Digital Transformation in Healthcare Market Gains Momentum, Eyeing US$ 253.6 Billion by 2033

The global digital transformation in healthcare market is valued at approximately US$ 65.2 billion in 2023. It is anticipated to grow to about US$ 253.6 billion by 2033, with a consistent annual growth rate of 14.5% from 2023 to 2033.

As digital health platforms like telehealth, mobile health, and wireless technologies become more common in medical facilities and nursing homes, they are providing patients with immediate access to medical care. This has made digital health a widely recognized term in healthcare.

The impact of digital technology on various sectors such as public, retail, banking, financial services, and insurance (BFSI), and production is tremendous, but it has evolved into a game-changing technology in the medical field as end users’ reliance on digital health platforms grows.

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The emergence of healthcare smartphone applications and incentive proposals by government agencies have performed an essential part in the healthcare sector. With this scenario anticipated to continue in the coming years, the healthcare market’s digital transformation will likely accelerate. Furthermore, in nations such as Germany, the United States, China, and others, digital healthcare is regarded as an emerging technology.

Key Takeaways from the Digital Transformation in Healthcare Market Report:

• Between 2018 and 2022, the digital transformation in healthcare market grew at a CAGR of 21.4%.
• As per the report, the United States accounted for 21.2% of the global market in 2022.
• Over the forecast period, the digital transformation of healthcare in the United Kingdom is expected to grow at a CAGR of 16.1%.
• Over the forecast period, the digital transformation of the Chinese healthcare market is expected to grow at a CAGR of 15.5%.
• The hospitals and clinics segment was expected to account for 39.7% of the market in 2022.

Competitive Landscape:

The digital transformation of the healthcare sector demonstrates a fragmented rivalries landscape, with major brands focusing on forming alliances and working together with local and regional manufacturers and distributors to broaden their international reach.

• HCL Technologies and Alteryx, Inc., a leader in analytic process automation (APA), disclosed a global strategic alliance in February 2021 to assist firms around the world in achieving their analytics automation and digital transformation goals. HCL has also been identified as an Alteryx Elite Alliance Partner as part of this joint venture.
• Wipro Ltd. disclosed a partnership with IBM Corporation in June 2020 to help Wipro customers embark on a seamless and secure hybrid cloud journey. Wipro will create hybrid cloud offerings to assist businesses in managing, migrating, and transforming mission-critical applications and tasks while maintaining safety across private or public cloud and on-premises IT environments.

Leading Key Players:

• IBM Corporation
• CGI Group Inc.
• Accenture PLC
• Deloitte LLP
• HCL Technologies
• AT&T Inc.
• PWC LLP
• GE Healthcare Limited
• Atos Syntel
• Medtronic Plc.
• Dell Inc.
• Cisco Systems Inc.

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