Jun 30, 2020 (Profound via COMTEX) -- The global eHealth market is growing at a significant CAGR of around 16.5% during the forecast period (2020-2026). eHealth refers the use of ICT in healthcare to meet needs of patients, healthcare providers, and policy makers. In eHealth, the healthcare records are collected in electronic format which are made accessible to healthcare providers and consumers over the internet. There are various pivotal factors that are driving the global eHealth market, which includes the rising trend for patient-centered healthcare delivery, backed by the rising digitalization and increasing prevalence of chronic diseases across the globe. The World Health Assembly in 2018 acknowledged the capability of digital technologies to play an eminent role in the enhancing the public health and healthcare facilities.
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Moreover, the government initiatives for the eHealth solutions is anticipated to propel the market growth during the forecast period. World Healthcare Organization (WHO) has developed a global strategy on digital health that aims to accelerate the adoption of digital health and innovation and research in healthcare. As per WHO, in 2018, around 87% of the countries reported to have one of more national initiatives for the adoption of digital health. In addition, the increase in adoption of EHR and telemedicine is estimated to accelerate the market growth during the forecast period. In 2015, around 87% of non-federal acute care hospitals that have integrated EHR systems in their facilities have stated that at least one of the ten specified measures of hospital processes to inform clinical practice can be achieved by EHR. The percentage has increased significantly and reached 94% in 2018 owing to the government initiatives for EHR implementation (HITECH Act). However, the high cost of deployment, lack of skilled professionals, interoperability issues, and security concerns are some factors that will impede the market growth during the forecast period.
The eHealth market is classified on the basis of type and end-user. Based on technology, the market is segmented into electronic health records (EHR), telemedicine, health information system (HIS/HIE), mHealth, clinical decision support system (CDSS), and others. Based on end-user, the market is segregated into healthcare provider, healthcare consumers, and others.
Global eHealth market is driven by its rising application in EHR
eHealth finds significant application in electronic health records (EHR). EHR enables the management of health information by authorized providers in a digital format capable to be shared with other providers across more than one healthcare organization. These digital records are built to share information with several other healthcare providers and organization such as medical imaging facilities, pharmacies, specialists, laboratories, emergency facilities, school, and workplace clinics. EHR platform has been significantly adopted across the globe, backed by substantial government support in the form of reimbursement and initiatives. Patient Protection and Affordable Care Act (PPACA) has expanded health insurance to over millions of previously uninsured Americans. This act has further increased the demand for EHR technology across the globe.
The global eHealth market is classified on the basis of geography, which includes North America, Europe, Asia-Pacific, and Rest of the World. North America holds a significant share in the global eHealth market. The US plays the critical role in geographic contribution of North America in global eHealth market, attributing to the well-developed infrastructure with a huge adoption of advanced technologies. This includes development of advanced technologies for health care providers, that can enable them to share information across entities at relatively and cheaper, faster rate, further possesses the growth of the eHealth market in the US. Similarly, Canada is expected to project a considerable CAGR in eHealth market during the forecast period. In Canada, the demand for healthcare IT has considerably increased in the recent past, with the support from government. Canada Health Infoway, territories and provinces are deploying their own electronic information systems.
Asia-Pacific is expected to propel with a considerable growth rate in the global market
Asia-Pacific is estimated to project a considerable CAGR in the global eHealth market. This is attributed to the increasing investment in healthcare infrastructure in the emerging economies of the region, especially in China and India. This further includes rising penetration of digital healthcare solutions such as EHR in healthcare organizations. Moreover, there are certain guidelines for the healthcare maintenance in South Korea, Australia, and China, owing to which, the hospitals and clinics have started using eHealth. This is backed by the rising medical tourism and significant investment in the betterment of healthcare infrastructure in China, Japan, and India.
Market Players Outlook
The key players in the eHealth market are contributing significantly by providing advanced technology-based products and through expanding their geographical presence across the globe. The key players operating in the global eHealth market include Allscripts Healthcare Solutions, Inc., Cerner Corp., IBM Corp., McKesson Corp., athenahealth, Inc., Hewlett Packard Enterprise Development LP, Koninklijke Philips N.V., NextGen Healthcare Information Systems, LLC, and Optum, Inc. These market players adopt various strategies such as product launch, partnerships, collaborations, merger, and acquisitions to sustain a strong position in the market. For instance, in January 2020, Hewlett Packard Enterprise Development LP announced its eHealth centers (eHCs) that offers a digital healthcare solution, collectively facilitated over one million patients across India.
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