The global market size for digital transformation in healthcare is anticipated to reach USD 210.00 billion by the end of 2025. The strong competitive pressure is proving to be a major driver for the digital transformation in healthcare. The digital transformation of healthcare will be boosted by institutional interest in cost reduction and improvement in patient engagement. Increased pharmaceutical investment, regulatory strengthening, payer engagement in digital tools and better connectivity in telemedicine through consolidation is to be expected in the coming years.
The global Digital Transformation in Healthcare market worth USD 780 Billion by 2030, growing at a CAGR of 16%
.jpg "The Global Digital Transformation in Healthcare Market 2020-2030 (USD Billion)")
Health insurers will seek to enhance customer engagement and create allegiance through new digital instruments as they continue to explore value-based healthcare. The healthcare sector has invested directly in AI or through start-up relationships. The interest of the industry in value-based care and population health helps drive AI adoption because insurers apply data analytics to optimize healthcare costs and aid patients in obtaining adequate care to enable quality and cost-effective medicine.
Currently, health systems regulations are poorly tailored to fast modifications in technology. This can be clarified by the fact that when it comes to changing their rules, countries proceed slowly. Reference may be created, among others, to issues relating to the licensing of inter-jurisdictional practice, authorization and certification of digital technologies, and delegation of duties, prescription or reimbursement of certain mobile apps, teleworking of clinicians and remuneration of telehealth operations. A delay of 2-3 years in adopting new technologies may lead to the technology becoming obsolete. This scenario could be explained by the fact that regulators use very ' concrete ' medical equipment maintenance with defined effects to homologate, which is almost impossible to predict by complicated interconnections linked to new digital techniques.
Digital Transformation in Healthcare Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 780 Billion |
| Growth Rate | CAGR of 16% during 2020-2030 |
| Segment Covered | By Technology ,By Component, Regional , |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Fitbit, HealthVault, Apple, Osso VR, SentiAR, Xealth, Meditech. Most of the players lead the way in this market by being the part of merger and acquisitions or by partnerships. For ex- in Aug 2019, Royal Philips declared acquisition of Carestream Health Inc |
Key Segment Of The Digital Transformation in Healthcare Market
By Technology (USD Billion)
o Telehealthcare
• Telecare
• Activity Monitoring
• Remote Medication Management
• Telehealth
• LTC Monitoring
• Video Consultation
o mHealth
• Wearables
• BP Monitor
• Glucose Meter
• Pulse Oximeter
• Sleep Apnea Monitors
• Neurological Monitors
• Others
• Apps
• Medical apps
• Fitness apps
o Healthcare analytics
o Digital health systems
• Electronic health record (EHR)
• E-prescribing systems
By Component, (USD Billion)
• Hardware
• Software
• Services
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
the digital transformation in healthcare market is growing at a CAGR of 16% during the forecast period
The base year for the report is 2023 in digital transformation in healthcare market
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User health is hugely influenced by wearable devices. Wearable technologies redefine patient diagnostics, disease management, and preventive treatment techniques by combining hardware, predictive analytics, and mobile apps. Since Apple announced the official launch of CareKit and ResearchKit in 2016, one point had been quite clear: wearable devices would play an important role in how we think about and how we act on our health.
Today, for almost everything, there's an interconnected wearable app. Life-threatening conditions can now be better managed by combining a wearable physical product that sends information for evaluation and suggestions to a website or mobile app. Users can share their health records in real-time and obtain faster, more precise diagnosis via wearable devices. In some cases, you even manage your conditions on-the-go.
This means that medical experts are able to use constant data flow to better diagnose and treat patients, such as blood pressure, breathing patterns, and sleep. In addition, omnipresent wearable technology allows patients to take responsibility for their own health. They are more conscious of their daily practices with user-friendly, minimalist and unobtrusive features.
The advantages of digital transformation were quickly realized by healthcare executives. Education is an obvious application of augmented reality in the healthcare field. Healthcare workers required to strive on anatomy and working of a body. AR applications permit learners to view and communicate with 3D representations of bodies. Even it is tool to let patients understand the surgery method. Apart from that, in accelerating research and drug discovery procedures, artificial intelligence has significant role to play. Its use will cut down on the time required for a drug to travel from laboratory development to the patient.
On geographical front, Asia-Pacific dominated the global digital transformation in healthcare market which was valued at USD 25.95 Billion in 2018 and is expected to do so over the forecast period 2019 – 2025. However, North America is predicted to have fastest growth rate by acquiring 14.2% CAGR during the forecast period. In Asia-Pacific, there is higher ageing population which needs comfortable healthcare facilities provided via digital medium and growing income levels coupled with increased health awareness permit the digital transformation in healthcare. Besides, in India, low-cost medical facilities attracted higher number of patients from medical tourism.
.png "Asia-Pacific Digital Transformation in Healthcare, by Region, 2015-2018 (USD Billion)")
The prominent players handling global digital transformation market in healthcare includes Fitbit, HealthVault, Apple, Osso VR, SentiAR, Xealth, Meditech. Most of the players lead the way in this market by being the part of merger and acquisitions or by partnerships. For ex- in Aug 2019, Royal Philips declared acquisition of Carestream Health Inc.’s Healthcare Information Systems (HCIS) business. Carestream HCIS’s cloud-enabled enterprise imaging platform is likely to expand Philips’ existing enterprise diagnostic informatics solutions, which includes imaging data management, productivity enhancement, and advanced visualization and analysis.