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.
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.
Technology – Artificial
Intelligence, Cloud Computing, Big Data Analytics and Internet of Things and
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).
- 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
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.
· 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.
Report Code: ITR 28929
Report Code: HCR 1283
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