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 such as the growing need to manage regulatory compliance through the use of eHealth solutions, the need to curtail escalating healthcare costs, increasing government initiatives supporting the use of eHealth solutions and services, the high prevalence of chronic diseases, shift towards patient-centric healthcare delivery, and rising usage of big data are majorly driving the growth of this market.
On the basis of product and service, the eHealth market is segmented into eHealth solutions and eHealth services. The eHealth services segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to factors such as the rising demand for availing medical consultation online, rapidly emerging new technologies in healthcare, the demand for home healthcare services, and the use of telecommunication and multimedia technologies combined within mobile and wireless healthcare delivery systems.
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By type of eHealth solutions, the chronic care management apps are expected to register the highest CAGR during the forecast period. This can be attributed to the growing incidence of chronic diseases, high penetration of mobiles, and increasing adoption of mHealth solutions owing to various benefits such as ease of use and reduced costs offered by these solutions across the globe.
Based on type of eHealth services, the remote monitoring services segment is expected to register the highest CAGR during the forecast period. This can be attributed to the increasing incidence of chronic diseases across the globe and the widespread preference of patients for home healthcare and rehabilitation due to the convenience of these services.
Based on end user, the healthcare consumers segment is expected to register the highest CAGR during the forecast period. Factors such as the rising demand for personalized care, increased awareness for telehealth services, and high penetration of digital technologies among consumers are contributing to the high adoption of eHealth solutions among healthcare consumers.
The Asia Pacific region is expected to register the highest growth rate in the global eHealth market during the forecast period. Growing medical tourism, growing consumerism in the healthcare industry, accelerated economic growth of countries in the region, the implementation of new ICT guidelines, and the implementation of eHealth programs are the factors propelling the growth of the market in this region.
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Emerging markets such as China, India, and Australia have a high potential for growth in the eHealth market mainly due to the rising government investments and reforms to modernize healthcare infrastructure, growing purchasing power of consumers, increasing government initiatives for infrastructural development, and the rising need to control the soaring healthcare costs. In addition, as the patient population in China and India is large and diverse, population health management through the use of effective eHealth solutions and services plays a central role in providing cost-effective and quality clinical care to patients, thereby further generating a significant growth opportunity for the players competing in the global eHealth during the forecast period.