Digital transformation in healthcare set to surge
The global digital transformation in the healthcare market is expected to reach US$253.6 billion by 2032, according to new forecasts from Future Market Insights.
The market will grow at a 14.5% CAGR from 2023, where the market is currently worth US$65.2 billion.
Digital health has become an increasingly prevalent buzzword due to the increasing implementation of digital health platforms such as telehealth, mobile health, and other wireless technologies across healthcare facilities and nursing homes that provide patients with real-time medical treatment.
The impact of digital technology on various sectors such as public, retail, banking, financial services, and insurance (BFSI), and production is tremendous, but it has evolved into a game-changing technology in the medical field as end users' reliance on digital health platforms grows.
The emergence of healthcare smartphone applications and incentive proposals by government agencies have performed an essential part in the healthcare sector. With this scenario anticipated to continue in the coming years, the healthcare market's digital transformation will likely accelerate. Furthermore, in nations such as Germany, the United States, China, and others, digital healthcare is regarded as an emerging technology.
Between 2018 and 2022, the digital transformation in healthcare market grew at a CAGR of 21.4%.
As per the report, the United States accounted for 21.2% of the global market in 2022.
Over the forecast period, the digital transformation of healthcare in the United Kingdom is expected to grow at a CAGR of 16.1%.
Over the forecast period, the digital transformation of the Chinese healthcare market is expected to grow at a CAGR of 15.5%.
The hospitals and clinics segment was expected to account for 39.7% of the market in 2022.
“In the coming years, the market is anticipated to be influenced by a surge in the adoption of cutting-edge and sophisticated technologies across multiple sectors of the healthcare sector," says FMI analysts.
"In the coming years, the market is anticipated to be influenced by a surge in the adoption of cutting-edge and sophisticated technologies across multiple sectors of the healthcare sector."
The digital transformation of the healthcare sector demonstrates a fragmented rivalries landscape, with major brands focusing on forming alliances and working together with local and regional manufacturers and distributors to broaden their international reach.
· HCL Technologies and Alteryx, Inc., a leader in analytic process automation (APA), disclosed a global strategic alliance in February 2021 to assist firms around the world in achieving their analytics automation and digital transformation goals. HCL has also been identified as an Alteryx Elite Alliance Partner as part of this joint venture.
· Wipro Ltd. disclosed a partnership with IBM Corporation in June 2020 to help Wipro customers embark on a seamless and secure hybrid cloud journey. Wipro will create hybrid cloud offerings to assist businesses in managing, migrating, and transforming mission-critical applications and tasks while maintaining safety across private or public cloud and on-premises IT environments.
· Key companies profiled in digital transformation in the healthcare industry are IBM Corporation, CGI Group Inc., Accenture PLC, Deloitte LLP, HCL Technologies, AT&T Inc., PWC LLP, GE Healthcare Limited, Atos Syntel, Medtronic Plc., Dell Inc., Cisco Systems Inc., and others.