The “Global Digital Transformation Market In Healthcare, by Type (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, by end user (Clinic, Government Hospital, Specialty Hospital, & General Hospital) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Forecast to 2027”, is expected to grow at a CAGR of 13.7% during the forecasted period (2019-2027), as highlighted in a report published by . Market Definition Digital transformation in healthcare is the incorporation digital technologies in healthcare services, in order to augment the efficiency of healthcare delivery. In the recent past, digital transformation in healthcare has introduced various cutting-edge technologies such as virtual reality tools, artificial intelligence, 3D printing, telemedicine, and more. Such technologies enhance the efficiency of medical services and offer personalized treatment for patients. Moreover, it streamlines a doctor’s work, augment patient outcome, lower expenditure, and reduce human errors. Advent of telehealth, wearable fitness devices, and other tools are streamlining workflows. Furthermore, it improves accessibility for patients via mobile apps and text alerts. 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 Driver Increasing propagation of wearable and mobile devices in healthcare is expected to drive growth of the global digital transformation market over the forecast period Growing adoption of smart fitness devices such as workout bands and wrist watches coupled growing awareness among public regarding such devices has encouraged market players to introduce enhanced healthcare applications. For instance, in January 2018, Apple Inc. announced the launch of personal health record (PHR) feature with iOS 11.3. Thus, advent of mobile device apps and wearable devices is expected to propel the market growth over the forecast period. Market Opportunities Increasing internet penetration and growing smartphone users is expected to pose excellent growth opportunities for market players in the near future Smartphone users have increased around the world in the recent past, owing to growing penetration of internet. For instance, according to Internet World Stats, there are around 4,536,248,808 internet users present in 2019, which is more than half of the world’s population. This, in turn, is expected to support adoption of eHealth and telemedicine in the near future, thereby providing lucrative business opportunities for market players over the forecast period. Market Restraints Common stigma against the use of cloud services and Internet of Things (IoT) devices are expected to restrain growth of the global digital transformation market in healthcare over the forecast period There is a common stigma against IoT devices and cloud services, owing to its vulnerability, and possibility of leak of data. Several healthcare organizations are still hesitant over adoption of digital healthcare services due to risk involved in it. This, in turn, is expected to hinder the market growth in the near future. Key Takeaways:
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 North America is expected to account for the largest market share in the digital transformation market in healthcare during the forecast period. This is owing to advancements in digital technology, supporting government policies, and plans associated with digital transformation in the healthcare industry in the region. Various healthcare organizations in the U.S. and Canada are adopting remote patient monitoring solutions and other cloud-based solutions, in order to enhance patient care service.
Latin America digital transformation market in healthcare is expected to exhibit a CAGR of 17.1% during the forecast period. This is owing to growing awareness regarding predictive healthcare analytics and mobility services among healthcare organizations. For instance, in 2013, Hospital Israelita Albert Einstein (Brazil) deployed healthcare information technology (HIT) solutions to generate automated healthcare information to streamline its healthcare operations.
Europe digital transformation market in healthcare is expected to account for the second-largest share by 2027, despite low adoption of digital healthcare services in the region. This is owing to increasing demand for predictive analytics in the healthcare industry, in order to offer enhanced patient care. Market Trends
Various healthcare organizations around the world are increasingly adopting mobile-based communication and are supporting staff to bring their own devices for work-related purposes. This has reduced cost-associated issues and increased the demand for mobility services in healthcare institutions. Furthermore, healthcare mobility devices facilitate healthcare service organizations to access patient data from anywhere and share their insights with patients in real-time.
Healthcare organizations in the market are focused on adoption of business intelligence and clinical analytics solutions, in order to increase their focus on patient information and carry out clinical trials. These advanced healthcare analytics solutions facilitate healthcare organizations to attain higher accuracy while selecting treatment options. This is done by analyzing both structured and unstructured patient data. 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, Siemens Healthineers, IBM Corporation, PWC LLP, NTT Data Services and Syntel Inc. Key Developments
Segmentation Market Taxonomy: