According to a new report published by Allied Market Research, titled, “e-health Market by Type and End User: Opportunity Analysis and Industry Forecast, 2019-2027,”
The global e-health market was valued at $74,476 million in 2019, and is projected to reach $2,30,640 million by 2027 at a CAGR of 14.5% from 2020 to 2027.
E-health is the delivery of healthcare using modern electronic information and communication technologies when healthcare providers and patients are not directly in contact and their interaction is mediated by electronic means. Among other things, the services that are thus provided include physical and psychological diagnosis and treatment, telepathology, vital signs monitoring, electronic prescribing, teleconsultation, and others. Furthermore, automated and interoperable healthcare information systems improve medical care, minimize healthcare costs, reduce manual errors, and enhance patient satisfaction, while optimizing reimbursement for ambulatory and inpatient healthcare providers.
The COVID-19 pandemic is expected to present growth opportunities for e-health market in the future. The e-health market includes major suppliers such as Cerner Corporation, GE Healthcare, and Allscripts.
These suppliers have their manufacturing facilities across North America, Asia-Pacific, Europe, South America, and RoW. For instance, In April 2020, GE Healthcare extended its longtime collaboration with Microsoft to launch a cloud-based COVID-19 patient monitoring software for health systems, which will further boost the market growth. In addition, e-health providers has undertaken the task of providing a global overview of the e-health solutions available for COVID-19. Solution providers, consultants advising the healthcare system, and healthcare professionals have been prompted on the internet to contribute with solutions for COVID-19. Many e-health provider companies providing solutions across institutions, geographies, and countries.
The growth of the global e-health market is majorly driven by extensive use of software & ICT healthcare, surge in need to manage regulatory compliance through use of e-health solution, availability of infrastructure for implementation of e-health and safe and adequate storage of data. Furthermore, with fast and easy data sharing, e-health solutions foster collaboration among healthcare providers, while enabling to improve patient outcomes and increasing patient safety. However, reluctance among medical professionals to adopt advanced e-health solutions and high cost of deployment and maintenance of e-health solutions hinder the market growth. Conversely, growth opportunities in emerging nations; expansion of mHealth, telehealth, and remote patient monitoring markets; and rise in use of e-health solutions in outpatient care facilities are expected to provide lucrative growth opportunities for the market growth.
By product, the medical apps segment is anticipated to grow with the largest share throughout the forecast period. This is attributed to increase significantly, owing to rise in demand for quality healthcare services & solutions, increase in acceptance of mHealth practices, surge in demand for improved patient safety & patient care, and increase in government initiatives to promote healthcare information technology (HCIT). Moreover, surge in adoption of smartphones, tablets, and other devices notably contributes toward the growth of the market.
The key companies profiled in the report include Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., Cisco Systems, Inc., InTouch Health, International Business Machines Corporation (IBM), General Electric Company (GE Healthcare), Medtronic plc., UnitedHealth Group (Optum), Koninklijke Philips N.V., and Siemens Healthineers.
Key Findings Of The Study
- By product, the medical apps segment occupied 41.7% share of the global e-health market in 2019.
- On the basis of end user, the healthcare consumers segment is anticipated to grow with the highest CAGR throughout the forecast period.
- Region wise, the Asia-Pacific e-health market is anticipated to exhibit a CAGR of 23.02% during the forecast period.
North America accounted for the highest revenue in 2019, and is anticipated to maintain its dominance from 2020 to 2027, due to favorable regulatory scenario regarding to e-health, high adoption of e-health solutions to curtail soaring healthcare costs, regulatory requirements regarding patient safety, and presence of a large number of e-health companies, such as Allscripts Healthcare Solutions, Cerner Corporation, GE Healthcare, and McKesson Corporation, Infor, Inc.