eHealth Market in terms of revenue was estimated to be worth $69.5 billion in 2020 and is poised to reach $193.8 billion by 2025, growing at a CAGR of 22.8% from 2020 to 2025. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The shift towards patient-centric care, coupled with the rising digitization of products and services, enables remote recording and remote sharing of medical records. Moreover, solutions such as mHealth apps and telemedicine services help monitor various health parameters at home, eliminating the need for hospital visits. Owing to the several benefits of patient-centric solutions, their utilisation for remote monitoring, consultation, diagnosis, treatment, and prevention is expected to increase in the coming years.
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Driver: Growing need to manage regulatory compliance through the use of eHealth solutions
Over the years, there have been several advancements in the field of healthcare IT, which, in turn, have transformed various eHealth solutions and services into successful and profitable alternatives to manual methods for managing complicated tasks. Healthcare IT systems provide several benefits and capabilities for fulfilling stringent regulatory requirements and handling compliance risks. The changing regulatory requirements in the healthcare industry are resulting in a paradigm shift in the eHealth industry. As eHealth tools are an effective way to achieve the required quality goals while reducing costs, their demand is expected to increase among various stakeholders in the coming years.
Challenge: Security concerns related to privacy, licensure, and data breaches
The healthcare industry is reluctant to adopt eHealth solutions, primarily due to potential regulatory apprehensions and legal liabilities. The electronic exchange of patient data offers greater reach and efficiency in healthcare delivery; however, issues related to data loss and liability due to broader access are associated with the electronic exchange of patient data.
By-eHealth solutions, the EMR/EHR is expected to dominate the eHealth market in 2020
Based on eHealth solutions, the eHealth market has been segmented into EHR/EMR Solutions, Medical Apps, Picture Archiving and Communication Systems & Vendor Neutral Archive, Chronic Care Management Apps, PHR & Patient Portals, Health Information Exchange Solutions, Telehealth Solutions, Pharmacy Information Systems, Laboratory Information Systems, Clinical Decision Support Systems, E-Prescribing Solutions, Radiology Information Systems, Cardiovascular Information Systems, Other Specialty Information Systems. Within eHealth solutions market, EMR/EHR accounted for the largest share in 2020. The large share of this segment can be attributed to the superior quality of software enabling efficient clinical workflow and thus, having high preference amongst the healthcare professionals.
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By end-user, a healthcare consumers segment is expected to grow at the highest CAGR in the eHealth market during the forecast period
Based on end user, the eHealth market has been segmented into Healthcare Providers, Healthcare Payers, Healthcare consumers, Pharmacies, and Others. The healthcare consumer segment is estimated to have enormous growth due to rising dependence on telehealth solutions and remote patient monitoring services. Recently developed telehealth solutions are exceptionally superior and speed up patient recovery. Thus, above mentioned factors are expected to drive the segmental growth.
North America holds the largest share in the market in 2020, followed by Europe
North America dominates the overall market based on region. This can be attributed to the rising geriatric population. Elderly population has comparatively weaker immunity and, therefore, is more susceptible to infections and other diseases. Furthermore, the regulatory scenario is quite stringent in the region that ensures the availability of defect-free eHealth solutions in the market that proves beneficial for market growth.
Key Players:
The players in the eHealth market include Allscripts (US), athenahealth (US), Epic Systems (US), IBM (US), GE Healthcare (US), Cerner (US), Optum (US), Philips Healthcare (Netherlands), Siemens Healthineers (Germany), McKesson (US), Medtronic (Ireland), and Cisco Systems (US).
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Recent Developments of eHealth Industry
- In January 2019, Cerner Corporation collaborated with ResMed. This collaboration helped improve the connection between healthcare systems and home care by integrating the Brightree Home Health and Hospice platform with Cerner’s Millennium EHR.
- In October 2019, Allscripts made agreement with Northwell Health. This agreement helped the companies to jointly develop a next-generation, AI-powered electronic health record.
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