The global E-health market is expected to grow at a CAGR of 14.56% to reach $ 212.76 billion by the end of 2020 from the estimated size of $ 94.12 billion in 2014. The term e-Health was introduced in the 7th International Congress on Telemedicine and Tele-care in London in November 1999, by John Mitchell. Though the term has had many definitions, however, it can broadly defined as integration of electronic communication and information technology in the health sector in order to make it more convenient and cost effective. It encompasses three main services, they are usage of IT and E-commerce for improved health products and services, management and delivery of health information to patients using internet and telecommunication and usage of E-business and E-commerce for improved management of healthcare systems.
Information and communication technologies (ICT) is the key and powerful instruments/assets to the health systems. Growing administrative cost associated with the treatment and technological advancements ranging from electronic health records to transmission of clinical data has providing impetus to the demand for Electronic Health (e-Health) solutions in low-and middle-income countries (LMICs) along with the developed world.
With miniaturization and dropping costs of sensors, technological dispersion and innovations in the form of new applications to simplify and tackle new health related issues, will augment the growth of E-health market. In addition to the above factors, growth in usage of smart wearable’s, smart fabrics, smartphones and tablets will provide further traction to the e-Health market growth. However, fraudulent activities, privacy and security concerns, usability problems among others are considered to be the factors that will hinder the growth of the e-Health Market.
The ability of e-Health solutions to provide cost effective health-care delivery, public health, research and health-related activities that can benefit both low and high-income countries, has led to WHO, promoting e-Health services. Urging member states to consider drawing up a long-term strategic plan for developing and implementing e-Health services in the various areas of the health sector, is one of the other factor that will contribute to the growth in the sector.
Growth in IOT and advancement of technology along with growing demand for population health management and high administrative cost have led to soaring demand for e-Health solutions globally.
The global e-health market has been broadly segmented based on the type of e- health service as healthcare database management systems, clinical decision support systems, telemedicine, healthcare information systems, m-health, e-prescribing, e-Learning System, Smart Wearable, and others.
The market has also been geographically segmented into North America (US and Canada), Europe (United Kingdom, Germany, France, Spain and others), Asia Pacific (Japan, China, Singapore, Australia, India and Others), Middle East & Africa (Qatar, Saudi Arabia, South Africa and Others) and Latin America (Brazil, Mexico, Argentina and Others).
In 2014, North America held the largest share of 36.56% in the global e-Health market, driven particularly by the mobile health market and presence of high speed internet. M-health has led to better healthcare access, lower cost, greater reach geographically and delivering of end to end solutions thereby fuelling the market growth.
Whereas, Asia Pacific will is poised to witness highest CAGR for the forecast period owing to technological penetration, growing demand for internet enabled devices and increasing government’s initiatives towards improving healthcare sector.
Some of the players mentioned in the report are IBM, GE Healthcare, Allscripts Healthcare Solutions, Inc., CompuMed, Apple, Boston Scientific Corp and Cerner.