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Digital Transformation in Healthcare Market - Forecast(2024 - 2030)
Digital Transformation in Healthcare Market Overview
The
market for Digital Transformation in Healthcare Market size is forecast to reach $20 billion by 2026,
growing at a CAGR of 10.4% from 2021 to 2026. The Digital Transformation in
Healthcare Market is estimated to witness substantial growth over the forecast
period primarily due to advancements in healthcare systems and improvements in
healthcare infrastructure and government initiatives and an increase in per capita
healthcare is driving the market growth. Digital transformation is the integration of
digital technology into all aspects of how healthcare business interacts with
patients, healthcare providers, and regulators. The rise in telemedicine has
improved doctor visits across multiple channels digitally and remote patient
monitoring uses digital technologies to monitor and capture medical and other
health data from patients electronically. Digital transformation is set to
improve electronic health record that gets generated during any clinical encounter.
Report Coverage
The report: “Digital Transformation in Healthcare Market– Forecast (2021-2026)”, by
Industry ARC covers an in-depth analysis of the following segments of the Digital
Transformation in Healthcare Market.
By
Technology – Artificial
Intelligence, Cloud Computing, Big Data Analytics and Internet of Things and
Others
By Component
– Software, Hardware and Services
By End User –
Hospitals and Clinics, Pharma
Companies, Life Science and Biotech Companies, Healthcare Insurance Providers
and Others
By
Geography - North America (U.S,
Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands
and Others), APAC(China, Japan India, SK, Australia, Indonesia and Others), South America(Brazil, Argentina, Chile, Colombia and
others), and RoW (Middle East and Africa).
Key Takeaways
- Digital Transformation in Healthcare Market is estimated to witness substantial growth over the forecast period primarily due to advancements in healthcare systems and improvements in healthcare infrastructure and government initiatives and increase in per capita healthcare
- Artificial Intelligence in healthcare enables physicians, doctors, and patients with more precise and accurate data and allows them to gain unprecedented insights in to diagnostics.
- Digital Transformation in healthcare is being implemented in different applications such as hospitals and clinics, pharma companies, life science and biotech companies and others
- ·North-America is projected to hold the largest share of Digital Transformation in Healthcare Market during the forecast period due growing demand for the healthcare sector in the region, specifically in the United States owing to the emerging technologies involved in digitalization
Digital Transformation in Healthcare Market Segment Analysis – By Technology
The market segment by technology into Artificial Intelligence, Cloud Computing, Big Data Analytics and Internet of Things. Artificial Intelligence segment is expected to grow at a higher CAGR during the forecast period 2021-2026. It is due to Artificial Intelligence that offers an array of advantages over clinical decision-making techniques. Implementation of AI in healthcare can enable physicians, doctors, and patients with more precise and accurate data, which allows them to gain unprecedented insights into diagnostics, care processes, treatment variability and patient outcomes. Big data analytics helps with the massive volume of data like financial, clinical, administration and operational data available in healthcare which empowers with meaningful actions to improve the overall operational efficiency of the industry.
Digital Transformation in Healthcare Market Segment Analysis – By End-User
The market
segment by end-user into hospitals and clinics, pharma companies, life science
and biotech companies, healthcare insurance providers and others. The hospitals
and clinics segment is the leading segment of all the segments in terms of
revenue. The focus on improving patient services has resulted in higher uptake
of digital software and services in hospitals and clinics. Digital
transformation in hospital and clinics helps healthcare provides streamline
operations, understands what patient requires, builds loyalty and trust, and
offers a better experience. Connected devices helps ease the burden on hospital
staff and help them in reporting key patient observations. Technical
advancements will help providers to efficiently increase the quality of care
delivered to every patient.
Digital Transformation in Healthcare Market Segment Analysis – By Geography
Digital Transformation in Healthcare market by geography has
been segmented into North America, Europe, APAC, South-America and RoW. North America is expected to dominate the Digital
Transformation in Healthcare Market with a CAGR of 22.21% in the forecast
period 2021-2026. The demand is majorly driven by the growing demand for the healthcare sector in the region, specifically in the United States. It is owing
to the emerging technologies involved in digitalization which includes IoT,
virtual reality and AI and Others. As per the National Institute on Aging, the
population aged 65 and over in the United States is anticipated to nearly
double in the next three decades which drives market growth of digital
transformation in healthcare in this region.
Digital Transformation
in Healthcare Market Share, By Geography
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Digital Transformation in Healthcare Market Drivers
- Government
initiatives and increase in per capita healthcare driving market growth
An increase in per capita healthcare and initiatives by governments are the
two factors fuelling the demand for enhanced healthcare services. Various
government and healthcare organizations such as hospitals, clinics and
pharmaceutical companies are increasing investments in their IT infrastructure
in order to better improve customer needs. Governments of countries such as
Canada, United States are planning to introduce digital initiatives to promote
innovation and digitalization in the healthcare sector. This is primarily to
encourage hospitals and clinics to adopt enhanced diagnostic tools and digital
healthcare services to serve patients efficiently. This in turn is likely to
increase the demand for digital transformation in healthcare in the near
future.
- Increase in penetration of connected
health technologies driving market growth
The increase in
penetration of connected health technologies with the convergence of digital media,
health technology and mobile devices are the major factors driving the digital
transformation in healthcare market. Various digital healthcare solution
providers are now focusing on offering technology-enabled care solutions to
enable the easy access of data and information and to improve the quality and
outcome of health and social care. And also with the development of healthcare
technology and increasing penetration of smart devices and smart wearable’s the
usage of connected health solutions is increasing which in turn provides market
growth for digital transformation in healthcare market.
Digital Transformation in Healthcare Market Challenges
- Data and Security Concerns
The
biggest challenge when it comes to digital transformation in healthcare
industry is the processing and analysis of data and the amount of data that
hospitals, clinics and health professionals collect. Almost 80% of healthcare
data is passing through the cloud server leaving patient data prone to
vulnerabilities of the cloud and individual mobile devices. Another healthcare
data security hazard is EHRs patient data can be accessed from provider’s
portal and if one store's data in unencrypted folders in the cloud which paves
way for hackers to access the patient’s personal data. In healthcare user
authentication deficiencies, endpoint leakage, and excessive user permissions
are the most common vulnerabilities.
Digital Transformation in Healthcare Market Landscape
Product launches,
acquisitions, and R&D activities are key strategies adopted by players in
the Digital Transformation in Healthcare Market. The Digital Transformation in
Healthcare top ten companies include:
- IBM Corporation
- CGI Group Inc.
- Accenture PLC
- Deloitte LLP
- HCL Technologies
- AT&T Inc.
- PWC LLP
- GE Healthcare Ltd.
- Dell Inc.
- Cisco Systems Inc.
Acquisitions/Technology Launches/Partnerships
·
In Aug 2021, Royal Philips launched
new Philips HealthSuite Solutions that are secure, cloud-based and intended to
break down barriers across patient care in a scalable, cost-effective model. Philips
HealthSuite helps health systems deliver on the quadruple aim through a
connected, protected, future-ready and cost-predictive single cloud
infrastructure and SaaS model.
·
In June 2020, Wipro Ltd, announced
its collaboration with IBM Corporation to assist Wipro customers embark on a
seamless and secure hybrid cloud journey. This alliance helps Wipro develop
hybrid cloud offerings to help businesses manage, migrate and transform
mission-critical workloads and applications with security across private and
public cloud and on-premises environments.
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