Global Digital Transformation in Healthcare Market Size worth USD 210.00 Billion by 2025 at 14.2% CAGR - Report by Credible Markets Research (CMR)

February 22, 2022, New York, USA -

Digital Transformation in Healthcare: Introduction

Digital transformation is an integration of electronic technology across all functional areas of an organization that fundamentally transforms how businesses run and provide value to their customers.

The increase in global sales is mostly due to the growing use of cutting-edge technologies like IoT, AI, robotics and other technologies across various sectors. Companies that are moving away from traditional models of business and more technologically advanced business models aid in the development of digital platforms which can improve the efficiency of performance.

The major players in the industry are taking significant initiatives to encourage customers to adopt digital solutions, helping to grow the market.

The Global Digital Transformation in Healthcare Market Forecast: 

Global Digital Transformation in Healthcare Market has shown substantial growth, and the market size is anticipated to reach USD 210.00 Billion by 2025, at a CAGR of 14.2% over the forecast period 2020 to 2025.  

The Global Digital Transformation in Healthcare Market Overview: 

In healthcare, the digital transformation improves the quality of care as well as expands access to it. Digital services like electronic health records (EHR), telemedicine and artificial intelligence are used and provided by health facilities to enhance the quality of care for patients, save time, increase efficiency, decrease errors and improve the productivity of staff.

Digital transformation in healthcare is improving the quality of care given to patients through offering patient-centric healthcare to patients. It also helps manage all healthcare processes and reduce the risk of mistakes. Nowadays, medical device manufacturers are also utilizing digital technology to increase efficiency.

Market Trend and Dynamics of the Global Digital Transformation in Healthcare Market:

Market Trends:

The growing use of connected health technologies and the increasing convergence of health technology and mobile devices are among the primary factors driving the digital transformation of the healthcare industry. Different digital healthcare solutions providers are now focused on providing technology-based solutions for healthcare that facilitate access to data and information and enhance the quality and outcomes of social and health care. Furthermore, with the advancement of technology for healthcare and the increasing use of smart devices and wearables, the use of health-related solutions that are connected is growing.

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In addition, the increasing demand for remote monitoring for keeping track of the health of patients as well as the growing demand for digital notifications that inform patients to stick to the long-term course of treatment is boosting the need for connected health, thereby increasing the demand for the digital revolution in the healthcare industry.

Market Opportunities:

A rising cost per capita for healthcare is driving the need for better healthcare services. Numerous healthcare and government organizations, including hospitals, clinics, pharmaceutical companies and hospitals, are investing more in IT infrastructure to meet customer demands better. This is anticipated to increase demand for digital healthcare services and solutions in the coming years.

Furthermore, the governments of countries like Canada or those in the U.S. are focusing on creating digital initiatives to help promote technological innovation and digitalization in the health sector. This is mostly to motivate health clinics and hospitals to implement improved diagnostic tools as well as digital healthcare services that can serve patients with efficiency. These aspects are likely to drive demands for digital healthcare solutions in the near future.

Market Restraints:

One of the biggest challenges in the field of healthcare is the analysis and processing of data. A large part of the issue is caused by the huge amount of data clinics, hospitals as well as health professionals accumulate. Data collection and synchronization is different issue. Due to the growth of telemedicine, doctor's visits are being conducted through many channels, making it difficult for medical professionals to keep up-to-date the health records of patients.

In addition, cybersecurity is a major issue across all industries, and healthcare is no different. Companies must be alert to cyber-attacks that could be extremely expensive. A study conducted by IBM, found that healthcare companies were the most expensive to repair with data breaches. They were three times greater than those in other sectors. In healthcare, security issues, leakage of endpoints, and excessive user permissions are the top three weaknesses. Implementing the right measures to protect these areas is vital for the security of healthcare institutions.

The Key Market Segmentation of the Global Digital Transformation in Healthcare Market: 

This Research Report Categorized The Global Digital Transformation in Healthcare Market Based on Technology, Components, Business Function, Organization Size, End-Users, and Geographical Landscape.

Digital Transformation in Healthcare Market Segmentation By Technology:

Artificial intelligence (AI), 

Cloud computing, 

Big data and analytics, 

Internet of things (IoT).

Digital Transformation in Healthcare Market Segmentation By Component:

Software

Hardware

Services

Digital Transformation in Healthcare Market Segmentation By Business Function:

Customer transformation, 

Workforce transformation, 

Operational transformation, 

Product transformation.

Digital Transformation in Healthcare Market Segmentation By Organization Size:

Large Enterprises

Small Enterprises

Digital Transformation in Healthcare Market Segmentation By End-Users:

Hospitals and clinics, 

Pharmaceutical companies, 

Home care settings, 

Others.

Digital Transformation in Healthcare Market Segmentation By Geographical Landscape:

North America

Europe

Asia Pacific

South America

Middle East and Africa

Major Key Players in the Global Digital Transformation in Healthcare Market Are:

• IBM Corporation
• CGI Group Inc.
• Accenture PLC
• PWC LLP
• Atos Syntel
• Medtronic
• Equinix, Inc.
• Siemens Healthineers AG
• GE Healthcare Limited
• Deloitte LLP
• HCL Technologies
• AT&T Inc.
• Tech Mahindra Limited
• Cognizant
• Microsoft Corporation
• Oracle Corporation
• Dell Inc.
• Cisco Systems, Inc.
• Wipro Limited
• SAP SE

The Covid-19 Impact Analysis:

The epidemic is opening up opportunities for digital healthcare solutions providers since the use of cloud-based technology and telehealth is growing in popularity. M-health technology can be used to monitor patients with mild symptoms that have tested positive for COVID-19.

During the time of the pandemic, AI specifically played an important role in COVID-19 detection. The first time-consuming blood tests have been replaced with doctors who attempted the diagnosis of disease using X-rays and CT scans. Because the virus was new and the characteristics and causes unknown, doctors were confronted with large volumes of data and a shortage of time.

AI is aided by auto-learning from existing data sources to make accurate predictions. Because of the pandemic, demand has increased for remote monitoring of patients, and companies are coming up with new technologies to monitor remotely and screen patients who are infected by COVID-19. This is why the demand for digital healthcare solutions is predicted to increase between 2020 and 2021.

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