E-health Market to Reach $230.64 Bn, Globally, by 2027 at 14.5% CAGR: Allied Market Research
According to the report, the global e-health industry was estimated at $74.47 billion in 2019, and is anticipated to hit $230.64 billion by 2027, registering a CAGR of 14.5% from 2020 to 2027.
- Surge in government initiatives toward use of eHealth solutions and services, and increase in need to manage regulatory compliance through use of eHealth solutions drive the growth of global e-health market.
PORTLAND, Ore., April 8, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "E-health Market by Type (Electronic Health Record (HER); Vendor Neutral Archive (VNA), Picture Archiving, & Communications Systems (PACS); Laboratory Information Systems (LIS); Telehealth; Prescribing Solutions; Medical Apps; Clinical Decision Support Systems (CDSS); Pharmacy Information Systems; and Others) and End User (Healthcare Providers, Payers, Healthcare Consumers, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2027." According to the report, the global e-health industry was estimated at $74.47 billion in 2019, and is anticipated to hit $230.64 billion by 2027, registering a CAGR of 14.5% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Surge in government initiatives toward use of eHealth solutions and services, increase in need to manage regulatory compliance through use of eHealth solutions, large population base, and subsequent rise in the number of chronic diseases drive the growth of the global e-health market. On the other hand, lack of skilled professionals restrains the growth to some extent. However, the untapped market in developing regions is expected to create an array of opportunities in the coming years.
Covid-19 scenario-
- The outbreak of covid-19 has augmented the demand for cloud-based solutions offered by e-health technology, thereby boosting the market growth to a significant extent.
- As for instance, GE Healthcare protracted its long-term partnership with Microsoft to launch a cloud-based COVID-19 patient monitoring software for health systems.
The medical apps segment to retain its dominance by 2027-
Based on type, the medical apps segment accounted for around two-fifths of the global e-health market share in 2019, and is expected to lead the trail by 2027, owing to upsurge in demand for quality healthcare services & solutions, increase in acceptance of mHealth practices, surge in demand for improved patient safety & patient care, and rise in government initiatives to promote healthcare information technology (HCIT). The same segment would also grow at the fastest CAGR of 21.0% during the forecast period.
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The healthcare providers segment to rule the roost-
Based on formulation, the healthcare providers segment contributed to nearly three-fifths of the global e-health market revenue in 2019, and is anticipated to rule the roost by 2027. This is due to increase in demand for data accuracy to ensure patient safety through improved clinical outcomes, rise in healthcare reforms, and surge in efforts to control healthcare expenditure. On the other hand, the healthcare consumers segment would also register the fastest CAGR of 16.2% from 2020 to 2027.
North America garnered the major share in 2019-
Based on geography, North America held the highest share in 2019, generating more than two-fifths of the global e-health market. This is attributed to favorable regulatory scenario, high adoption of HCIT solutions to curtail soaring healthcare costs, regulatory requirements regarding patient safety, and the presence of a large number of E-health companies in the region. The market across Asia-Pacific, on the other hand, would register the fastest CAGR of 17.2% throughout the forecast period, due to government investments & reforms to modernize healthcare systems, increase in product launches, rise in medical tourism, implementation of e-health programs, and upsurge in per capita income in the province.
Frontrunners in the industry-
- Athenahealth, Inc.
- Siemens Healthineers
- Cisco Systems, Inc.
- Allscripts Healthcare Solutions, Inc.
- International Business Machines Corporation (IBM)
- Koninklijke Philips N.V.
- InTouch Health
- General Electric Company (GE Healthcare)
- Medtronic plc.
- UnitedHealth Group (Optum)
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