Adoption of Home Telehealth Programs amidst COVID-19 Pandemic Creates Revenue Opportunities
The hospitals in China have been adopting mobile telehealth systems (MTS) to enable sharing of patient information to clinicians in isolated COVID-19 (coronavirus) wards. Since doctors were unable to retrieve patient information from the hospital intranet, they resorted to mobile telehealth systems without compromising the security of patient information. More number of individuals are using telehealth and telemedicine, since people prefer remote medical services amidst the coronavirus pandemic.
Ongoing developments in mobile technologies are benefitting the proliferation of eHealth programs, thus driving the eHealth market. Telehealth systems are making it possible for healthcare professionals to share information from multiple locations. During the ongoing COVID-19 outbreak, IT companies experienced a dramatic increase in the adoption of home telehealth programs. On the other hand, the Union Health Ministry of India released telemedicine guidelines to cater the needs of hard-to-reach populations of rural India. This is anticipated to fuel the growth of the eHealth market during the forecast period.
Get Sample Copy:
App on Prescription Paves Way for Secure eHealth Services in Future
The eHealth market is expected to register a staggering CAGR of 16.5% during the forecast period. This can be attributed to individuals preferring to receive medical services by the convenience of staying at home. The trend of app on prescription is bringing about a significant change in the eHealth market. Analysts of Transparency Market Research (TMR) opine that doctors will now be able to issue prescriptions for health apps to their patients and this trend will grow after the ongoing COVID-19 pandemic.
Organizations such as the National Association of Statutory Health Insurance Physicians is increasing efforts to introduce security regulations with the assistance of Federal Office for Information Security (BSI), Germany. These security regulations will play an instrumental role in the market for eHealth, since it will help to certify vendors of health apps.
Grab an exclusive PDF Brochure of this report:
Strategic Alliances among IT Service Providers Trigger Innovations in EHRs
Innovations in the electronic health records (EHRs) domain are helping companies in the eHealth market to gain global recognition. For instance, IT service provider, the BITMARCK Group, has collaborated with Austrian firm RISE (Research Industrial Systems Engineering) to steer innovations in electronic patient records (EPR) by targeting the German healthcare systems. Electronic health records, being a part of solutions in the eHealth market, is predicted to generate the highest revenue as opposed to eHealth services during the forecast period.
Read TMR Research Methodology @:
Government organizations are scaling the extra mile to commission IT companies that are steering innovations in EHRs. Technical implementations of the EHR are being extended toward the health insurance companies, since insurance companies need to provide its insured persons with the records at the beginning of the year. Vendors in the eHealth market are increasing their capabilities to develop EHR mobile apps for the convenience of the insured persons.
eHealth Program Implementation Success Demands Training Services During Clinical Interventions
The eHealth market is expected to reach a value of ~US$ 693 Bn by the end of 2030. However, the implementation of eHealth programs is significantly challenging for patients with chronic illnesses, as the gap between the healthcare system’s decision to adopt an eHealth program and its routine use in everyday processes is multifaceted and complex. Hence, companies in the eHealth market are warming up to the idea of adopting evidence-based health innovation programs to healthcare professionals in order to establish its routine practice.
IT companies are adopting various implementation strategies to increase the uptake of eHealth solutions, such as telehealth, laboratory management systems, and clinical decision support systems that increase productivity levels in healthcare facilities. Companies are achieving implementation success by providing training to healthcare professionals and healthcare payers about the follow-up during clinical interventions.
Request For Customization:
Companies Tap Incremental Opportunities in China to Meet Requirements of African Expats
The progress of information communication technology (ICT) in China has fueled the adoption of eHealth and telemedicine in the country. This is evident since the Asia Pacific region is projected to take an estimated leap from a revenue share of ~22% in 2020 to ~28% by the end of 2030. On the other hand, a large number of African expat community residing in mainland China is experiencing health issues due to dissimilar environmental conditions in the country. Hence, the African expat community is resorting to the adoption of eHealth.
Chinese doctors are not well-trained in the culturally adapted care sector and this issue overlooks the betterment of the African expat community residing in China. Hence, companies in the eHealth market are tapping into incremental opportunities in China.
Medical AI Helps in Early Detection of Dementia and Eliminates Surgical Interventions
Companies in the eHealth market are augmenting the advantages of medical deep learning to predict potential risks of dementia and Parkinson’s disease in individuals. Several startups are gaining proficiency in medical artificial intelligence (AI) that helps to predict possible disease patterns in patients. As such the eHealth market is primarily dominated by emerging players who dictate ~75%-80% of the market stake. This has intensified competition in the global market landscape.
A research team at the Charité – Universitätsmedizin Berlin initiated its TrueBrainConnect research project with the help of the medical AI to investigate non-invasive connections between brain regions to detect mental illnesses at very early stages in patients. Hence, IT companies should collaborate with researchers and innovators to gain efficacy in early detection of mental illnesses that eliminate the need for surgical interventions.
eHealth Market: Overview
- The global eHealth market is expected to expand at a CAGR of 16.5% during the forecast period, primarily driven by an increase in adoption of real time health systems (RTHS) and rising need for seamless communication in healthcare
- The eHealth market is expected to be valued at ~US$ 150 Bn in 2020 and reach ~US$ 693 Bn by 2030
- In terms of component, the solutions segment is anticipated to account for a notable share of the eHealth market
- Based on solutions segment, electronic health records (EHR) is set to dominate the market during the forecast period. Additionally, telehealth is likely to remain the fastest growing solution during the forecast period.
- North America remains a prominent market for eHealth globally, and the market in the region is expected to be valued at ~US$ 57.4 Bn by the end of 2020
- The eHealth market report provides analysis of the market for the period 2018 – 2030, wherein 2019 is the base year, 2020 is the estimated year and 2020 to 2030 is the forecast period. Data for 2018 has been included as historical information.
- In this report, we analyze the growth drivers that enhance the value of the eHealth market and various opportunities prevailing in the market
- Providers of eHealth are focused on developing innovative solutions to serve specific requirements of end users, which is expected to drive the market demand in the upcoming years
North America eHealth Market Snapshot
- Key countries that significantly contribute to the growth of the eHealth market in North America are the U.S., Canada, and Mexico. The U.S. witnesses higher spending on healthcare than other countries worldwide. Spending on digitization of healthcare facilities in the country is also considerably high. This results in increasing adoption of eHealth platforms in the country, thereby driving the eHealth market in the U.S. Therefore, higher spending on healthcare is a significant driver of the eHealth market, specifically in North America.
Key Drivers of eHealth Market
- Increase in Adoption of Real Time Health Systems (RTHS): An increasingly complex clinical trial landscape drives the healthcare industry to support digital eHealth solutions in order to make the process easier for doctors, patients, as well as the internal working staff. Convenience in communication in order to organize different tasks when people are not present in the same location is the major advantage of eHealth solutions used in healthcare.
- Significance of the collaboration platform increases as complexity of clinical trials rises considerably. Centralized information sharing and establishing a consistent, easy process for information exchange and document access, sponsors, and sites have the potential to increase operational efficiency and radically reduce administrative liability in trials.
- According to a research study of 550 senior IT leaders conducted in 2017 by Simplicity (part of the Axway Group), 100% of the respondents believe that content collaboration is important.
- eHealth solutions make all these tasks easier as real time data and faster communication can be achieved. In the healthcare sector, information exchange and availability of data in real time is very crucial, especially in emergency cases. Rapid distribution of documents is possible by using eHealth solutions. Thus, increase in use of RTHS drives the eHealth market.
- Rising Need for Seamless Communication in Healthcare: Rising incidences of heart attacks, blood sugar level fluctuations, and accidents are leading to mismanagement in hospitals, as staff members and physicians are not able to communicate perfectly during an emergency.
- According to a study, approximately 70% of accidental deaths and serious injuries in hospitals are caused due to communication failure among staff members and physicians
- Seamless communication between hospital staff members, physicians, nurses, and others is, thus, a very crucial parameter to save the lives of people and deliver the correct treatment at the right time to patients. This rising need for communication enhancement is expected to drive the demand for eHealth solutions across the globe.
Key Restraints of eHealth Market
- Security Concerns and Data Breach: Usage of eHealth is increasing at a significant rate of 16.5% globally. However, concerns related to security and data privacy are relatively high, which is a major factor affecting the eHealth market. In this age of Big Data, information from different healthcare devices is combined for analytics purpose to acquire patient data such as sensor data, machine data, report data, and personal data. The more personal data is collected and monetized, the more it triggers data privacy laws and regulations. Therefore, increasing security concerns and data breach is likely to hinder the growth of the eHealth market.
eHealth Market: Competition Landscape
- In May 2020, Epic Systems Corporation introduced a new telehealth platform with Twilio Inc. to enable healthcare professionals to launch video visits
- In March 2020, Global Healthcare Exchange LLC introduced a COVID-19 Information Center to protect staff during the evolving pandemic and help organizations access the data and information needed to serve patients.
eHealth Market: Company Profile Snapshot
Allscripts Healthcare Solutions Inc.: Allscripts Healthcare Solutions Inc. delivers information technology solutions and services to help healthcare organizations achieve optimal clinical, financial, and operational results. The company’s solutions and services are sold to physicians, retail pharmacies, hospitals, pharmacy benefit managers, governments, insurance companies, health systems, employer wellness clinics, post-acute organizations, life-sciences companies, consumers, retail clinics, and lab companies.
Cerner Corporation: Cerner Corporation develops health information technology solutions for the healthcare sector. It is also a supplier of health information technology services, devices, and hardware. The company offers advance analytics solutions, population health management, clinical solutions, open & interoperable, and revenue cycle management solutions.
Epic Systems Corporation: Epic Systems Corporation is a healthcare IT solutions company, which develops and designs software for healthcare payers/consumers, hospitals/clinics, pharmaceuticals, etc. At present, more than 250 million patients have an electronic record in Epic and 100 million peoples are using Epic’s MyChart, to stay connected to care virtually. The company provides various solutions such as Patient Experience, Revenue Cycle, Telehealth, Population Health, Managed Care, etc.
Koninklijke Philips N.V.: Koninklijke Philips N.V. is a Dutch technology company that provides products across healthcare, lighting, and consumer electronics segments. Philips provides VitalHealth QuestLink, a cloud-based patient engagement solution, which supports patient reported outcomes and routine outcome monitoring. The company has sales and services in more than 100 countries.
Read Our Latest Press Release:
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad-hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
Transparency Market Research State Tower,
90 State Street,
Albany NY – 12207
USA – Canada Toll Free: 866-552-3453
Email: [email protected]