Digital Transformation Healthcare Market
The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Digital Transformation Healthcare Market. The growth sectors of the Digital Transformation Healthcare Market are identified with precision for a better growth perspective.
The ‘global digital transformation healthcare market analysis’ is a specialized and in-depth study of the healthcare industry, with a scrupulous focus on the global market trend analysis. Market Research Future digs the reality and states that the global digital transformation healthcare market can garner to reach USD 50.15 billion by 2024, at a CAGR of 14.5% during the forecast period of 2019–2024. The study also provides key statistics on the status of the leading market by focusing on key drivers, market players, key trends and opportunities for the future.
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Key Drivers & Challenges
The foremost factors driving the growth of the global digital transformation healthcare market are the introduction of technologies such as AI, IoT, big data, and more. The advances in digital technology have equally led to extensive use in several applications that have been driving the digitalization across the healthcare industry, globally. Since past years, digitalization has transformed the healthcare sector to a great extent with new capabilities. Digitalization has now enabled quick and easy access to information of a patient and can be shared immediately from any device in real-time. Such innovation has let the medical professional take prompt decision about the process of surgery for the patient.
At the same time, various factors that are forwarding the digital transformation in healthcare are mounting demand for increased efficiency and success rate of surgeries. In addition, the growing use of smartphones and mobile apps related to healthcare, fast adoption of cloud services and escalating penetration of IoT devices have also contributed significantly to the market’s growth.
On the other hand, at present, analytics has become an indispensable part of the healthcare industry. It reduces the manual work for the operators with the help of arranging the records as per the requirement. The healthcare analytics provide insights for patient records, hospital management and costs, and diagnosis. Healthcare analytics also offers financial and administrative data with the information that provide better services, aid patient care, and can lead to improving the existing procedure. These factors have also contributed to the market’s growth and are expected to go on rising during the assessment period.
On the flip side, the factor of the mount in digitalization has led to large-scale data generation with patient information, critical information about the organizations, data breaches, and much other crucial details can hamper the growth of the digital transformation healthcare market in its growth period.
The worldwide digital transformation market, as per the study, is segmented by component, organization size, technology, business function, and end-user.
With respect to the component: Hardware, software, and services are the segments.
With respect to organization size: Large enterprises and SMEs are the segments.
With respect to technology: Artificial intelligence (AI), cloud computing, big data & analytics, and internet of things (IoT) are the segments.
With respect to business function: Operational transformation, workforce transformation, Customer transformation, as well as product transformation, are the segments.
In terms of end-user: Hospitals, pharmaceutical companies, and clinics and laboratories are the segments.
Geographically, the global digital transformation in healthcare market study has been conducted among the key regions of North America, Europe, Asia-Pacific, and the rest of the world.
Among these, the North America region held the largest market share in 2018 with the presence of the key vendors such as Microsoft Corporation, Dell EMC, IBM Corporation, Google LLC and more like them. These companies are a contribution to various solutions and services for the healthcare industry, hospitals, and clinics by sharing the information in real-time. These factors are to drive the growth of the market in this region. Apart from this, the mounting number of cyber-attacks targeting healthcare institutions is also driving the market in the region.
Europe region occupies the second largest market share in digitalization of healthcare, owing to the existence of various countries such as the UK, France, Germany, Italy, and more.
MRFR study recognizes the market players in the global digital transformation healthcare market such as Cognizant (US), SAP SE (Germany), Dell EMC (US), Microsoft Corporation (US), Accenture PLC (Ireland), CA Technologies (US), IBM Corporation (US), Google LLC (US). Adding to more, Oracle Corporation (US), Adobe Systems (US), HCL Technologies (India), TIBCO Software (US), Marlabs (US), Hewlett Packard Enterprise (US), Equinix (US) and to name a few are contributing to the market’s share.
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