The market for digital transformation in healthcare is growing rapidly as healthcare providers, payers, and other stakeholders recognize the benefits of digital technologies in improving patient outcomes, reducing costs, and improving the overall efficiency of healthcare delivery.
The market for electronic health records (EHRs) is one of the largest segments of the digital health market. EHRs are used by healthcare providers to store and manage patient information, including medical history, medications, and laboratory results. The growing adoption of EHRs is driven by factors such as the need to improve patient outcomes, reduce costs, and comply with regulatory requirements.
The market for telemedicine is also growing rapidly. Telemedicine allows healthcare providers to consult with patients remotely, using video conferencing, phone, or messaging. This can be especially useful for patients in remote or underserved areas, as well as for patients with mobility limitations. The growing popularity of telemedicine is driven by factors such as the need to reduce costs and improve access to care.
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How Historical & Future Projections for Digital Transformation in Healthcare Market Compare?
From 2016 to 2020, the digital transformation in healthcare market registered a CAGR of 10.4%. Surge in adoption of novel and advanced technologies across various applications within the healthcare industry is likely to drive the market over the coming years.
Introduction of healthcare mobile applications and incentive programs by government agencies have played a crucial role in the healthcare sector. With this trend forecast to continue through the coming years, the digital transformation in healthcare market will rise at a positive pace.
Moreover, digital healthcare is seen as a trending technology in developed economies such as Germany, the U.S., China, and so on. Overall, the global market for digital transformation in healthcare is projected to fare even better over the coming years, expanding at a remarkable CAGR of over 14% through 2031.
Competition Landscape
The digital transformation in healthcare market represents a fragmented competition landscape, where top players are focusing on entering into the partnerships and collaborations with local & regional manufacturers and distributors to strengthen their global footprint.
- For instance, in February 2021, HCL Technologies, and Alteryx, Inc., a leader in analytic process automation (APA), announced a global strategic alliance to help companies across the globe succeed in their analytics automation and digital transformation priorities. As part of this strategic engagement, HCL has also been named an Alteryx Elite Alliance Partner.
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Future Market Insights has profiled the following prominent digital healthcare solutions providers in its report:
- IBM Corporation
- CGI Group Inc.
- Accenture PLC
- Deloitte LLP
- HCL Technologies
- AT&T Inc.
- PWC LLP
- GE Healthcare Limited
- Atos Syntel
- Medtronic
- Dell Inc.
- Cisco Systems, Inc.
Key Implications: Digital Transformation of Healthcare Market
- Global Digital Transformation of Healthcare Market is projected to register a CAGR of over 14% during the forecast period 2021-2031
- Presence of sophisticated healthcare infrastructure supports US expansion, accounting for more than 80% of total North American demand
- Investments in smart healthcare will boost year-over-year growth in the UK to 14.4% in 2021.
- Exponential growth will be possible in Germany and France, particularly due to increased spending on expanding healthcare.
- China is expected to remain the market leading the digital transformation of healthcare in East Asia, while Japan is expected to grow at a faster pace.
Key Segments Covered
Solution
- Software
- Electronic Health Record (EHR) Software
- Connected Medical Billing
- Healthcare Information System (HIS)
- Healthcare CRM Software
- Healthcare ERP Software
- Healthcare Collaboration Tools
- Telehealth Software (Remote Patient Monitoring)
- Others
- Service
- Digital Transformation Consulting
- Digital Transformation Technology Implementation & Integration
- Support & Maintenance
- Others
End User
- Hospitals & Clinics
- Pharma Companies
- Life Science & Biotech Companies
- Healthcare Insurance Providers
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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