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eHealth Market size is forecast to reach $201.36 billion by 2025, growing at a CAGR of 23.35% during the forecast period 2019-2025. Increasing adoption of smartphones and IOT enabled devices by medical practioners and rising developments in the healthcare IT along with favorable government regulations are the major factors driving the growth of the market. High prevalence of chronic diseases and growing need to manage regulatory compliance through the use of eHealth solutions will further enhance the overall market demand of ehealth systems during the forecast period.
Key Takeaways
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Type – Segment Analysis
Electronic Health records(EHR) held the largest share in the ehealth market in 2018 and will grow at a CAGR of 16.7% during the forecast period 2019-2025.This is mainly owing to the factors such as growing adoption rate of EHR by many developed and developing countries. EHR also improves the quality of treatment and provides healthcare providers with flexibility in terms of quick access to patient records, better decision support, medical monitoring and quality reporting in real time. Therefore, these benefits contributed to EHR’s worldwide growth. Supportive government initiatives for EMR implementation across the globe and increased government incentives are also some of the factors supporting the growth of this segment. Health Information(Health informatics) system is estimated to be the fastest growing segment during the forecast period 2019-2025, owing to rising government initiatives to promote digital health and shift towards patient-centric healthcare delivery.
Services – Segment Analysis
Remote monitoring services holds a major share in the ehealth market in 2018 and is estimated to grow at a CAGR of 11.3% during the forecast period 2019-2025. High preference for home healthcare and rehabilitation due to convenience services can be attributed for the growth of the segment. Increasing geriatric population and rising prevalence of chronic diseases are also the factors that is helping in the growth of the market. With the emergence and introduction of cloud-based technology in healthcare, the share of the services segment has risen up significantly and support services provided by the healthcare IT companies.
Geography – Segment Analysis
North America dominated the ehealth market with a share of more than 42.3%, followed by Europe. High technological IT infrastructure along with favourable government initiatives from American Health Information Community (AHIC) are some of the factors driving the growth of the market. Implementation of HITECH Act and HIPAA Act and promoting the use of electronic health data will foster market growth in the region. Rise in the prevalence of chronic diseases, and increase in geriatric population will also support the growth of the market. Europe is also having a significant share in the ehealth market owing to the rising demand for the innovative technologies and systems for the effective management of chronic ailments such as diabetes, orthopaedics, cancer and favourable government initiatives such as implementation of e-Health law that aims at creation of electronic health card and setting up infrastructure for telemedicine.
However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period. This is owing to the increasing penetration of smartphones and smart wearable devices and rising adoption of mHealth services among the healthcare practitioners. Increasing government investments & reforms to modernize healthcare systems, rising medical tourism, implementation of eHealth programs and increasing disposable incomes are also some of the factors that will support the growth of the eHealth market in this region.
Drivers – eHealth Market
The key factors driving the growth of the ehealth sector are rapidly changing technology across healthcare IT, including cloud-based storage systems coupled with booming adoption of smartphones, laptops and tablets by healthcare providers and hospitals. Increasing healthcare IT innovation along with supporting regulations has facilitated the adoption of various healthcare technologies such as electronic medical records (EHR) and remote monitoring, and wearable which is driving the growth of the market. Everything is registered with the help of the internet from recording the patient entry to discharge. IoT is a major driver of market growth in personal e-Health.
Initiatives by the government organization and healthcare communities to create awareness about the use of digital health and easier government regulations for the adoption of various healthcare IT solutions will boost the market. Raising venture capital and funding from healthcare providers to the start-ups that provide such services will further fuel the market growth.
Challenges – eHealth Market
High capital cost and installations of technologically advanced systems will hamper the market growth. Rising security concerns for data such as cyber-attacks and unauthorized access to information technology (IT) systems can also hinder ehealth market growth in the coming years.
eHealth Industry Outlook
Product launches, merger acquisitions and R&D activities are key strategies adopted by players in the ehealth market. In 2018, the ehealth market share is consolidated by the top ten players present in the market. Ehealth top 10 companies are Allscripts, Athenahealth, Epic Systems, IBM, GE Healthcare, Cerner, Optum, Philips, Siemens Healthineers, McKesson, Medtronic, and Cisco Systems among others.
Acquisitions/Product Launches
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