Ehealth Software And Services Market will grow at highest pace owing to Increased IoT Implementation

Ehealth Software And Services Market will grow at highest pace owing to Increased IoT Implementation

Ehealth software allows electronic health records management, computerized provider order entry, clinical decision support, telehealth, and picture archiving and communication systems. It helps streamline clinical workflows, improve healthcare quality and outcomes, lower costs, and increase access to affordable care.

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).

Key Takeaways

Key players operating in the ehealth software and services are GE Healthcare, McKesson Corporation, E*HealthLine.Com, Inc., Oracle, Pro Medicus, Ltd., Siemens Healthineers AG, Sectra AB, eHealth Technologies, RamSoft, Inc., Veradigm LLC, Doctor On Demand, Esaote SPA. Increased penetration of internet connectivity and mobile devices is propelling the demand for ehealth software and services globally. Advancements in telehealth, cloud computing, big data analytics, and AI are further fueling the market growth.

Growing demand for improved healthcare quality, infrastructure and need for affordable care is a key factor driving the adoption of ehealth software and services. Rapid digitalization of healthcare along with government initiatives to promote telemedicine and digitized healthcare is boosting the market. Increasing investments by market players to develop innovative product with advanced functionalities are expanding the market boundaries.

Technological advancements like integration of IoT, mobility, predictive analytics and blockchain is widening the scope of ehealth software and services. Increased focus on personalized care and patient-centric approach is propelling the demand. Developments in integration of diverse healthcare IT solutions on a single platform is accelerating the market growth.

Market Trends

Increased IoT Implementation: Integration of various medical devices and health records with ehealth solutions through IoT is emerging as a key trend. IoT enabled remote patient monitoring systems and telehealth solutions are gaining traction.

Cloud Based Solutions: Growing preference for cloud-based ehealth software solutions over on-premise models due to advantages like scalability, collaborative features and mobile accessibility is a major trend.

Market Opportunities

Emerging Markets: Growing healthcare expenditure and developing healthcare infrastructure in emerging nations presents lucrative opportunities for ehealth software providers.

Data Analytics: Personalized treatment options through big data analytics of patient healthcare records and medical research presents significant opportunities.

COVID-19 Impact on Ehealth Software And Services Market Growth
The COVID-19 pandemic has had a significant impact on the Ehealth software and services market growth. During the initial lockdown phases of the pandemic in 2020, there was a surge in demand for telehealth and remote patient monitoring solutions as patients wanted to limit physical visits to hospitals and clinics. This initial demand prompted many healthcare providers to rapidly adopt ehealth software and upscale their digital healthcare infrastructure. However, with the economic downturn induced by the pandemic, healthcare budgets were reduced which paused new investments and upgrades for some time.

With vaccines and herd immunity becoming more widespread since 2021, physical hospital visits have resumed but telehealth still remains an important component of healthcare delivery. The pandemic has reinforced the necessity of ehealth solutions and remote care options. Many patients now prefer a hybrid model with both in-person and virtual care access. Healthcare providers also recognize the long-term benefits of digitization for improved access, cost savings, and flexibility. This is prompting a renewed focus on modernizing legacy systems and further digital transformation initiatives. Government policies in several countries are also encouraging virtual care deployment and reimbursements.

Geographical Regions with Highest Ehealth Market Value
Currently, North America contributes the largest value share to the global Ehealth software and services market led by developed digital infrastructure and early technology adoption in countries like the US. The COVID-19 pandemic has only accelerated this digital transition. Europe is the second largest regional market driven by countries with universal healthcare systems and emphasis on remote patient monitoring solutions for the aging population. Asia Pacific is projected to be the fastest growing region due to growing medical expenditures, large patient pools, rising Internet penetration, and government programs focused on expanding digital health in countries like India, China, and Japan. Developing countries in other regions are also implementing various ehealth strategies and sees significant upcoming opportunities.

Geographical Region with Fastest Market Growth
Asia Pacific is poised to witness the fastest growth in the global Ehealth software and services market during the forecast period from 2024-2031. This is because several countries in Southeast Asia like India, Indonesia, Thailand, Philippines etc. are in the early growth phase of digital healthcare adoption and are implementing national level ehealth programs and frameworks. Favorable government policies, rising affluence, fast expanding Internet connectivity, and growing medical tourism are enabling broader ehealth utilization. With over 60% of the world's population, even a small increase in technology penetration and healthcare spending can translate into large incremental gains. This makes Asia Pacific an attractive market for solution providers to invest in ehealth solution development, partnerships, and geographical expansions.

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About Author:

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)