Global e-Health Market - Segmented by Type of e-Health, Services, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global e-health market is expected to register a CAGR of 14.7% during the forecast period of 2018-2023. e-Health market growth is attributed to the transition of the healthcare industry into the digital healthcare system for patient’s management and analysis of health. With developed healthcare structure and high-speed internet facility,
North America is expected to dominate this market.
Growth in IoT and Technological Advancements
In developed markets, Internet of Things (IoT) for healthcare has been one of the major factors driving e-health market. In addition, the internet applications in healthcare have also increased by multiple times in past one decade. e-Health record, remote patient monitoring, and point of care diagnosis, with the help of devices interlinked between patient and doctor, are some major IoT-powered e-health solutions that have developed in the past few years. The adoption rate of incorporating IoT in healthcare is also increasing at a high pace in developed countries such as the United States, Canada, and Germany. Therefore, IoT and technology play a vital role in the growth of this market.
Other factors such as rising preference towards mobile technology and internet and rising demand for population health management drive the e-health market.
Concerns Related to Data Security
The healthcare data is highly sensitive, and any breach can cost millions to companies. According to the Ponemon Institute study, the average cost to respond to and remediate a data breach is approximately USD 3.8 million, making data security concerns to be the major factor impeding the growth of this market.
Other factors such as lack of reimbursement policies and lack of proper infrastructure for e-health in the emerging markets also hamper the growth of this market.
North America to Dominate the Market
North America is expected to dominate this market in the forecast period due to favorable government policies, well-established healthcare infrastructure, and rising number of initiatives from the American Health Information Community (AHIC). Moreover, as per the statistics by American Telemedicine Association (ATA), the number of mobile health applications downloaded each year rose by multiple folds in this region. The Asia-Pacific region is expected to grow at the high rate over the forecast period due to increasing adoption of internet facilities in healthcare and rising widespread coverage of high-speed internet, along with a diversified huge patient pool.
Key Developments in the Market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook