The healthcare industry continues to grow, from the adoption of telemedicine to the use of robotic process automation (RPA) to improve patient knowledge. A new study from Future Market Insights (FMI) shows that the advent of innovative technologies will enable patients to receive improved care with the help of virtual reality, wearable devices and other advances. These advances are expected to drive digital transformation in healthcare.
Augmented and virtual reality are innovative solutions that are revolutionizing the healthcare industry. From 2018 to 2023, the value of the healthcare-based AR and VR industry is expected to grow exponentially. Therefore, there are significant untapped growth opportunities for the digital transformation of the healthcare market.
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Among the diverse end-users, hospitals and clinics are expected to hold a leading share in the digital transformation of the healthcare market owing to the growing adoption of IoT that ensures better connectivity in the healthcare industry.
Key Implications: Digital Transformation of Healthcare Market
- Global Digital Transformation of Healthcare Market is projected to register a CAGR of over 14% during the forecast period 2021-2031
- Presence of sophisticated healthcare infrastructure supports US expansion, accounting for more than 80% of total North American demand
- Investments in smart healthcare will boost year-over-year growth in the UK to 14.4% in 2021.
- Exponential growth will be possible in Germany and France, particularly due to increased spending on expanding healthcare.
- China is expected to remain the market leading the digital transformation of healthcare in East Asia, while Japan is expected to grow at a faster pace.
The impact of COVID-19 on the digital transformation of the healthcare market
COVID-19 is disrupting businesses, industries and somewhat disproportionate health care across the country. This serious situation has led to a massive digital transformation of the healthcare industry, reducing operating costs, saving treatment time and ultimately improving healthcare quality. Medical advancement is considered a step-by-step evolution, and pandemics have accelerated change and have seen pioneering research in the medical sciences.
For example, telemedicine software (or remote patient monitoring) became the norm in 2020, eliminating the need for physical human interaction. This has become the most important advantage during the COVID-19 crisis. Telemedicine software has also provided healthcare professionals with greater geographic coverage, especially when healthcare resources are limited.
Accordingly, the digital transformation of the healthcare market is expected to grow 10-12% from the previous year from 2019 to 2021.
Rapid adoption of mobility services and healthcare mobile apps has become a major trend
Healthcare organizations are increasingly paying attention to mobile-based communications and encouraging employees to bring their own devices for work-related purposes, which in turn reduces the costs associated with purchasing medical communications devices. This is expected to increase the demand for mobility services. Medical mobility services also allow healthcare organizations to access patient data from anywhere and share insights with patients in real time.
Healthcare organizations around the world are focused on providing personalized healthcare apps for wearable fitness and medical devices. These applications allow patients to access medical information through mobile and devices. This, in turn, is expected to fuel market growth in the near future.
Who is the winner?
Companies operating in the market are currently focused on adopting advanced technologies. With the intention of making healthcare smarter, digital transformation will continue to accelerate within the healthcare sector. Major companies operating in the market include IBM Corporation, CGI Group Inc., Accenture PLC, Deloitte LLP, and HCL Technologies.
Key Segments Covered
- Electronic Health Record (EHR) Software
- Connected Medical Billing
- Healthcare Information System (HIS)
- Healthcare CRM Software
- Healthcare ERP Software
- Digital Transformation Consulting
- Digital Transformation Technology Implementation & Integration
- Hospitals & Clinics
- Pharma Companies
- Life Science & Biotech Companies
- Healthcare Insurance Providers
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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