ID: MRFR/ICT/6715-HCR | February 2021 | Region: Global | 111 pages
The Global Digital Transformation in the Healthcare Market is estimated to reach USD 50.15 billion by 2024, registering a CAGR of 14.5% during the forecast period of 2019–2024.
Advances in digital technology have led to its use in several applications. The introduction of technologies such as AI, IoT, big data, and others are driving the digitalization across industry verticals including healthcare. Digitalization has transformed the healthcare sector with new capabilities. Now the information of a patient can be shared immediately from any device in real-time, letting the medical professional take the decision about the process of surgery for the patient. There are various factors which are driving digital transformation in healthcare such as demand for increased efficiency and success rate of surgeries, rising utilization of smartphones and mobile apps related to healthcare, rapid adoption of cloud services and increasing penetration of IoT devices. Moreover, analytics has become an essential part for the healthcare industry as it reduces the manual work for the operators by arranging the records as per the requirement. The healthcare analytics provides insights for patient records, hospital management, costs, diagnosis, and more. Healthcare analytics also provides a combination of financial and administrative data with the information that can offer better services, aid patient care, and can lead to improving the existing procedure
With the introduction of AI in healthcare, various hospitals, companies, and clinics have undergone advancement in their processes where this technology assists the patient with their daily routines by reminding them the task to be completed within a day such as taking medicine, follow-ups, and others. However, the increase in digitalization has led to large-scale data generation, these data sets, containing patient information, critical information about the organizations, and any other crucial information need to be secured against data breaches, this issue is hampering the growth of the market.
MRFR recognizes the key players in the global digital transformation in healthcare market as IBM Corporation (US), Microsoft Corporation (US), SAP SE (Germany), Dell EMC (US), Google LLC (US), Accenture PLC (Ireland), CA Technologies (US), Cognizant (US), Adobe Systems (US), Oracle Corporation (US), Hewlett Packard Enterprise (US), HCL Technologies (India), TIBCO Software (US), Marlabs (US), Equinix (US) among other.
The global digital transformation market has been segmented based on component, organization size, technology, bussiness fuction, end-user, and region.
By component, the market has been segmented into hardware, software, and services.
By organization size, the market has been segmented into large enterprises and SMEs.
By technology, the market has been segmented into artificial intelligence (AI), cloud computing, big data & analytics, and internet of things (IoT)
By business function, the market has been segmented into customer transformation, workforce transformation, operational transformation, and product transformation
By end-user, the market has been segmented into hospitals, pharmaceutical companies, and clinics and laboratories.
By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Global Digital Transformation in Healthcare, 2018–2024 (USD Billion)
Source: MRFR Website
The global digital transformation in healthcare market is estimated to grow at a significant rate during the forecast period from 2018 to 2024. The geographical analysis of digital transformation in healthcare has been conducted for North America (the US, Canada, Mexico), Europe (the UK, Germany, France, Spain, Italy, the rest of Europe), Asia-Pacific (China, Japan, India, Singapore, and the rest of Asia-Pacific), and the rest of the world (Middle East and Africa and South America).
North America held the largest market share in 2018 due to the presence of vendors such as IBM Corporation, Microsoft Corporation, Dell EMC, Google LLC, among others. These companies are offering various solutions and services for the healthcare industry, hospitals, and clinics by sharing the information in real-time which drives the growth of market. Moreover, increasing cyber-attacks targeting healthcare institutions are also driving the market in the region. Europe holds the second largest market share in digitalization of healthcare, due to the presence of various countries such as the UK, France, Germany, Italy, and others.
Frequently Asked Questions (FAQ) :
The global market of digital transformation in healthcare is expected to expand at 14.5% CAGR across the forecast period (2019–2024) due to a plethora of benefits digitalization has bought to the healthcare industry. The positive impact of modern technologies is expected to increase the digital transformation in healthcare market worth. MRFR estimated the worldwide digital transformation in healthcare market to worth USD 50.15 billion by 2024.
IBM Corporation (US), SAP SE (Germany), Microsoft Corporation (US), Google LLC (US), Dell EMC (US), and Accenture PLC (Ireland) are some leading digital transformation in healthcare solutions providers.
The presence of numerous digital transformation in healthcare solutions developers and suitable technical base in the US are some of the factors that are expected to let the digital transformation in healthcare market in the North America stay ahead of the growth curve.
Disruptive technologies, such as artificial intelligence (AI), big data & analytics, cloud computing, and internet of things (IoT) are deployed extensively in the healthcare industry that is likely to bolster the expansion of the global digital transformation in healthcare market.
Digitalization is observed to have a huge impact on the healthcare sector. Remote treatment and monitoring of patients are possible due to digitalization. IoT and improved network connectivity are benefitting the healthcare sector in several ways.