eHealth Market is projected to reach USD 193.8 billion by 2025

[270 Pages Report] The global eHealth market size is projected to reach USD 193.8 billion by 2025 from USD 69.5 billion in 2020, at a CAGR of 22.8%. The shift toward patient-centric care coupled with the rising digitization of products and services enables remote recording and remote sharing of medical records. Moreover, solutions such as mHealth apps and telemedicine services help in monitoring various health parameters at home, eliminating the need for hospital visits. Owing to the several benefits of patient-centric solutions, their utilization for remote monitoring, consultation, diagnosis, treatment, and prevention is expected to increase in the coming years.

COVID-19 Impact on the IVD market:

The IVD market includes major Tier I and II suppliers like Cerner Corporation, GE Healthcare and Allscripts. These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and RoW. COVID-19 has impacted their businesses as well.

  • In April 2020, GE Healthcare extended its longtime collaboration with Microsoft to launch a cloud-based COVID-19 patient monitoring software for health systems.
  • In December 2019, Cerner Corporation partnered with Change Healthcare. This partnership aimed to implement the InterQual Autoreview and InterQual Connect Medical Review Service provided by Change Healthcare into Cerner’s EHR and acute case management tools.

eHealth Market Dynamics:

Driver: Over the years, there have been several advancements in the field of healthcare IT, which, in turn, have transformed various eHealth solutions and services into successful and profitable alternatives to manual methods for managing complicated tasks. Healthcare IT systems provide several benefits and capabilities for fulfilling stringent regulatory requirements and handling compliance risks. The changing regulatory requirements in the healthcare industry are resulting in a paradigm shift in the eHealth market. As eHealth tools are an effective way to achieve the required care quality goals while reducing costs, their demand is expected to increase among various stakeholders in the coming years.

In the US, the Patient Protection and Affordable Care Act has led to the restructuring of private insurance, Medicare, and Medicaid programs. As a part of these changes, the Meaningful Use rules of the American Recovery and Reinvestment Act (ARRA) and the Health Information Technology for Economic and Clinical Health Act (HITECH) have mandated the adoption of EMRs to increase data interoperability. This has increased the demand for various healthcare IT solutions within healthcare organizations in the US. Moreover, the Medicare Access and CHIP Reauthorization Act (MACRA) established the Merit-based Incentive Payment System (MIPS), which combined the existing Medicare quality programs. These programs include the Physician Quality Reporting Program (PQRS), Value-based Payment Modifier, and Medicare EHR Incentive Program. MIPS scoring is based on four performance categories, namely, quality, resource use, clinical practice improvement activities, and meaningful use of certified EHR technology. The utilization of different eHealth solutions by physicians helps them improve their performance and earn rewards through various payment models under MIPS. In addition, the European Parliament, the Council of the European Union, and the European Commission collaboratively launched the General Data Protection Regulation (GDPR) (Regulation (EU) 2016/679) to strengthen and unify data protection for all individuals within the European Union (EU). This regulation boosted the implementation of interoperability solutions for securing data portability provisions among health settings. Such developments are increasing the adoption of eHealth solutions such as EHRs, health information exchange solutions, and cloud-based health data transfer services among stakeholders in care settings.

Restraint: Reluctance among medical professionals to adopt advanced eHealth solutions

eHealth solutions and services help in the effective management of several clinical and non-clinical tasks in healthcare organizations. However, their efficient utilization is largely dependent on the willingness of end users, such as healthcare professionals, to shift to electronic solutions from traditional paper-based patient records. Currently, many traditional healthcare providers (especially in emerging countries) are hesitant to use eHealth solutions mainly due to a lack of IT knowledge. Many medical professionals lack the technological know-how of operating advanced healthcare IT solutions and consider creating, maintaining, and using electronic systems as a time-consuming task. Moreover, they feel the utilization of these solutions is a time-consuming task with limited or no clinical benefits. This causes reluctance among healthcare professionals to adopt new and innovative healthcare IT solutions.

The complexity of advanced healthcare IT systems and the lack of user-friendliness have further contributed to physicians’ reluctance to adopt these systems. Many physicians regard the use of healthcare IT solutions as a time-consuming task and perceive them as hampering their interaction with patients. Moreover, in rural areas, factors such as the lack of broadband technology as well as a shortage of experts available to provide technical assistance are responsible for physicians being reluctant about adopting HCIT solutions. All these factors are adversely affecting the uptake of eHealth solutions by healthcare organizations.

Key Market Players

The players in the eHealth market include Allscripts (US), athenahealth (US), Epic Systems (US), IBM (US), GE Healthcare (US), Cerner (US), Optum (US), Philips (Netherlands), Siemens Healthineers (Germany), McKesson (US), Medtronic (Ireland), and Cisco Systems (US).

Matched content

Editor’s pick

Express Press Release Distribution