The Global Digital Transformation in Healthcare Market Expected to Advance at $1651.19 Billion by 2028

July 29 14:16 2021
The Global Digital Transformation in Healthcare Market Expected to Advance at $1651.19 Billion by 2028

The Global Digital Transformation in Healthcare Market
As per Triton’s research report, the global digital transformation in healthcare market attained $249.88 billion in 2020, and is likely to grow at a CAGR of 27.84% by 2028.

A recent study by Triton Market Research titled ‘Global Digital Transformation in Healthcare Market’ comprises the Global Analysis and Forecasts by Delivery Model (On-Premise, Cloud), End-user (Healthcare [Homecare, Provider, Payer], Lifesciences, Other End-users), Application (Customer Transformation, Workforce Transformation, Operational Transformation, Product Transformation), Technology (mHealth, AR VR, IoMT, Blockchain, Big Data Analytics, Robotics, Telehealth, AI), Product & Services (Product, Services), and by Geography (Asia-Pacific, Middle East and Africa, Europe, North America, Latin America). 

 

The restructuring of manual business processes using digital technologies is known as digital transformation. In the healthcare sector, several technologies are adopted, such as VR, big data analytics, AI, and others. 

 

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Triton’s research report infers that the global digital transformation in healthcare market is probable to advance at a CAGR of 27.84% during the predicted years 2021-2028. It is further estimated to acquire revenue worth $1651.19 billion by 2028.

As per estimates, several IT companies are set to focus on developing real-time applications and software relating to the healthcare sector, which will boost the studied market’s growth. Moreover, the surge in smartphone adoption will enable the rise in eHealth adoption across major countries. Hence, the increase in eHealth services is estimated to drive the growth of the market. Additionally, the growing need for qualified medical professionals and a high level of patient engagement is motivating the development of the digital transformation in healthcare market. However, various policies for public healthcare, security risks relating to medical data, and costly technologies are hampering the digital transformation in healthcare market’s progression. 

The digital transformation in healthcare market is segmented into delivery model, end-user, application, technology, and product & services. Based on the delivery model, it is bifurcated into on-premise and cloud. The end-user segment is divided into healthcare, life sciences, and other end-users; with healthcare sub-sectioned into homecare, provided, and payer. Further, the application section is branched into customer transformation, workforce transformation, operational transformation, and product transformation. The technology segment is subdivided into mHealth, AR VR, IoMT, blockchain, big data analytics, robotics, telehealth, and AI. Lastly, the product & services section includes product and services. 

Globally, North America is leading in the digital transformation in healthcare market. This robust growth can be attributed to the exponential growth in remote patient monitoring and telehealth services. Moreover, the large population base has enhanced the patient pool in the US more than Canada, which supports the market’s growth in the country. Additionally, the region has emerged as a technological hub for various companies, leading to the rise in advanced solutions in the healthcare sector. All these factors are anticipated to offer lucrative opportunities to the digital transformation in healthcare market across North America. 

Siemens Healthineers, Infosys Limited, Microsoft Corporation, Tata Consultancy Services Ltd, HCL Technologies Ltd, GE Healthcare, International Business Machines Corporation (IBM), Schneider Electric SE, Cognizant Technology Solutions, Philips Healthcare, Alphabet Inc (Google), Wipro Ltd, Accenture Plc, Medtronic Plc, and Apple Inc are well-known companies in the digital transformation in healthcare market.   

 

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Question & Answer: Digital Transformation in Healthcare Market

Question 1: What major factors are motivating the development of the digital transformation in healthcare market?

Answer: As per estimates, several IT companies are set to focus on developing real-time applications and software relating to the healthcare sector, which will boost the studied market’s growth. Moreover, the surge in smartphone adoption will enable the rise in eHealth adoption across major countries. Hence, the increase in eHealth services is estimated to drive the growth of the market. Additionally, the growing need for qualified medical professionals and a high level of patient engagement is motivating the development of the digital transformation in healthcare market. 

Question 2: What factors are hampering the digital transformation in healthcare market’s progression?

Answer: Several policies for public healthcare, security risks relating to medical data, and costly technologies are hampering the digital transformation in healthcare market’s progression.  

Question 3: Which region is leading in the digital transformation in healthcare market?

Answer:  Globally, North America is leading in the digital transformation in healthcare market. This robust growth can be attributed to the exponential growth in remote patient monitoring and telehealth services. Moreover, the large population base has enhanced the patient pool in the US more than Canada, which supports the market’s growth in the country. Additionally, the region has emerged as a technological hub for various companies, leading to the rise in advanced solutions in the healthcare sector. All these factors are anticipated to offer lucrative opportunities to the digital transformation in healthcare market across North America. 

Question 4: Which are the well-known companies in the digital transformation in healthcare market?

Answer: Siemens Healthineers, Infosys Limited, Microsoft Corporation, Tata Consultancy Services Ltd, HCL Technologies Ltd, GE Healthcare, International Business Machines Corporation (IBM), Schneider Electric SE, Cognizant Technology Solutions, Philips Healthcare, Alphabet Inc (Google), Wipro Ltd, Accenture Plc, Medtronic Plc, and Apple Inc are well-known companies in the digital transformation in healthcare market.

Related Report:

Global Artificial Intelligence (AI) in Healthcare Market 

The global artificial intelligence in healthcare market is likely to progress at a CAGR of 40.48% during the considered period of 2019-2027.

The evolution of digital capacity refers to more data storage in the digital space. Moreover, the world of big data, which includes a vast amount of data, will require AI to keep track of the growing data. 

Factors such as the rising use of big data, the increasing importance of precision medicine, and the growing need for real-time monitoring systems support the studied market’s growth. 

Additionally, the integration of software with AI, coupled with rapid growth in robotics, generates new opportunities for AI in healthcare market.

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