The ehealth software and services market has experienced significant growth in recent years. Ehealth refers to the use of information and communication technologies (ICT) for health including treating patients, exchanging vital signs and medical images, education and awareness, healthcare management, and personal health records (PHRs). The key products/services in the ehealth software and services market include remote monitoring services, diagnostic services, electronic health records (EHR), clinical decision support systems, telehealth solutions, e-Prescribing solutions, and others. These solutions help improve healthcare quality, reduce costs, increase accessibility of healthcare services, and engage individuals in their own health.
The global eHealth software and services market is estimated to be valued at US$ 293.9 Billion in 2023 and is expected to exhibit a CAGR of 11.8% during the forecast period (2023-2030).
The increasing digitalization of healthcare systems, rising investment in Telehealth infrastructure by public-private organizations, growing geriatric population and subsequent need for cost-effective and accessible healthcare services are some of the key factors expected to drive market growth during the forecast period.
Key Takeaways
Key players in the ehealth software and services market are GE Healthcare, McKesson Corporation, E*HealthLine.Com, Inc., Oracle, Pro Medicus, Ltd., Siemens Healthineers AG, and Sectra AB. These companies have expanded their product/service portfolios and global footprint through partnerships, collaborations, and strategic acquisitions.
In terms of opportunities, the untapped rural areas in developing countries present significant growth potential for ehealth solutions. Various initiatives are being undertaken by private as well as public organizations to expand the reach of ehealth technologies to underserved communities.
Major players are focusing on expansion strategies to capitalize on the lucrative growth opportunities in emerging markets like Asia Pacific, Latin America, and Middle East & Africa. The large untapped target population base, rising healthcare investments and progressive regulatory environment is encouraging global companies to foray into new markets across the world
Market Drivers
One of the key drivers for the ehealth software and services market is the rising prevalence of chronic and lifestyle diseases worldwide necessitating the use of cost-effective telehealth solutions for disease management and treatment. Remote patient monitoring allows real-time collection of medical data and enables early diagnosis and intervention that can significantly reduce healthcare costs.
Adoption of favorable government initiatives and investments to promote digitization of healthcare infrastructure is another major factor expected to propel market growth. For instance, initiatives like Digital India, electronic health record (EHR) adoption incentives for hospitals and physicians have had a positive impact on ehealth adoption.
Market Restraints
High deployment and maintenance costs associated with ehealth software especially for smaller healthcare facilities act as a major restraint for the market. Additional requirements of investments in IT infrastructure, training of clinical staff also adds to overall costs burden.
Lack of regulatory standards and reluctance among physicians as well as patients in some regions to adopt digital healthcare solutions also impedes market growth to some extent. Privacy and security concerns related to confidential patient data is another challenge that needs to be addressed.
Segment Analysis
The ehealth software segment dominates the ehealth software and services market currently as software forms an integral component for digitizing healthcare operations and telehealth activities. Software such as healthcare IT solutions and telehealth solutions are widely used by various healthcare organizations and providers for managing medical records, digital health records, telemedicine activities among others. The adoption of such software solutions is also rising owing to growing awareness and implementation of digital health technologies across providers.
Global Analysis
North America dominates the global ehealth software and services market currently owing to rapid digital transformation initiatives in healthcare sector, abundance of telehealth startups and high funding for digital health technologies in countries like United States. presence of prominent players, favourable regulations supporting telehealth and digital healthcare are some factors driving ehealth market growth. Asia Pacific shows highest growth potential due to access barriers in healthcare, growing internet penetration, increasing disposable incomes and initiatives by governments to strengthen healthcare infrastructure through digital health adoption are anticipated to fuel demand in Asia Pacific region over forecast period. growing geriatric population with chronic conditions requiring remote monitoring also support ehealth opportunities.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)