eHealth Market Size to Reach USD 314.55 Billion in 2027 Growing at a CAGR of 22.4%, according to Emergen Research
Emergen Research has published its latest report titled “eHealth Market By Product and Services (eHealth Solutions, Medical Apps, Laboratory Information Systems, eHealth Services), By End User (Pharmacies, Healthcare Payers, Healthcare Consumers, Healthcare Providers, Others), and By Region, Forecasts to 2027”
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, 2020-2027.
e-Health is the use of information and communications technologies (ICT) to support health, medical informatics, and health related activities in an efficient and cost effective manner. Longer life expectancies, increasing number of people suffering from chronic diseases, and rising healthcare expenses are putting strain on healthcare systems globally. In addition, there is an increasing trend toward digital health techniques to reduce cost in healthcare management. Patients have faster access to health services due to availability of digital health platforms, which improves the quality of care. Simultaneously, by pioneering the concept of patient self-care, these platforms help minimize the strain on health care institutions. It allows for instant access to patient important records, minimizes paper work which reduces medical errors, and improve healthcare management in terms patient-centeredness, communication, effectiveness, safety, education, timeliness, and equity.
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Furthermore, health organisations around the world are supporting the use of digital health services to cut healthcare costs and promote faster health services, particularly during the Covid 19 pandemic, when social distance was critical. e-Healthcare services such as e-pharmacies, telemedicine, teleconsult, and home medical devices are increasing enormously as a result of the outbreak.
However, complexity of healthcare cloud based software systems, rising cases of cyber-attacks, difficulties in understanding the user interface systems (especially for less tech savvy people), lack of medical reimbursement policies, and risk of data loss (in the form of fake prescriptions) are some factors expected to restrain eHealth market revenue growth over the forecast period. In addition, lack of awareness regarding healthcare security in digital services poses threat to data security and privacy, in healthcare services, which in turn, restraining growth of the market 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 popularity of telehealth, large scale use of advanced healthcare technologies such as wearable, and electronic health records, increasing government and private initiatives towards minimizing healthcare cost, and growing focus on improving patient outcomes. Medical records kept electronically can improve patient outcomes by allowing physicians to diagnose diseases more accurately and reducing medical errors.
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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 (especially during the pandemic), technological advancements and availability of telehealth monitoring devices in clinics, increasing preference towards remote monitoring in geriatric patients (to maintain social distancing during COVID-19) and growing 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 increasing government initiatives towards availability of advanced eHealth solutions, introduction of advanced technologies such as artificial intelligence (AI), machine learning (ML) and other Internet of Things (IoT) technologies, and growing geriatric population. Further, rising government initiatives towards digitization and digitalization in the healthcare industry to speed up the healthcare management, especially in the emerging economies such as India, Malyasia and China is another factor expected to fuel market growth in the region.
Major Companies in the Market Include:
- GE Healthcare
- Cerner Corporation
- IBM Corporation
- Medtronic, Inc.
- Epic Systems
- Cisco Systems
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-User Outlook (Revenue, USD Billion; 2017-2027)
- Healthcare Payers
- Healthcare Consumers
- Healthcare Providers
- Home Healthcare Agencies, Nursing Homes, and Assisted Living Facilities
- Ambulatory Care Centers
- Others End Users
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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About Emergen Research
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