eHealth Market: Key Players and Future Growth Potential
The global eHealth market
size is projected to reach USD 193.8 billion by 2025 from USD 69.5
billion in 2020, at a CAGR of 22.8% during the forecast period. Factors
such as the increased adoption of eHealth solutions, rising elderly
population base, and the growing number of infectious diseases are
expected to drive the growth of the eHealth market.
Players in
the global eHealth industry include Cerner (US), McKesson (US), Philips
Healthcare (Netherlands), GE Healthcare (US), and Allscripts (US). Other
leading players in this market include athenahealth (US), Epic Systems
(US), IBM (US), Optum (US), Siemens Healthineers (Germany), Medtronic
(Ireland), and Cisco Systems (US).. These players are focusing on
increasing their presence in high-growth markets through both organic as
well as inorganic growth strategies, including service launches,
expansions, collaborations, and partnerships.
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GE
Healthcare (US) held significant poistion in the global eHealth market
in 2019. GE Healthcare is a leading provider of eHealth solutions. It
has a strong and robust product and service portfolio of EHR and EMR
solutions and services; PACS and VNA solutions; and health information
exchange solutions. The company concentrates on R&D activities. It
focuses on developing new and improved products and services. GE
Healthcare has launched 25 new products, services, and digital solutions
in the market. Such initiatives undertaken by the company provide it a
competitive edge over other players operating in the eHealth market and
help it maintain its foothold in the market.
Cerner (US) also
accounted for considerable market share in eHealth market in 2019.
Cerner has a robust eHealth solutions portfolio tailored for medium- and
large-sized healthcare enterprises to help them with advanced software
and services, designed specifically to cater to their requirements. The
key strength of the company is its wide geographic presence and
extensive distribution network across leading markets. Cerner has a
strong global presence. Approximately 88.0% of its revenue is generated
from North America. However, the company is focusing on expanding its
operations in non-US markets, along with entering new markets through
business expansions and the adoption of inorganic growth strategies.
Drivers: Growing need to manage regulatory compliance through the use of eHealth solutions
Over
the years, there have been several advancements in the field of
healthcare IT, which, in turn, have transformed various eHealth
solutions and services into successful and profitable alternatives to
manual methods for managing complicated tasks. Healthcare IT systems
provide several benefits and capabilities for fulfilling stringent
regulatory requirements and handling compliance risks. The changing
regulatory requirements in the healthcare industry are resulting in a
paradigm shift in the eHealth market. As eHealth tools are an effective
way to achieve the required quality goals while reducing costs, their
demand is expected to increase among various stakeholders in the coming
years.
In the US, the Patient Protection and Affordable Care Act
has led to the restructuring of private insurance, Medicare, and
Medicaid programs. As a part of these changes, the Meaningful Use rules
of the American Recovery and Reinvestment Act (ARRA) and the Health
Information Technology for Economic and Clinical Health Act (HITECH)
have mandated the adoption of EMRs to increase data interoperability.
This has increased the demand for various healthcare IT solutions within
healthcare organisations in the US. Moreover, the Medicare Access and
CHIP Reauthorization Act (MACRA) established the merit-based incentive
payment system (MIPS), which combined the existing Medicare quality
programs. These programmes include the Physician Quality Reporting
Program (PQRS), the Value-Based Payment Modifier, and the Medicare EHR
Incentive Program. MIPS scoring is based on four performance categories:
quality, resource use, clinical practise improvement activities, and
meaningful use of certified EHR technology. The utilisation of different
eHealth solutions by physicians helps them improve their performance
and earn rewards through various payment models under MIPS.
Opportunities: Rising use of eHealth solutions in outpatient care facilities
In
response to the rising pressures on health systems to lower the cost of
care, a majority of healthcare organisations are focusing on
introducing specialised outpatient services. The shift toward an
outpatient care model is boosting the adoption of eHealth solutions, as
these solutions provide a convenient way of delivering carecialized
outpatient services. The shift toward an outpatient care model is
boosting the adoption of eHealth solutions, as these solutions provide a
convenient way of delivering care. These solutions provide easier
access to appointments and integration among care providers for a
holistic response to care delivery. In addition, these solutions help
physicians address patient needs (for access) and allow for remote
monitoring of the patient's health. Owing to the benefits of eHealth
solutions, various federal bodies are also supporting the deployment of
eHealth solutions in outpatient care settings. For instance, the
Government of New South Wales (NSW), through its Community Health and
Outpatient Care program, is still operational as a part of the eHealth
Strategy for NSW Health: 2016–2026, which focuses on implementing EMR
solutions in outpatient care facilities operating throughout NSW. This
has boosted the adoption of eHealth solutions among stakeholders in
outpatient care facilities to deliver better health services and help
enhance patient outcomes. Furthermore, with the benefits of web-based
management for constant care, a large number of patients are now moving
toward outpatient care needs. For instance, as per a press release by
Crain Communications in November 2015, outpatient volume at Flint-based
McLaren Health Care Corporation increased to 57% in 2015 from 43% in
2014; this figure is projected to grow to 60% by 2020.
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