Overview and Scope
The digital transformation in healthcare market consists of revenues earned by entities by providing clinical transformation, operational transformation, patient experience transformation, data-driven transformation, interoperability transformation, and consumer health transformation. The market value includes the value of related goods sold by the service provider or included within the service offering. The digital transformation in healthcare market also includes sales of telemedicine platforms, wearable health devices, mobile health apps, artificial intelligence (AI) and machine learning tools, big data analytics platforms, and robotic process automation (RPA) systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Sizing and Forecast
The digital transformation in healthcare market size has grown rapidly in recent years. It will grow from $67.88 billion in 2023 to $81.02 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The growth in the historic period can be attributed to increasing demand for asset tracking, growing focus on workflow optimization, the need for improved patient safety, and increased focus on the safety and security of patients.
The digital transformation in healthcare market size is expected to see rapid growth in the next few years. It will grow to $166.33 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. The growth in the forecast period can be attributed to growing global population, rising number of patients, the rising demand for enhance patient care and safety, adoption of the real-time location systems (RTLS) in healthcare, increasing healthcare spending on a global scale, and governments prioritize modernizing healthcare systems. Major trends in the forecast period include launch of healthcare apps, new product launches, partnerships and collaborations, technological advancements, and integration of artificial intelligence and machine learning.
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Segmentation & Regional Insights
The digital transformation in healthcare market covered in this report is segmented –
1) By Solution: Software, Service
2) By Organization Size: Small And Medium Size Enterprises, Large Enterprises
3) By Technology: Artificial Intelligence, Cloud Computing, Big Data And Analytics, Internet of Things, Cybersecurity
4) By End User: Hospitals And Clinics, Pharma Companies, Life Science And Biotech Companies, Healthcare Insurance Providers
North America was the largest region in the digital transformation in healthcare market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital transformation in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing adoption of electronic health records (EHRs) is expected to propel the growth of digital transformation in the healthcare market going forward. Electronic health records (EHRs) are digital versions of patients’ paper charts that provide real-time, patient-centered records accessible instantly and securely to authorized users. The adoption of electronic health records (EHRs) is due to better patient care, incentives and regulations, increased data sharing, patient involvement, data analytics, and population health management. Digital transformation in healthcare significantly enhances electronic health records (EHRs) by integrating advanced technologies and improving system functionality, ensuring seamless data sharing and coordinated patient care across different healthcare providers. For instance, in 2021, according to the National Coordinator for Health Information Technology, a US-based government agency, the adoption of certified electronic health records, or EHRs, has increased significantly from 28% of hospitals and 34% of physicians ten years ago to 78% of office-based physicians and 96% of non-federal acute care hospitals in 2021. Therefore, the increasing adoption of electronic health records is driving the growth of the digital transformation in the healthcare market.
Key Industry Players
Major companies operating in the digital transformation in healthcare market are Roche Diagnostics, Midea Group, Medtronic plc, ABB Ltd. , Siemens Healthineers, Philips Healthcare, Stryker Corporation, GE Healthcare, Boston Scientific, Omron Corporation, Intuitive Surgical Inc., KUKA AG, Omnicell Inc., Allscripts Healthcare Solutions, InTouch Health, Kinova Robotics, Blue Ocean Robotics ApS, Vecna Robotics, Stereotaxis Inc., Aethon Inc., Intuition Robotics, Ateago Technology, VGo Communications Inc., ReWalk Robotics Ltd., Futronics Corporation
The digital transformation in healthcare market report table of contents includes:
1. Executive Summary
2. Digital Transformation In Healthcare Market Characteristics
3. Digital Transformation In Healthcare Market Trends And Strategies
4. Digital Transformation In Healthcare Market – Macro Economic Scenario
5. Global Digital Transformation In Healthcare Market Size and Growth
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32. Global Digital Transformation In Healthcare Market Competitive Benchmarking
33. Global Digital Transformation In Healthcare Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Digital Transformation In Healthcare Market
35. Digital Transformation In Healthcare Market Future Outlook and Potential Analysis
36. Appendix
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