eHealth Market Trends Report | Size, Share & Growth Drivers 2031
[Research Report] The eHealth market size is projected to grow from US$ 195.42 billion in 2022 to US$ 641.15 billion by 2030; the market is estimated to record a CAGR of 16.0% during 2022–2030.
Market Insights and Analyst View:
eHealth is broadly defined as the use of information and communication technology (ICT) in health. ICT has been broadly used in the form of medical health records, medical apps, and telemedicine. With the help of e-health, it is possible to electronically store the data associated with patients, staff, and finances of hospitals. This has resulted in a transformation in the means of storing healthcare data. Primarily, data was recorded manually by the healthcare staff. However, currently, a single unique identification number is required to be entered, and all the data of patients is available within seconds. eHealth offers multiple advantages over conventional methods of clinical data management, such as preventing the use of manual records and facilitating timely access to patient data. Furthermore, automated and interoperable healthcare information systems are expected to improve medical care, reduce healthcare costs, increase efficiency, reduce error, and improve patient satisfaction while optimizing reimbursement for inpatient and ambulatory healthcare providers.
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eHealth Market: Strategic Insights
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eHealth Market: Strategic Insights
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Growth Drivers:
Increasing Adoption of Electronic Health Records and Rising Incentives by Federal Government Bolsters eHealth Market Growth
EHRs are becoming increasingly popular with the growing digitization of the healthcare industry. As per The New England Journal of Medicine, as soon as the Health Information Technology for Economic and Clinical Health (HITECH) Act became law in 2009, the federal government dedicated US$ 300 million to help healthcare facilities adopt a nationwide health information exchange system. The Centers for Medicare and Medicaid Services (CMS) also offered more than US$ 35,000 million in incentive payments for EHR adoption. According to the Office of the National Coordinator for Health Information Technology (ONC), as of 2021, about 4 in 5 office-based physicians (78%) and almost all non-federal acute care hospitals (96%) adopted a certified EHR. This marked considerable 10-year progress when 28% of hospitals and 34% of physicians had implemented an EHR since 2011. As per DefinitiveHealthcare data from 2020, more than 89% of all hospitals had employed inpatient or ambulatory EHR systems.
Further, in May 2020, the US federal government proposed the Federal Health IT Strategic Plan 2020–2025 to mandate the use of EHR by healthcare providers. With the facts and statistics stated above, it is evident that the adoption rate of EHRs is expected to continue to improve during the forecast period.
The government has invested billions in training health information technology workers and founding regional extension centers to provide technical advice. In 2009, as part of the Health Information Technology for Economic and Clinical Health (HITECH) Act, the federal government reserved US$ 27 billion for an incentive program that inspires hospitals and providers to implement EHR systems that would enable the health data historically confiscated in paper files to be shared among providers and use to improve the health care quality.
The Medicare Electronic Health Record Incentive Program is governed by the Centers for Medicare & Medicaid Services (CMS). In the US, the Medicare and Medicaid EHR Incentive Programs offer incentives to hospitals, physicians, and other healthcare facilities for meaningful use of certified EHR technology. A qualified professional or hospital can get a maximum incentive amount of up to US$ 63,750 through the Medicaid EHR Incentive Program and up to US$ 44,000 through the Medicare EHR Incentive Program. This incentive program succeeded in inspiring many healthcare facilities to adopt EHR systems.
Report Segmentation and Scope:
The “eHealth Market” is segmented on the basis of component, type of service, and end user. Based on components, the market is categorized into electronic health records, e-prescribing, clinical decision support systems, telemedicine, and other components. In terms of type of service, the eHealth market is segmented into monitoring services, diagnosis services, and other types of services. Based on end users, the market is categorized into healthcare providers, payers, healthcare consumers, and others.
Segmental Analysis:
Based on components, the eHealth market is segmented into electronic health records, e-prescribing, clinical decision support systems, telemedicine, and other components. In 2022, the e-prescribing segment held a significant market share, and the same segment is estimated to register the fastest CAGR during 2022–2030. E-prescribing or electronic prescribing is a technology framework that allows physicians and other medical practitioners to write and share prescriptions to a participating pharmacy in an electronic format instead of using written prescriptions.
The segment is expected to grow during the forecast period owing to the rising demand for e-prescriptions due to the minimization of prescription errors, cost reduction, and increasing technological advancements and launches by market players. For instance, as per an article published in the British Medical Journal in December 2022, adverse drug events and medication errors are common among the aging population in nursing homes in Japan. The rising focus on reducing the abuse of controlled substances and increasing focus on reducing medical errors will accelerate the adoption of an e-prescribing system in the forecast period.
Based on the type of service, the eHealth market is segmented into monitoring services, diagnosis services, and other types of services. In 2022, the monitoring segment held the largest share of the market. Growing demand for self-monitoring devices that automatically monitor various physical activities and vital signs and generate a database is expected to propel the growth of this segment.
Based on end users, the eHealth market is segmented into healthcare providers, payers, healthcare consumers, and others. In 2022, the healthcare providers segment held a significant share of the market, and the same segment is estimated to register the fastest CAGR during 2022–2030. The rise in the adoption of electronic health records (EHR) and other hospital information systems by healthcare providers are the factors driving the growth of this segment. Also, eHealth offers great convenience to healthcare professionals in terms of patient workflow and data management.
Regional Analysis:
Based on geography, the global eHealth market is segmented into Asia Pacific, Europe, Middle East & Africa, North America, and South & Central America. In 2022, North America held the largest share of the global eHealth market. Asia Pacific is expected to register the highest CAGR during 2022–2030.
The eHealth market in North America is split into the US, Canada, and Mexico. The transformation of digital healthcare majorly drives the market, the increasing number of chronic diseases, and support from the federal government to implement EHR in order to improve the quality of care. Other factors, such as the introduction of advanced software technologies in healthcare, a higher number of hospitals, and the implementation of strategic government policies, also aid in promoting the eHealth market.
The US is the largest contributor to the eHealth market in North America and the world. The presence of major market players in the country, along with their developments, is likely to favor the growth of the market. In September 2023, the Georgian Bay Information Network (GBIN), a partnership of six Ontario healthcare organizations, advanced its use of OracleHealth’s electronic health records (EHR) by adding new capabilities for advanced clinical services, optimized medication administration, and oncology specialty support under its recently launched multi-year project called eNautilus. These additions are expected to help caregivers improve patient safety, enhance collaboration between caregivers across facilities, and reduce the administrative burden on clinicians across the GBIN’s combined 15 hospitals.
In April 2023, Microsoft Corp. and Epic expanded their established strategic collaboration to develop and integrate generative AI into healthcare by merging the scale and power of Azure OpenAI Service1 with Epic's industry-leading EHR software. The collaboration expands the long-standing partnership, which includes allowing organizations to run Epic environments on the Microsoft Azure cloud platform. This co-innovation is focused on delivering an inclusive array of generative AI-powered solutions integrated with Epic's EHR to increase productivity, improve patient care, and improve the financial integrity of health systems.
Industry Developments and Future Opportunities:
Various initiatives taken by leading players operating in the eHealth market are listed below:
- In November 2023, A Kerala-based startup launched a first-of-its-kind digital health kiosk that claims to provide basic diagnostics like blood pressure, blood sugar, and heart conditions instantly with utmost accuracy in multiple languages and at extremely low prices. Prognosis, the kiosk launched by Versicles Technologies, is equipped with a touch screen that offers video instructions to users to receive accurate readings. It aims to make healthcare facilities more easily accessible.
- In July 2023, Oracle Corp announced that Universal Health Services (UHS) has incorporated OracleHealth electronic health record (EHR) across its broad network of behavioral health facilities. The expansion has enabled the organization to access a single, unified EHR in acute and behavioral health facilities across the US to inform care decisions better and help improve patient safety practices.
- In April 2022, Telehealth platform Docty installed 100 digital health kiosks across Telangana, Andhra Pradesh and Maharashtra. As a part of this ‘Phygital Care’ program, ‘Gali Gali Mein Digital Clinic,’ the company has partnered with 100+ offline stores, local pharmacies, photo-copy centers, and internet cafes in these geographies. This initiative is dedicated to improving digital healthcare accessibility for the rural and impoverished urban communities of India. Through these 100 kiosks managed by Docty’s local partners, the financially weak and non-tech-savvy residents of these states would have faster accessibility to online consultations, prescriptions, EMRs, discounted pharmacies, and lab services. Additionally, these kiosks will also enable residents to consult doctors across 28+ specialties.
- In May 2022, Cantata Health Solutions was selected by Mental Health Resources (MHR) in New Mexico as its technology partner and will deploy the Arize Electronic Health Record (EHR) solution.
- In October 2021, Allscripts Healthcare LLC launched guided scheduling by leveraging artificial intelligence to improve patient care and increase healthcare operational efficiencies. In February 2021, Northern Inyo Healthcare District collaborated with Cerner Corporation to transform its Electronic Health Record (EHR). The collaboration involved Northern Inyo Healthcare District moving to an updated electronic system that supports physicians, nurses, and clinicians to share data across the district’s multiple offices.
- In March 2019, Abbott launched its new digital health service in India as a part of its global care program, which offers doctors and consumers services and information to help people achieve better health.
Competitive Landscape and Key Companies:
Oracle Corporation, McKesson Corporation, Allscripts Healthcare, LLC., Atena Health, CitiusTech Inc., Cisco Systems, Inc., Health Catalyst., VantageHealth, Advanced MD, and Cure MD are the prominent eHealth market companies. These companies focus on new technologies, existing product advancements, and geographic expansions to meet the burgeoning consumer demand worldwide.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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Segment Covered
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![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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Country Scope
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TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 EHealth Market - By Product and Services
1.3.2 EHealth Market - By End User
1.3.3 EHealth Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. EHEALTH MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. EHEALTH MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. EHEALTH MARKET - GLOBAL MARKET ANALYSIS
6.1. EHEALTH - GLOBAL MARKET OVERVIEW
6.2. EHEALTH - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. EHEALTH MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT AND SERVICES
7.1. OVERVIEW
7.2. PRODUCT AND SERVICES MARKET FORECASTS AND ANALYSIS
7.3. EHEALTH SOLUTIONS
7.3.1. Overview
7.3.2. eHealth Solutions Market Forecast and Analysis
7.3.3. Cardiovascular Information Systems Market
7.3.3.1. Overview
7.3.3.2. Cardiovascular Information Systems Market Forecast and Analysis
7.3.4. E-Prescribing Solutions Market
7.3.4.1. Overview
7.3.4.2. E-Prescribing Solutions Market Forecast and Analysis
7.3.5. Radiology Information Systems Market
7.3.5.1. Overview
7.3.5.2. Radiology Information Systems Market Forecast and Analysis
7.3.6. Healthcare Information Exchange Market
7.3.6.1. Overview
7.3.6.2. Healthcare Information Exchange Market Forecast and Analysis
7.3.7. Telehealth Solutions Market
7.3.7.1. Overview
7.3.7.2. Telehealth Solutions Market Forecast and Analysis
7.3.8. Clinical Decision Support Systems Market
7.3.8.1. Overview
7.3.8.2. Clinical Decision Support Systems Market Forecast and Analysis
7.3.9. Chronic Care Management App Market
7.3.9.1. Overview
7.3.9.2. Chronic Care Management App Market Forecast and Analysis
7.3.10. Personal Health Record and Patient Portals Market
7.3.10.1. Overview
7.3.10.2. Personal Health Record and Patient Portals Market Forecast and Analysis
7.3.11. Laboratory Information Systems Market
7.3.11.1. Overview
7.3.11.2. Laboratory Information Systems Market Forecast and Analysis
7.3.12. Medical Apps Market
7.3.12.1. Overview
7.3.12.2. Medical Apps Market Forecast and Analysis
7.3.13. Pharmacy Information Systems Market
7.3.13.1. Overview
7.3.13.2. Pharmacy Information Systems Market Forecast and Analysis
7.3.14. Picture Archiving and Communication Systems (PACS) and Vendor Neutral Archive Systems (VNAS) Market
7.3.14.1. Overview
7.3.14.2. Picture Archiving and Communication Systems (PACS) and Vendor Neutral Archive Systems (VNAS) Market Forecast and Analysis
7.3.15. Electronic Health Records/Electronic Medical Records Solutions Market
7.3.15.1. Overview
7.3.15.2. Electronic Health Records/Electronic Medical Records Solutions Market Forecast and Analysis
7.3.16. Other Specialty Infor Market
7.3.16.1. Overview
7.3.16.2. Other Specialty Infor Market Forecast and Analysis
7.4. EHEALTH SERVICES
7.4.1. Overview
7.4.2. eHealth Services Market Forecast and Analysis
7.4.3. Healthcare System Strengthening Services Market
7.4.3.1. Overview
7.4.3.2. Healthcare System Strengthening Services Market Forecast and Analysis
7.4.4. Treatment Services Market
7.4.4.1. Overview
7.4.4.2. Treatment Services Market Forecast and Analysis
7.4.5. Database Management Services Market
7.4.5.1. Overview
7.4.5.2. Database Management Services Market Forecast and Analysis
7.4.6. Diagnosis and Consultation Services Market
7.4.6.1. Overview
7.4.6.2. Diagnosis and Consultation Services Market Forecast and Analysis
7.4.7. Remote Monitoring Services Market
7.4.7.1. Overview
7.4.7.2. Remote Monitoring Services Market Forecast and Analysis
8. EHEALTH MARKET - REVENUE AND FORECASTS TO 2028 - END USER
8.1. OVERVIEW
8.2. END USER MARKET FORECASTS AND ANALYSIS
8.3. HOSPITALS AND CLINICS
8.3.1. Overview
8.3.2. Hospitals and Clinics Market Forecast and Analysis
8.4. AMBULATORY CENTERS
8.4.1. Overview
8.4.2. Ambulatory Centers Market Forecast and Analysis
8.5. OTHER END USERS
8.5.1. Overview
8.5.2. Other End Users Market Forecast and Analysis
9. EHEALTH MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America EHealth Market Overview
9.1.2 North America EHealth Market Forecasts and Analysis
9.1.3 North America EHealth Market Forecasts and Analysis - By Product and Services
9.1.4 North America EHealth Market Forecasts and Analysis - By End User
9.1.5 North America EHealth Market Forecasts and Analysis - By Countries
9.1.5.1 United States EHealth Market
9.1.5.1.1 United States EHealth Market by Product and Services
9.1.5.1.2 United States EHealth Market by End User
9.1.5.2 Canada EHealth Market
9.1.5.2.1 Canada EHealth Market by Product and Services
9.1.5.2.2 Canada EHealth Market by End User
9.1.5.3 Mexico EHealth Market
9.1.5.3.1 Mexico EHealth Market by Product and Services
9.1.5.3.2 Mexico EHealth Market by End User
9.2. EUROPE
9.2.1 Europe EHealth Market Overview
9.2.2 Europe EHealth Market Forecasts and Analysis
9.2.3 Europe EHealth Market Forecasts and Analysis - By Product and Services
9.2.4 Europe EHealth Market Forecasts and Analysis - By End User
9.2.5 Europe EHealth Market Forecasts and Analysis - By Countries
9.2.5.1 Germany EHealth Market
9.2.5.1.1 Germany EHealth Market by Product and Services
9.2.5.1.2 Germany EHealth Market by End User
9.2.5.2 France EHealth Market
9.2.5.2.1 France EHealth Market by Product and Services
9.2.5.2.2 France EHealth Market by End User
9.2.5.3 Italy EHealth Market
9.2.5.3.1 Italy EHealth Market by Product and Services
9.2.5.3.2 Italy EHealth Market by End User
9.2.5.4 Spain EHealth Market
9.2.5.4.1 Spain EHealth Market by Product and Services
9.2.5.4.2 Spain EHealth Market by End User
9.2.5.5 United Kingdom EHealth Market
9.2.5.5.1 United Kingdom EHealth Market by Product and Services
9.2.5.5.2 United Kingdom EHealth Market by End User
9.2.5.6 Rest of Europe EHealth Market
9.2.5.6.1 Rest of Europe EHealth Market by Product and Services
9.2.5.6.2 Rest of Europe EHealth Market by End User
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific EHealth Market Overview
9.3.2 Asia-Pacific EHealth Market Forecasts and Analysis
9.3.3 Asia-Pacific EHealth Market Forecasts and Analysis - By Product and Services
9.3.4 Asia-Pacific EHealth Market Forecasts and Analysis - By End User
9.3.5 Asia-Pacific EHealth Market Forecasts and Analysis - By Countries
9.3.5.1 Australia EHealth Market
9.3.5.1.1 Australia EHealth Market by Product and Services
9.3.5.1.2 Australia EHealth Market by End User
9.3.5.2 China EHealth Market
9.3.5.2.1 China EHealth Market by Product and Services
9.3.5.2.2 China EHealth Market by End User
9.3.5.3 India EHealth Market
9.3.5.3.1 India EHealth Market by Product and Services
9.3.5.3.2 India EHealth Market by End User
9.3.5.4 Japan EHealth Market
9.3.5.4.1 Japan EHealth Market by Product and Services
9.3.5.4.2 Japan EHealth Market by End User
9.3.5.5 South Korea EHealth Market
9.3.5.5.1 South Korea EHealth Market by Product and Services
9.3.5.5.2 South Korea EHealth Market by End User
9.3.5.6 Rest of Asia-Pacific EHealth Market
9.3.5.6.1 Rest of Asia-Pacific EHealth Market by Product and Services
9.3.5.6.2 Rest of Asia-Pacific EHealth Market by End User
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa EHealth Market Overview
9.4.2 Middle East and Africa EHealth Market Forecasts and Analysis
9.4.3 Middle East and Africa EHealth Market Forecasts and Analysis - By Product and Services
9.4.4 Middle East and Africa EHealth Market Forecasts and Analysis - By End User
9.4.5 Middle East and Africa EHealth Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa EHealth Market
9.4.5.1.1 South Africa EHealth Market by Product and Services
9.4.5.1.2 South Africa EHealth Market by End User
9.4.5.2 Saudi Arabia EHealth Market
9.4.5.2.1 Saudi Arabia EHealth Market by Product and Services
9.4.5.2.2 Saudi Arabia EHealth Market by End User
9.4.5.3 U.A.E EHealth Market
9.4.5.3.1 U.A.E EHealth Market by Product and Services
9.4.5.3.2 U.A.E EHealth Market by End User
9.4.5.4 Rest of Middle East and Africa EHealth Market
9.4.5.4.1 Rest of Middle East and Africa EHealth Market by Product and Services
9.4.5.4.2 Rest of Middle East and Africa EHealth Market by End User
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America EHealth Market Overview
9.5.2 South and Central America EHealth Market Forecasts and Analysis
9.5.3 South and Central America EHealth Market Forecasts and Analysis - By Product and Services
9.5.4 South and Central America EHealth Market Forecasts and Analysis - By End User
9.5.5 South and Central America EHealth Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil EHealth Market
9.5.5.1.1 Brazil EHealth Market by Product and Services
9.5.5.1.2 Brazil EHealth Market by End User
9.5.5.2 Argentina EHealth Market
9.5.5.2.1 Argentina EHealth Market by Product and Services
9.5.5.2.2 Argentina EHealth Market by End User
9.5.5.3 Rest of South and Central America EHealth Market
9.5.5.3.1 Rest of South and Central America EHealth Market by Product and Services
9.5.5.3.2 Rest of South and Central America EHealth Market by End User
10. IMPACT OF COVID-19 PANDEMIC ON GLOBAL EHEALTH MARKET
10.1 North America
10.2 Europe
10.3 Asia-Pacific
10.4 Middle East and Africa
10.5 South and Central America
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. EHEALTH MARKET, KEY COMPANY PROFILES
12.1. GENERAL ELECTRIC COMPANY
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. CERNER CORPORATION
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. KONINKLIJKE PHILIPS N.V.
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. MCKESSON CORPORATION
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. SIEMENS AG
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. ATHENAHEALTH, INC.
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. COMPUMED, INC.
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. MCKINSEY AND COMPANY
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. MEDTRONIC
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. CISCO SYSTEMS, INC.
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
1. General Electric Company
2. Cerner Corporation
3. Koninklijke Philips N.V.
4. Mckesson Corporation
5. Siemens AG
6. athenahealth, Inc.
7. CompuMed, Inc.
8. McKinsey & Company
9. Medtronic
10. Cisco Systems, Inc.
11. MEDHOST
12. INTERSYSTEMS CORPORATION
13. CANTATA HEALTH
14. BIOTELEMETRY, INC.
15. IHEALTH LAB, INC.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.