- The Global E-health Market is expected to grow at a CAGR of 24% during the forecasting period (2020-2027).
- E-health is a promising field that uses computers and the internet to store and manage the medical records instead of maintaining paper files. It is mainly used in medical informatics, public health, business, and health services. The information is delivered or improved through the internet and related technologies.
Download free sample: https://www.datamintelligence.com/download-sample/e-health-market
- The major driving forces are technological innovations, rising prevalence of chronic diseases, increasing use of mobile technology and the internet, and increasing demand for population health management.
- Innovation in technology is expected to be the dominating factor, propelling the global E-health market. The utilization of Remote Health Monitoring Devices is increasing. It is an extension of the digital transformation of healthcare, helping the pharmaceutical companies to expand clinical trial activities, enabling insurance companies to engage with the customers, and making it easy for health consumers by providing them access to their health data. For instance, in 2019, Bayer launched LifeHub UK to accelerate and optimize disease detection and data-driven drug discovery by developing artificial-intelligence-enabled imaging solutions. Also, in 2019, Philips and Klinikum Stuttgart Hospital have signed a 10-year innovation partnership agreement. It covers the demand-oriented replacement and procurement of state-of-the-art medical technology, including the diagnostic imaging and intelligent informatics solutions, at the Klinikum Stuttgart hospitals, together with the joint development of new workflows and connected care solutions. The final goal is to implement innovations that improve the quality and cost-effectiveness of patient care and experiences for both patients and staff.
- The presence of favorable reimbursement policies is expected to drive the market. For instance, the Center for Medicare & Medicaid Services (CMS), had reported that from January 1, 2018, clinicians have access to the newly unbundled reimbursement code CPT 99091 to bill for the time they spend reviewing and interpreting data transferred or collected by a remote monitoring tool.
- The presence of research and development activities on e-health is expected to drive the market over the forecast period. For instance, according to an article published on October 31, 2019, researchers from Case Western Reserve University have reported that AI can predict which pre-malignant breast lesions will progress to advanced cancer.
- Rising prevalence of chronic diseases, like hypertension and diabetes, is expected to grow at a significant rate over the forecast period. According to WHO, increased blood pressure is estimated to cause 7.5 million deaths, about 12.8% of the total of all deaths. The prevalence of raised blood pressure in adults aged 25 was around 40% globally. In the past decade, the number of applications for the internet in healthcare has increased. With the help of the internet, by using different applications, healthcare professionals can deliver health information to health consumers more conveniently in a short period. Thus, the rising awareness among the people regarding E-health and increased acceptance of using this technology among healthcare professionals are expected to drive the global E-health market.
- However, the high cost of maintenance of e-health solutions, lack of skilled IT professionals, and licensing issues are hindering the global E-health market.
Market Segmentation Analysis
- The global E-health market is segmented by service into monitoring services and diagnosis services and others.
- By services, monitoring services is expected to grow at a significant rate throughout the forecast. This is sub-segmented into vital sign monitoring, special monitoring, and adherence monitoring.
- Increased research in the monitoring services and the presence of key strategies by the market players helped in boosting the global E-health market. Ostmark et al. had proposed a sensor system that acts as a Bluetooth device by providing a TCP/IP interface for configuration and maintenance and also allows user interaction through WWW-browser technology. Also, on October 31, 2019, Validic, a market leader in solutions for personal health data, and Trapollo, a Cox Business company and a leading provider of managed services for telehealth and remote health monitoring, announced a strategic collaboration to offer comprehensive hardware and software services supporting remote patient monitoring (RPM).
- The global E-health market is segmented by application into electronic health records, telehealth, wireless health, mobile health, clinical data support systems, and others.
- Electronic health records are expected to grow at a significant rate throughout the forecast. This is owing to the increasing adoption of EHR due to the advantages offered by it. EHR improves healthcare quality and provides convenience for healthcare providers, in terms of quick access to the patient records, offers clinical alerts, and real-time quality reporting. Further, in March 2019, FDA Commissioner Scott Gottlieb called for tighter scrutiny of electronic health records systems, which have prompted thousands of reports of patient injuries and other safety problems over the past decade. Thus, it is expected to contribute to the growth of the market.
- Tele-healthcare is expected to grow at a high rate throughout the forecast. This is owing to the increased geriatric population, demand for home-based remote monitoring systems, the prevalence of chronic diseases, and government initiatives. Tele-healthcare consists of telecare and telehealth. Telehealth systems will grow at a significant rate throughout the forecast. This is owing to the rapid use of LTC monitoring systems. LTC monitoring by telehealth systems leads to a reduction in hospitalizations and emergency department (ED) visits, thereby decreasing the health care costs, improves patient satisfaction and patient care. The presence of research activities on telehealth is expected to drive the market. For instance, according to an article published on November 1, 2019, Telehealth effectively diagnosed/managed fetal congenital heart disease in rural patients. Thus, telehealth will propel the global e-health market in the forecast period.
Market Geographical Analysis
- Geographically, the global E-health market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- North America is dominating the global E-health market in 2018 and is estimated to hold significant market size over the forecast period (2020-2027) owing to the innovations in the technology, various government initiatives, availability of modernized healthcare infrastructure, along with high-speed internet.
- Innovations in technology in North America had boosted the global E-health market. For instance, in 2019, GE Healthcare has received FDA's 510(k) clearance of Critical Care Suite, a collection of artificial intelligence (AI) algorithms embedded on a mobile X-ray device. Thus, North America has become a place for start-ups and has attracted some of the technology professionals to work in this Region.
- The presence of government initiatives and funds in various countries for the adoption of digitalized systems are expected to boost the market. The Health Information Technology for Economic and Clinical Health (HITECH) Act, which is implemented in the US, provided 20 billion USD to the hospitals and doctors to support their installation of EHRs in the hospitals.
- However, over the forecast period (2020-2027), the Asia-Pacific is expected to dominate the Global E-health market. This is owing to the increasing prevalence of chronic diseases, rising adoption of remote patient monitoring services, and government initiatives. For instance, Ministry of Health and Family Welfare of India had recently launched the Integrated Disease Surveillance Programme (IDSP), which is a segment of Integrated Health Information Platform (IHIP) for detecting outbreaks, reducing the mortality, morbidity and decreasing the disease burden in the populations with better health systems. The Indian government had launched the e-RaktKosh initiative, which is an integrated blood bank management information system.
- Further, according to a 15-country Future Health Index (FHI), 2019 report by Royal Philips, a global leader in health technology, India is leading in the adoption of digital health technology with 76% of healthcare professionals in the country already using digital health records (DHRs) in their practice.
Market Competitive Trends
- The key players operating in the global E-health market are Apple, Athena Health, Allscripts, Boston Scientific, CompuMed, Cerner, IBM, GE Healthcare, Nike, and Fitbit.
- The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, which are contributing to the growth of the E-health market globally. For instance,
- On June 11, 2019, Abbott had launched its newer digital health service, which is a part of its global: care program in India. This is mainly used for prevention, treatment, etc.
- On April 11, 2019, CFC, a specialist insurance provider and pioneer in the emerging risk, announced that its market-leading e-Health insurance product will be available now to the digital healthcare organizations globally.
- In 2019, Nuance and Microsoft partnered to accelerate the delivery of ambient clinical intelligence technologies that will power the examination room of the future where clinical documentation writes itself.
- In 2019, Siemens Healthineers AG completed the acquisition of 100 percent of Corindus Vascular Robotics, Inc.
- In 2019, AliveCor teamed up with Huami to develop medical-grade wearables. The ultimate goal is to have an ECG-enabled wearable with several heart features on the market by 2020.
- In 2019, The Bristol-Myers Squibb-Pfizer Alliance and Fitbit announced at the TIME 100 Health Summit in New York City that they are working together to help drive timely diagnosis of atrial fibrillation to improve earlier detection in individuals at increased risk of stroke.
- In 2016, Bill Gates partnered with India on e-health, e-payment through his Foundation.
View full report: https://www.datamintelligence.com/research-report/e-health-market
Enquiry before buying: https://www.datamintelligence.com/enquiry/e-health-market
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year, we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sales Manager at DataM Intelligence
Email: [email protected]
Tel: +1 877 441 4866