Ehealth Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Ehealth Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The eHealth market is projected to register a CAGR of 16.1% during the forecast period (2022-2027).

The COVID-19 impact is expected to drive the market for eHealth solutions over the forecast period. Companies such as Allscripts Healthcare introduced a package of COVID-19 solutions for hospitals that address disease-specific needs within SunriseTM EHR, Parago HER, and Allscripts Care Director, mainly to streamline screening and surveillance. These screening steps deliver guidance for identifying and tracking patients with confirmed and suspected coronavirus disease (COVID-19). The proactive identification of patients with various risk levels for COVID-19 infection can help mitigate the spread, mainly by ensuring the appropriateness of care across all healthcare settings and achieving high-quality outcomes.

The propelling factors for the growth of the e-health market include the growth in IoT and technological innovations, rising preference toward mobile technology and the internet, and rising demand for population health management. Lifestyle-associated disorders, such as hypertension and diabetes, are expected to increase over the forecast period. These diseases raise blood pressure and blood sugar levels. Thus, the increasing awareness among people about eHealth and the rising acceptance level among healthcare professionals, coupled with evidence of the efficiency of using this technology, are anticipated to result in substantial growth for this industry.

In recent years, the number of applications for the internet in healthcare has increased exponentially. With the help of the internet, healthcare professionals can deliver health information to health consumers more conveniently and in less time. For instance, an Indian-American group led by several doctors, who trace their origin to Bihar and Jharkhand, has launched a free telemedicine helpline for COVID-19 patients back home. It offers free healthcare consultancy through this platform. Lytus Technologies Holdings PTV. Ltd introduced Lytus Telemedicine in May 2021, a robust platform of telemedicine/telehealth services that is one of the premier platforms to actively serve the US and Indian markets. This indicates that in the coming years, the country will have a better Electronic Health Record (EHR) implementation.

The expansion of healthcare, with huge volume and velocity of data, encouraged clinicians and hospitals to use the internet. Despite all the benefits provided by eHealth, there are barriers to adopting healthcare IT systems.

eHealth Market TrendsThe Electronic Health Records (EHR) Segment is Expected to Grow the Fastest During the Forecast Period

Healthcare database management systems are one of the biggest domains in eHealth. EHRs are critical in providing good patient care, patient security, and public health. Database management systems ensure minimum medical errors and increased patient safety. EHR is useful in every step of a clinical process, starting from the risk factor for various diseases to insurance claim processing.

All three types of analytics, namely, descriptive, predictive, and prescriptive analytics, which use data for identifying risk factors for various diseases or suggesting a treatment, will get better and more accurate data from EHRs, resulting in better results.

EHR faces significant hindrances due to interoperability (the ability of software or IT systems to communicate in exchange for data and usage of exchanged data). Due to the lack of interoperability, the advantages of using electronic data are limited. Some of the other challenges in this market are strict government regulations concerning data management and patient privacy and the lack of skilled IT professionals.

To provide updating patient portfolio and health with features, including eprescribing teleconsultations, patient coordinated care, and lab tests, Epillo Health Systems has launched a mobile application for patients. Patients, doctors, care teams, clinic managers, pharmacies, laboratories, health coaches, and dieticians will benefit from electronic health record (HER) systems for healthcare practitioners and service providers, which will transform interconnected solution line systems for patients, doctors, care teams, clinic managers, pharmacies, laboratories, health coaches, and dieticians. Moreover, with the impact of COVID-19, there is a huge need for the adoption of eHealth tools for better management of diseases remotely, which is expected to boost the market’s growth in the segment.

Furthermore, EHRs ensure better patient information, including personal, financial, and demographical, which helps in faster claim processing. EHR allows patients or users to have access to their clinical data from anywhere, anytime. Hence, owing to these factors, the market studied is expected to record a good CAGR over the forecast period.

The North American Region Holds the Largest Market Share and is Expected to Follow the Same Trend Over the Forecast Period

North America is expected to be the largest market due to the presence of a technologically updated population base and various current initiatives taken in the region. These aforementioned factors are expected to be the drivers for market growth. The high growth of this region has also been attributed to the availability of high-tech healthcare infrastructure, along with high-speed internet. Thus, the rising awareness is expected to contribute substantially toward the development of the overall market.

For instance, as per the study in 2021, in United States, more than 50 medical centers already have such eHealth platforms and are currently adopting telemedicine to support physicians to see outpatients who are at home. These telemedicine and eHealth platforms are undeniably important for the global management of COVID-19. According to the US Food and Drug Administration, at least 54% of healthcare consumers in United States would be using some or other form of FDA-approved app and other online tools for the treatment/management/monitoring of medical conditions. Furthermore, physicians have begun to shift their online knowledge-gathering from general health portals to disease and specialty-specific websites. In addition, some of the best practices are followed in United States, which have set an example for eHealth. These practices include a focus on clinicians, recognition of data ownership (providers and payers), recognition of regional variations in IT drivers and business needs, and the need for extensive education, training, and communication to effect change management.

In addition, with the COVID-19 pandemic, many market players are entering the market, which is expected to boost the market growth for eHealth in United States. For instance, in 2020, Cerner Corporation announced that it would be offering a new video care platform called Video Visit program to its CommunityWorks clients.

Also, the development of various innovative systems is helping in securely monitoring and reporting patient information in real-time circumstances. For instance, GoTelecare’s Remote Patient Monitoring (RPM) system sends instant alerts if there is a change in abnormality in the vital signs and helps in timely intervention by the physician, preventing further deterioration of patient health.

eHealth Market Competitive Analysis

The rising focus of the players on technological developments and innovation is expected to fuel the growth of the overall market in the coming few years. As per the study, the competitive scenario of the global eHealth market is expected to intensify with an increasing number of players in the near future. In December 2020, Samsung received the CE mark for its Samsung health Monitor App, which aids in monitoring blood pressure through pulse wave analysis with heart rate monitoring sensors, and the ECG feature analyzes the heart's electrical activity through a sensor by installing the app in both phone and smartwatch.

Some of the major market players are Boston Scientific Corporation, GE Healthcare, IBM, and Allscripts Healthcare Solutions Inc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.