Medical professionals to adopt advanced eHealth solutions and high-cost of deployment and maintenance of eHealth solutions are likely to hinder the growth of the global eHealth market to some extent.
Northrook, IL -- (SBWIRE) -- 01/16/2020 -- Market growth includes the regulatory mandates and government initiatives for the implementation of eHealth solutions; growing mHealth, telehealth, and remote patient monitoring markets; and increasing need to curtail the escalating healthcare costs. In addition, the emerging market in China, India, and Australia; rising shift towards patient-centric healthcare delivery; and growing use of eHealth solutions in outpatient care facilities are further increasing the demand for eHealth solutions and services.
What the Market Looks Like?
Predicted to grow at a CAGR of 22.7% during the forecast period, the global eHealth Market is estimated to reach USD 132.35 Billion by 2023. In 2017, North America dominated the global eHealth market.The Asia Pacific region is expected to grow at the highest CAGR during the forecast period.
Based on product and service, the eHealth solutions dominated the eHealth market in 2017. The large share of the eHealth solutions market can be attributed to the growing digitization in the health continuum, increased adoption rate in emerging countries, rising government funding, ancillary government initiatives promoting the use of eHealth solutions in healthcare systems, and increasing need to curtail healthcare costs while delivering quality patient care.
By type, the EMR/EHR solutions segment accounted for the largest share of the eHealth solutions market in 2017. Supportive government initiatives for EMR implementation across the globe, growing consolidation among healthcare providers, rise in digital and connected healthcare technologies, and increased government incentives are the key factors supporting the growth of this market.
By type, the remote monitoring services segment dominated the eHealth services market in 2017. The large share of this market is mainly attributed to the rising prevalence of chronic diseases and lifestyle disorders, increasing geriatric population, and high preference for home healthcare and rehabilitation due to the convenience of the services.
On the basis of end user, the global eHealth market is segmented into healthcare providers, pharmacies, healthcare payers, healthcare consumers, and other end users. In 2017, the healthcare providers segment accounted for the largest share of the global eHealth market. The growth in this end-user segment can be attributed to factors such as the improving healthcare infrastructure in Asia Pacific, rising need to curtail healthcare costs, and improving patient and financial outcomes.
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What Drives the Market?
The growth of the global market for eHealth is primarily influenced by the following factors:
- Growing Need to Manage Regulatory Compliance Through the Use of eHealth Solutions
- Need to Curtail the Escalating Healthcare Costs
- Increasing Government Initiatives Supporting the Use of eHealth Solutions and Services
- High Prevalence of Chronic Diseases
- Shift Towards Patient-Centric Healthcare Delivery
- Shortage of Healthcare Professionals
- Rising Usage of Big Data
The growth of the market can be attributed to the increasing government initiatives supporting the use of eHealth solutions and services, high prevalence of chronic diseases, growing need to manage regulatory compliance through the use of eHealth solutions, need to curtail escalating healthcare costs, shift towards patient-centric healthcare delivery, shortage of healthcare professionals, and rising usage of big data.
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Geographical growth scenario of eHealth Market
Geographically, In 2017, North America dominated the global eHealth market. The large share of this regional segment can be attributed to the region's favorable regulatory scenario, the high adoption of eHealth solutions to curtail soaring healthcare costs, regulatory requirements regarding patient safety, and the presence of a large number of healthcare IT companies.
Leading market players and strategies adopted
The prominent players in the eHealth market include Allscripts (US), athenahealth (US), Epic Systems (US), IBM (US), GE Healthcare (US), Cerner (US), Optum (US), Philips (Netherlands), Siemens Healthineers (Germany), McKesson (US), Medtronic (Ireland), and Cisco Systems (US).
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