Digital Transformation in Healthcare Market Scope

Global Digital Transformation in Healthcare Market Highlights Over 2023 - 2033

The global digital transformation in healthcare market is estimated to garner a significant revenue by the end of 2033 by growing at a CAGR of ~15% over the forecast period, i.e., 2023 – 2033. Further, the market generated a notable revenue in the year 2022. The growth of the market can be attributed to the increasing shift towards electronic medical records. More than 1,250 healthcare institutions in the United States have participated in the national EHR.

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Digital transformation in healthcare refers to the adoption of innovative technologies for taking the patients care to a new level and improving work efficiency in hospitals. The major benefits of digital transformation are lowering the cost of healthcare services, improving patient outcomes, and reducing human error.  Furthermore, the patients’ health is monitored continuously using mobile apps for providing personalized healthcare services. Therefore, the rising use of smartphones is expected to boost the growth of the global digital transformation in healthcare market. For instance, there are more than 5.0 Billion smartphone users around the globe.

Global Digital Transformation in Healthcare Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Adoption of Telehealth– After the COVID-19 pandemic, there has been an increasing adoption of the telehealth trend for accessing healthcare services remotely. Therefore, it is projected to drive the growth of the global digital transformation in the healthcare market. More than 20 percent of Americans are using telehealth in the year 2022 in the United States.

• High Adoption of Artificial Intelligence in Healthcare– More than 30 percent of healthcare organizations have been planning to adopt artificial intelligence in the next two years.

• Rising Penetration of Medical Devices– As per the India Brand Equity Foundation, foreign investments in the medical devices sector in the financial year 2020 have increased to USD 301.01 Million in India.

• Surging Healthcare Expenditure – According to the World Bank, the percentage of GDP accounting for current health expenditure has raised from 9.38 percent in 2011 to 9.83 percent in 2019.

Challenges

• Threat to Privacy

• High Cost for the Digital Innovation

• Complexity Related to Collecting, Processing, and Assembling of Information

The global digital transformation in the healthcare market is segmented and analyzed for demand and supply by end-use into pharma companies, hospitals & clinics, healthcare insurance providers, biotech companies, and others. Out of these, the hospitals & clinics segment is anticipated to hold the largest share over the forecast period owing to the digitalization of the patient’s records, and the growing adoption of surgery robots, medical sensors, and biomed devices. For instance, there are more than 5,500 da Vinci systems that have performed more than 8 Million procedures across the globe

Global Digital Transformation in Healthcare Market Regional Synopsis

Regionally, the global digital transformation in healthcare market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 on the back of a rising percentage of population and urbanization rate. According to the World Bank, the total Indian population has increased from 1.06 Billion in 2000 to 1.39 Billion in 2021.

Market Segmentation

Our in-depth analysis of the global digital transformation in the healthcare market includes the following segments:

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Key Companies Dominating the Global Digital Transformation in Healthcare Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global digital transformation in the healthcare market that are included in our report are Microsoft Corporation, Oracle Corporation, SAP SE, Hewlett Packard Enterprise Development LP, IBM Corporation, Accenture PLC, HCL Technologies, Alphabet Inc., Adobe, TIBCO Software Inc., and others.

Global Digital Transformation in Healthcare Market: Latest Developments

• June, 2020: Wipro Limited announced a partnership with IBM Corporation to help Wipro customers embark on a seamless and secure hybrid cloud journey. Furthermore, Wipro will develop hybrid cloud offerings through this alliance to assist businesses in migrating, managing, and transforming mission-critical workloads and applications while maintaining security across public or private cloud and on-premises IT environments.

• February, 2020: Oracle Health Insurance (OHI) announced that it has been selected by HBF, Western Australia's largest private health insurer to help it with its digital transformation. The move is part of the company's larger technology investment to modernize its systems and processes as it strives to provide the best experiences to its members, employees, and providers while becoming one of the largest health insurance companies in the country.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal. 

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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