Digital Transformation in Healthcare Market Worth USD 1183.2 Billion By 2030 – Report by Market Research Future (MRFR)
Digital Transformation in Healthcare Allows Care Providers to Expand Footprints & Offerings
New York, US, March 28, 2023 (GLOBE NEWSWIRE) — Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), “Digital Transformation in Healthcare Market By Component, By Organization Size, By Technology, By Business Function – Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2023 to 2030 at a healthy CAGR of approximately 32.40% to attain a valuation of around USD 1183.2 Billion by the end of 2030.
The global digital transformation in healthcare market is likely to garner significant traction in the next few years. The rising uptake of healthcare IT is a major driving force.
Market Competitive Analysis
Players leading the global digital transformation in healthcare industry include:
- Microsoft Corporation (US)
- IBM Corporation (US)
- SAP SE (Germany)
- Google LLC (US)
- Dell EMC (US)
- Accenture PLC (Ireland)
- Cognizant (US)
- CA Technologies (US)
- Adobe Systems (US)
- Hewlett Packard Enterprise (US)
- Oracle Corporation (US)
- HCL Technologies (India)
- Marlabs (US)
- TIBCO Software (US)
- Equinix (US)
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Digital Transformation in Healthcare Market Report Scope:
|Market Size by 2030||USD 1183.2 Billion|
|Growth During 2022-2030||32.40% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Drivers||Increasing cyber-attacks targeting healthcare institutions are also driving the market in the region.|
Digital transformation in healthcare refers to a holistic approach that enables healthcare providers to tackle major problems successfully while maintaining patient focus and value-based care. Care-giving businesses have evolved to leverage technological advances to increase agility, customer satisfaction, and growth & profits.
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Also, these healthcare organizations are increasingly adopting AI-led digital transformation-focused services to meet their customer needs. Pharmaceutical and biotechnological companies harness digital transformation capabilities for product cross-selling, financial risk management, regulatory compliance management, and other purposes.
COVID-19 has accelerated digitization in healthcare organizations allowing the implementation of innovative healthcare IT solutions that optimize major workflow processes & compliances and improve patient service while reducing costs. All these factors vastly contribute to the growth of digital transformation in the healthcare market.
Many healthcare-providing companies today are at a crossroads where improved care and accelerated accessibility are important. Enterprises across the healthcare ecosystem are looking for marketing and consulting services to ensure continued quality service, prevent disruptions, and control costs. They seek partners who can accelerate their digital journey while striking a balance between technology & cost and creating more value for its clients & employees.
The report is segmented into components, applications, end-users, and regions. The component segment is bifurcated into hardware, solution/software (electronic health record (EHR) software, healthcare information system (HIS), connected medical billing, healthcare CRM software, healthcare ERP software, healthcare collaboration tools, telehealth software/ remote patient monitoring, others), and services (digital transformation consulting, digital transformation technology implementation & integration, support & maintenance, others).
The application segment is bifurcated into customer, workforce, operational, and product transformations. Similarly, the end-user segment is bifurcated into hospitals & clinics, pharma companies, life science & biotech companies, hospitals & clinics, healthcare insurance providers, labs, and others. The region segment is bifurcated into the Americas, Asia-Pacific, MEA, Europe, and rest-of-the-world.
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North America leads the global digital transformation in healthcare market. The presence of technology providers, such as Google LLC, IBM Corporation, Dell EMC, and Microsoft Corporation, substantiates the market size. Through the exchange of factual information, these businesses provide a vast range of products and services to the healthcare sector, thus driving market expansion.
Besides, increasing advances and the early adoption of advanced healthcare IT boost the market size. Well-established healthcare sectors in the region influence market growth, and high per capita medical expenditures influence market growth positively. Moreover, increasing healthcare policy reforms by the federal government and increased focus on digital transformation substantiate the North American market.
Europe stands second in the global digital transformation in healthcare market. The market witnesses the vast adoption of AI-led digital transformation services. Also, the presence of futuristic healthcare facilities and rapid advancements in healthcare IT propel the growth of the regional market.
Furthermore, increasing patient demands using healthcare data analytics to manage digital transformation substantiates regional market growth. The European market is projected to create a substantial revenue pocket during the estimated period.
The APAC digital transformation in healthcare market is growing rapidly. Increasing clinical trials and the aging population in this region are key driving forces. China and India are leading markets for digital transformation in healthcare, meeting the large unmet needs in the region. The APAC digital transformation in healthcare market is expected to grow exponentially during the review period.
Highly competitive, the global digital transformation in healthcare market appears fragmented, with many well-established players. Industry players incorporate strategic approaches such as collaborations, mergers & acquisitions, expansions, and product/technology launches to gain a larger competitive share. Technology providers also invest remarkably in technology development and upgrades.
AI-led digital transformation companies focus on differentiating managed services and product engineering in healthcare. Business acquisitions enable companies to accelerate business growth, expand global relationships, and deliver AI-led digital transformation services, including enterprise-managed services and product engineering, to a vast pool of customers across healthcare enterprises globally.
For instance, on Mar. 16, 2023, Kyyba Inc./Kyyba Tech, a Michigan-based leading global technology solutions provider, announced the acquisition of Viki Technologies, a leader in healthcare technology. The acquisition aligns with Kyyba’s strategic plan to expand & advance its healthcare capabilities and practices through smart business acquisitions.
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Kyyba has been focusing on serving the healthcare ecosystem, including insurance providers & hospitals, pharma companies, and government & public sector entities through data and web-based technology. Kyyba’s services include managing hospitals as enterprises by providing decision support systems and care pathways to improve diagnoses & treatments and ensure the availability of health information to the public.
Viki Technologies has a rich portfolio of marquee clients requiring value-added tools and services to improve efficiency and reduce operating costs. Adding Viki Technologies’ strong technology skills, rich solution portfolio, and deep experience will enhance Kyyba’s core capabilities.
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