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What is the present valuation and projected CAGR of the digital transformation in healthcare market?
The digital transformation in healthcare market size has grown rapidly in recent years. It will grow from $81.02 billion in 2024 to $97.19 billion in 2025 at a compound annual growth rate (CAGR) of 20.0%. 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 $198.91 billion in 2029 at a compound annual growth rate (CAGR) of 19.6%. 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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Which industry factors have accelerated the digital transformation in healthcare market’s expansion?
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 October 2023, according to a report published by the Oxford Academic, a UK-based research platform that provides access to academic books and journals, basic Electronic Health Records (EHR) adoption increased from 6.6% to 81.2%, while comprehensive systems rose from 3.6% to 63.2%. Large hospitals have a 7% higher comprehensive EHR adoption rate than medium-sized hospitals and are over 34% ahead of small hospitals. Therefore, the increasing adoption of electronic health records is driving the growth of the digital transformation in the healthcare market.
What are the primary segments of the digital transformation in healthcare market?
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
Subsegments:
1) By Software: Electronic Health Records (Ehr), Telemedicine Solutions, Healthcare Analytics Software, Clinical Decision Support Systems (Cdss), Patient Management Software, Healthcare Crm Software, Blockchain Solutions For Healthcare
2) By Service: Consulting Services, Implementation Services, Integration Services, Support And Maintenance Services, Training Services, Managed Services
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Which firms are leading the digital transformation in healthcare market?
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
Which market trends are set to define the future of the digital transformation in healthcare market?
Major companies operating in the digital transformation in the healthcare market are focusing on developing innovative technologies, such as digitalization solutions, to strengthen their position in the market. Digitalization solutions refer to technologies, strategies, and services that transform traditional analog or manual processes into digital formats, enabling organizations to streamline operations, improve efficiency, and enhance productivity. For instance, in February 2024, Huawei Technologies Co. Ltd., a China-based information and communications technology corporation, launched its Medical Technology Digitalization Solution to streamline various healthcare processes. This innovative solution integrates cutting-edge technologies to revolutionize medical practices, offering several unique features. It leverages artificial intelligence (AI) and machine learning algorithms to enhance medical imaging analysis, enabling faster and more accurate diagnosis of conditions such as cancer and cardiovascular diseases. The solution incorporates Internet of Things (IoT) devices and sensors to enable real-time patient monitoring and remote healthcare delivery, improving accessibility and patient outcomes.
Which geographic trends are shaping the digital transformation in healthcare market, and which region has the highest market share?
North America was the largest region in the digital transformation in healthcare market in 2024. 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.
What Does The Digital Transformation In Healthcare Market Report 2025 Offer?
The digital transformation in healthcare market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Digital transformation in healthcare refers to integrating digital technologies into all healthcare services and operations. This transformation involves adopting tools such as electronic health records (EHRs), telemedicine, wearable devices, artificial intelligence (AI), and big data analytics to enhance the efficiency, accessibility, and quality of patient care. The goal of digital transformation in healthcare is to create a more efficient, effective, and patient-centered healthcare system that can adapt to the evolving needs of patients and providers.
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