by Products include electronic health records, telehealth solutions, clinical decision support systems and revenue cycle management applications.
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 market 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. The growing demand for telehealth and telemedicine services along with the need for improved healthcare access and management has boosted the ehealth software and services market. Several players are focusing on strategic partnerships and acquisitions for global expansion in high growth markets.
Market Key Trends
Digitization of healthcare has led to increased adoption of ehealth solutions to facilitate online consultations, remote patient monitoring, and medical record exchange. The widespread use of EHRs and other clinical management systems has streamlined workflows and optimized costs. Further, the COVID-19 pandemic has accelerated the adoption of telehealth as social distancing norms increased demand for virtual healthcare delivery. Major players are investing in AI and analytics to develop more effective clinical decision support and precision medicine capabilities. Cloud deployment and mobile applications are enabling flexible access and management of patient data.
Porter’s Analysis
Threat of new entrants: low barriers of entry but established players dominate the market.
Bargaining power of buyers: buyers have low bargaining power as eHealth software and services are differentiated and switching costs are high.
Bargaining power of suppliers: suppliers have moderate bargaining power as differentiation exists but not many alternatives exist.
Threat of new substitutes: threat of substitutes is moderate as alternative healthcare IT solutions can be used.
Competitive rivalry: intense rivalry exists among major players to gain larger market share through innovation and service differentiation.
Geographical Regions
North America accounts for the largest eHealth software and services market Size owing to growing awareness of personalized healthcare and prevention of medical errors. The presence of established healthcare IT players and supportive regulatory environment further propels the market growth in the region.
Asia Pacific is poised to grow at the fastest pace during the forecast period. Rapid digitization of healthcare coupled with government initiatives to modernize healthcare infrastructure drives the demand. Moreover, growing medical tourism in countries such as India and expansion of private health insurance coverage are fueling the adoption of eHealth solutions in Asia Pacific.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
Money Singh
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. LinkedIn
