor expected to contribute to market growth in the region.
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Major Companies in the Market Include:
- GE Healthcare
- Allscripts
- Cerner Corporation
- Philips
- IBM Corporation
- Mckesson
- Medtronic, Inc.
- Epic Systems
- Cisco Systems
- Optum
For the purpose of this report, Emergen Research has segmented the global eHealth Market on the basis of product and services, end-user, and region:
Product and Services Outlook (Revenue, USD Billion; 2017-2027)
- eHealth Solutions
- Electronic Health Records/Electronic Medical Records Solutions
- Picture Archiving and Communication Systems & Vendor Neutral Archive Systems (PACS & VNAS)
- Pharmacy Information Systems
- Medical Apps
- Laboratory Information Systems (LIS)
- Personal Health Record & Patient Portals
- Chronic Care Management Apps
- Clinical Decision Support Systems
- Telehealth Solutions
- Healthcare Information Exchange (HIE)
- Radiology Information Systems (RIS)
- E-Prescribing Solutions
- Cardiovascular Information Systems
- Other Specialty Information Management Systems
- eHealth Services
- Remote Monitoring Services
- Diagnosis & Consultation Services
- Database Management Services
- Treatment Services
- Healthcare System Strengthening Services
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Pharmacies
- Healthcare Payers
- Healthcare Consumers
- Healthcare Providers
- Hospitals
- Home Healthcare Agencies, Nursing Homes, and Assisted Living Facilities
- Ambulatory Care Centers
- Others
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Turkey
- Rest of MEA
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