Increasing Reliance on Smart Healthcare for Improved Patient Care Steering Digital Transformation in Healthcare Market Growth

Digital Transformation in Healthcare
Digital Transformation in Healthcare

The global digital transformation in healthcare market is projected to expand at an impressive CAGR of 14% over the forecast period of 2021-2031. Digital healthcare is prevalent in economies such as the U.S., Germany and China. It is gradually making inroads across many developing countries, which is providing growth avenues for players operating in this sector.

Increasing per capita healthcare expenditure is a major factor driving the demand for enhanced digital healthcare services. Additionally, increasing penetration of connected health technologies is contributing to the growth of the market.

Several government and healthcare organizations such as hospitals, clinics and pharmaceutical companies are increasing investments in digital healthcare systems to provide better patient care. This also has created opportunities for growth of players operating in the IT sector as the demand for digital healthcare solutions is expected to increase by the day.

Digital healthcare providers are mainly focusing on technology-enabled healthcare solutions that offer optimal remote monitoring and easy access to data and information with increased outcome of health and social care, finds ESOMAR-certified firm FMI in this study.

During the COVID-19 pandemic, the usage of digital healthcare systems and cloud-based technologies gained traction for remote monitoring of COVID-19 patients. Technologies such as AI helped ease out the data processing for doctors and in hospitals.

Rising need for remote monitoring devices and the demand for digital message that send alerts on patients’ health to help them adhere to long-term treatment courses are fueling the demand for connected healthcare solutions and boosting the growth of digital transformation in healthcare market,” remarks the FMI analyst.

Key Takeaways:

  • With conscious efforts by the government and international organizations, the U.S. is experiencing rapid adoption of digital solutions in the healthcare sector.
  • The digital health mission announced by the Government of India to tackle public health crisis has provided opportunity to various players in the market.
  • The healthcare industry in China is currently the second largest, after the U.S. and the country is trying to adopt more digitally enhanced technologies to improve its healthcare infrastructure, opening avenues for growth.
  • According to data compiled by UK’s National Health Service (NHS), the organization saw an uptake in the usage of digital healthcare services in the wake of COVID-19 pandemic, thus resulting in further adoption of the technology in the U.K. healthcare sector.
  • Among digital healthcare solutions available, electronic health record software will remain highly sought-after.

Prominent Drivers:

  • Efforts to streamline operations and easy access to patient data will boost the growth of the market.
  • Increasing per capita expenditure in healthcare and high penetration of technology in the sector will fuel the growth of the market.
  • Government authorized initiatives that are aimed towards better public healthcare will propel the demand for digital healthcare devices.

Key Restraints:

  • Rising cyber-security and data breach concerns will negatively impact the growth of the market.
  • Complexity of the devices, user authentication deficiencies and endpoint leakage in the digital healthcare devices will negatively impact the sales.
  • Inability to collect synchronized data will result in failure in streamlining operations, hence affecting the sales and market growth.

Competitive Landscape

According to FMI, the digital transformation in healthcare market exhibits a fragmented, where key players are focusing on partnerships and acquisitions with local &regional players to strengthen their global footprint. For instance:

  • In February 2021, HCL Technologies announces a global collaboration with Alteryx Inc., a leader in analytic process automation (APA) to offer enhanced digital transformation and analytics automation across the globe.
  • In June 2020, Wipro Ltd. its collaboration with IBM Corporation to assist their customers to embark on a secure and seamless hybrid cloud journey. The alliance gave a kickstart to the development of various cloud offerings, with keeping data security at the forefront.

Leading Players Profiled by FMI in the Digital Transformation in Healthcare Market include:

  • 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.
  • Wipro Limited
  • Cognizant
  • Microsoft Corporation
  • Oracle Corporation
  • SAP SE
  • Equinix, Inc.
  • Siemens Healthineers AG
  • Tech Mahindra Limited

For more insights into the Market, Request a Sample of this Report@ https://www.futuremarketinsights.com/reports/sample/rep-gb-708

More Insights into FMI’s Digital Transformation in Healthcare Market

The latest market study on global digital transformation in healthcare market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of

By 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

By Service

  • Digital Transformation Consulting
  • Digital Transformation Technology Implementation & Integration
  • Support & Maintenance

Others

By End User

  • Hospitals & Clinics
  • Pharma Companies
  • Life Science & Biotech Companies
  • Healthcare Insurance Providers
  • Others

By Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa (MEA)