(PharmaNewsWire.Com, June 05, 2019 ) According to the new market research report eHealth Market is expected to reach USD 132.35 Billion by 2023 from USD 47.60 Billion in 2018, at a CAGR of 22.7%.
Factors driving market growth include the regulatory mandates and government initiatives for the implementation of eHealth solutions; growing mHealth, telehealth, and remote patient monitoring markets; and increasing need to curtail the escalating healthcare costs. In addition, the emerging market in China, India, and Australia; rising shift towards patient-centric healthcare delivery; and growing use of eHealth solutions in outpatient care facilities are further increasing the demand for eHealth solutions and services.
In 2017, the eHealth solutions segment accounted for the largest share of the eHealth market. The eHealth solutions segment will continue to dominate the eHealth market, mainly due to the high demand of eHealth solutions due to the benefit of improved patient safety and patient care, stringent regulations, increasing government initiatives supporting the growth of these solutions, and the need to improve the efficiency of healthcare services by reducing medical errors.
Healthcare consumers are expected to register the highest CAGR during the forecast period. The growth in this end-user segment can be attributed to the factors such as the increasing number of people requiring remote patient monitoring, rising demand for personalized care, and high penetration of digital technologies in the healthcare industry.
In 2017, North America dominated the global eHealth market. The large share of this regional segment can be attributed to the region’s favorable regulatory scenario, the high adoption of eHealth solutions to curtail soaring healthcare costs, regulatory requirements regarding patient safety, and the presence of a large number of healthcare IT companies.
Top-down and bottom-up approaches were used to validate the size of the global eHealth market and estimate the size of various other dependent submarkets. Major players in the market were identified through secondary sources secondary sources; directories; databases such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource, journals and associations such as American Health Information Management Association, Ohio Health Information Management Association and their market revenues were determined through primary and secondary research. Secondary research included the study of the annual and financial reports of top market players, whereas primary research included extensive interviews with the key opinion leaders such as CEOs, directors, and marketing executives. The percentage splits, shares, and breakdowns of the product markets were determined using secondary sources and verified through primary sources. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data is consolidated and added with detailed inputs and analysis from MarketsandMarkets and presented in this report.
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