Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Market Overview

Digital transformation in healthcare is the incorporation of digital technology into all aspects of healthcare industry related to patients, healthcare providers, and regulators. It includes a number of technologies such as artificial intelligence, telemedicine, Blockchain electronic health records, and AI-enabled medical devices. The primary objective of integration of digital technology into healthcare is to streamline physician’s work, improve patient outcomes, optimize existing systems, reduce human errors, and lower the operational cost. In the recent past, novel technologies such as virtual reality tools, telehealth, wearable medical devices, and 5G mobile technology have been incorporated in the healthcare industry. It has enabled healthcare enterprises to communicate with patients more effectively and offer the robust service available.

The global digital transformation market in healthcare was valued at US$ 2,632.4 Mn in 2018 and is expected to grow at a CAGR of 13.7% during the forecasted period (2019-2027)

Market Dynamics- Driver

  1. Growing per capita expenditure on healthcare is expected to drive growth of the global digital transformation market in healthcare during the forecast period

In the recent past, the per capita expenditure on healthcare has increased significantly, which has increased the demand for enhanced healthcare services. Numerous government and healthcare organizations such as clinics, hospitals, and pharmaceutical companies are increasingly investing in IT infrastructure, in order to cater increasing demand for patients. For instance, according to The World Bank, global per capita expenditure on healthcare was US$ 1,026 in 2016, up from US$ 912 in 2010. Moreover, according to the same source, in Germany, per capita healthcare expenditure was US$ 4,717 in 2012, which increased to US$ 5,006 in 2013.

  1. Growing geriatric population worldwide is expected to propel growth of the global digital transformation market in healthcare over the forecast period

Global geriatric population is increasing significantly, which is expected to boost the demand for eHealth services for remote patient monitoring. According to World Population Prospects: 2019 Revision, by 2050, around one in six people in the world will be aged 65 years and above i.e. 16%, up from one in eleven in 2019 (9%). Moreover, growing incidences of chronic diseases such as diabetes and cancer are expected to drive the market growth in the near future.

North America region dominated the global digital transformation market in healthcare in 2018, accounting for 53.5% share in terms of value, followed by Europe, and Asia Pacific, respectively

Digital Transformation  | Coherent Market Insights

Market Restraints

  1. Concerning issues regarding data privacy, security, and protection is expected to restrain growth of the global digital transformation market in healthcare during the forecast period

Growing concerns related to privacy and protection of both data and devices are expected to be major factors hinder the market growth in the near future. For instance, in 2013, cybercrime accounted for losses of US$ 8 billion in Brazil, followed by US$ 3 billion in Mexico and, US$ 0.5 billion in Columbia. Furthermore, according to Ponemon Institute, cyber-attacks against healthcare sector in North America region account for losses of around US$ 6 billion per year.

  1. Lack of awareness regarding benefits of digital healthcare services is expected to hinder growth of the global digital transformation market in healthcare over the forecast period

Poor IT infrastructure in emerging economies such as Middle East & Africa, Latin America, and APEJ coupled with lack of awareness related to advantages offered by healthcare services are major factors hindering the market growth during the forecast period. In aforementioned regions, healthcare services are majorly provided in conventional fashion.

Market Opportunities

  1. Extensive research and development activities funded by the government agencies and institutions are expected to offer significant growth opportunities

The governments of various countries are increasingly funding private companies and universities for research and development activities in digital healthcare facilities. Such proactive initiatives and robust funding are expected to creative lucrative growth opportunities for market players to develop novel products. For instance, in July 2018, the government of Israel granted US$ 33 million to private companies such as GE and Medtronic, in order to boost R&D.

  1. Availability of space for implementation of digital healthcare across SMEs are expected to offer lucrative growth opportunities

Small and medium sized healthcare organizations offer significant opportunities for market players to implement digital healthcare services. Since the scope for implementation is not too large, market players can efficiently incorporate digital healthcare facilities.

Digital Transformation  | Coherent Market Insights

Market Trends

  1. Introduction of healthcare mobile apps is the major trend in the market

Healthcare organizations around the world are focused on providing custom-made healthcare apps for wearable fitness and medical devices. Such applications enable patients to access healthcare information via mobile and devices. This, in turn, is expected to fuel the market growth in the near future. For instance, in December 2019, Hong Kong’s Hospital Authority (HA) introduced ‘HA Go’ mobile app, which is aimed at improving patients’ experience while using public hospital facilities and services.

  1. Advent of incentive programs by the government agencies in developed countries is another major trend in the market

The government agencies are encouraging healthcare organizations to introduce healthcare apps via incentive programs. This is done, in order to improve e-healthcare facilities and service offering for better and efficient patient care. For instance, the Centers for Medicare & Medicaid Services, a federal healthcare agency in the U.S., launched Medicare and Medicaid Electronic Healthcare Record (EHR) Incentive Program, in order to endorse adoption of EHR technology among healthcare organizations.

Segment information:

On the basis of end user segment, the government segment dominated the global digital transformation market in healthcare in 2018, accounting for 33.3% share in terms of value, followed by General Hospital, and Speciality Hospital, respectively.

Competitive Section

Key companies operating in the global digital transformation market in healthcare are Accenture PLC., AT&T Inc., CGI Group Inc., Deloitte LLP, GE Healthcare Limited, IBM Corporation, PWC LLP, and Syntel Inc.   

Key Developments

  1. Key players in the market are focused on partnerships and agreements, in order to gain competitive edge in the market. For instance, in July 2018, IBM Corporation expanded its services agreement with Anthem, Inc., a healthcare company, in order to improve healthcare experience for consumers.
  2. Key companies are focused on product launches, in order to enhance their product portfolio. For instance, in November 2019, Deloitte LLP launched ConvergeHealth Connect, which a suite of digital healthcare products for consistent and personalized patient care.

Digital transformation in healthcare includes a several number of technologies such as telemedicine, artificial intelligence (AI), Blockchain technology for electronic health records, and AI-enabled medical devices. The main objective of integration of digital technology into healthcare is to streamline doctor’s work, and significantly improve patient outcomes. Furthermore, this technology cut down the human errors and lower the operational cost.

Market Dynamics

Innovative technologies are creating opportunities for technological provider companies which operates in the healthcare sector is boosting growth of the global digital transformation market in healthcare. For instance, in October 2018, NTT DATA Services, a Japanese technology company entered into partnership with India based Deenanath Mangeshkar Hospital and Research Center to use artificial intelligence (AI) solution to diagnose emphysema, an incurable condition of the lungs. In addition to these, with the use of artificial intelligence (AI) detect 56 emphysema cases while normal diagnosis without AI detect 17 cases which will propel the market growth.

In May 2019, University of California San Francisco (UCSF) entered into partnership with a medical malpractice insurance company, the Doctors Company for a new US$ 1 Mn Artificial Intelligence-powered patient safety project. Furthermore, the Doctors Company also focus on ways to deploy health information technology, especially artificial intelligence (AI), and innovative approaches to quality advancement.

Market Taxonomy

This report segments the global digital transformation market in healthcare on the basis of type, and end user. On the basis of solution, the global digital transformation market in healthcare is segmented into Solution and Service. The solution segment is further sub-segmented into (Connected Electronic Health Record (EHR), Connected Billing Solution, Connected Healthcare Information System, CRM Solution, ERP Solution, Collaboration Tools, and Remote Patient Monitoring), the service segment is further sub-segmented into Customer Service (Wearable Device & Smartphone App, Cloud-based, Big Data Analytics, and Healthcare Mobility), Business Process Outsourcing (BPO), Consulting, and Integration Service, On the basis of end user the market is segmented into Clinic, Government Hospital, Specialty Hospital, and General Hospital

Key features of the study:

  • This report provides an in-depth analysis of the global digital transformation market in healthcare and provides market size (US$ Million) and Compound Annual Growth Rate (CAGR %) for the forecast period (2019 – 2027), considering 2018 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global digital transformation market in healthcare based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study Accenture PLC., AT&T Inc., CGI Group Inc., Deloitte LLP, GE Healthcare Limited, IBM Corporation, PWC LLP, NTT Data and Syntel Inc.  
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up-gradation, market expansion, and marketing tactics
  • The global digital transformation market in healthcare report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global digital transformation market in healthcare

Detailed Segmentation:

  •  Global Digital Transformation Market In Healthcare, By Type:
    • Solution
      • Connected Electronic Health Record (EHR)
      • Connected Billing Solution
      • Connected Healthcare Information System
      • CRM Solution
      • ERP Solution
      • Collaboration Tools
      • Remote Patient Monitoring
    • Service
      • Customer Service
        • Wearable Device & Smartphone App
        • Cloud-based
        • Big Data Analytics
        • Healthcare Mobility
      • Business Process Outsourcing (BPO)
      • Consulting
      • Integration Service
  • Global Digital Transformation Market In Healthcare, By End User:
    • Clinic
    • Government Hospital
    • Specialty Hospital
    • General Hospital
  • Company Profiles
    • Accenture PLC *
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • AT&T Inc.,
    • CGI Group Inc.
    • Deloitte LLP
    • GE Healthcare Limited
    • IBM Corporation
    • Siemens Healthineers
    • PWC LLP
    • NTT Data Services
    • Syntel Inc

*Browse all the market data tables and figures on "Global Digital Transformation Market In Healthcare - Forecast to 2027”

Table of Contents

  1. Research Objective and Assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Type
      • Market Snippet, By End-user
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Merger and Acquisitions
      • New system Launch/Approvals
      • Value Chain Analysis
      • Porter’s Analysis
      • PEST Analysis
  4. Global Digital Transformation Market In Healthcare, By Type, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Solution
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
      • Connected Electronic Health Record (EHR)
      • Connected Billing Solution
      • Connected Healthcare Information System
      • CRM Solution
      • ERP Solution
      • Collaboration Tools
      • Remote Patient Monitoring
    • Service
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
      • Customer Service
        • Wearable Device & Smartphone App
        • Cloud-based
        • Big Data Analytics
        • Healthcare Mobility
        • Business Process Outsourcing (BPO)
        • Consulting
        • Integration Service
  5. Global Digital Transformation Market In Healthcare, By End-user, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Clinic
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Government Hospital
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Specialty Hospital
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • General Hospital
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
  6. Global Digital Transformation Market In Healthcare, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Type, 2019–2027 (US$ Million)
      • Market Size and Forecast, By End-user, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Type, 2019–2027 (US$ Million)
      • Market Size and Forecast, By End-user, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Type, 2019–2027 (US$ Million)
      • Market Size and Forecast, By End-user, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Type, 2019–2027 (US$ Million)
      • Market Size and Forecast, By End-user, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Type, 2019–2027 (US$ Million)
      • Market Size and Forecast, By End-user, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Israel
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  7. Competitive Landscape
    • Company Profiles
      • Accenture PLC.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • AT&T Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • CGI Group Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Deloitte LLP
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • GE Healthcare Limited
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • IBM Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Siemens Healthineers
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • NTT Data Services
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • PWC LLP
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Syntel Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
    • Analyst Views
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse market data tables and figures on "Digital Transformation Market In Healthcare - Global forecast to 2027”.

Frequently Asked Questions

The global digital transformation market in healthcare is expected to exhibit a CAGR of 13.7% over the forecast period (2019-2027).
Major players operating in the global digital transformation market in healthcare include Accenture PLC., AT&T Inc., CGI Group Inc., Deloitte LLP, GE Healthcare Limited, IBM Corporation, PWC LLP, and Syntel Inc.
Concerning issues about data privacy, security, and protection, coupled with lack of awareness about benefits of digital healthcare services are major factors that are expected to hamper growth of the market over the forecast period.
Growing per capita expenditure on healthcare and rising geriatric population, across the globe are the major factors that are expected to propel growth of the market over the forecast period.
Introduction of healthcare mobile apps is one of the major trends that has been observed in the market.
Among regions, North America held a dominant position in the global digital transformation market in healthcare in 2018, accounting for 53.5% share in terms of value, followed by Europe and Asia Pacific, respectively.
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