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Digital Transformation in the Healthcare Market 2024 (Technology, Market Size, Growth, Factors & Players)

January 2, 2020 by Market-NewsFlash  

Market Highlight

The ‘global digital transformation healthcare market analysis’ is a specialized and in-depth study of the healthcare industry, with a scrupulous focus on the global market trend analysis. Market Research Future digs the reality and states that the global digital transformation healthcare market can garner to reach USD 50.15 billion by 2024, at a CAGR of 14.5% during the forecast period of 2019–2024. The study also provides key statistics on the status of the leading market by focusing on key drivers, market players, key trends and opportunities for the future.

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Key Drivers & Challenges

The foremost factors driving the growth of the global digital transformation healthcare market are the introduction of technologies such as AI, IoT, big data, and more. The advances in digital technology have equally led to extensive use in several applications that have been driving the digitalization across the healthcare industry, globally. Since past years, digitalization has transformed the healthcare sector to a great extent with new capabilities. Digitalization has now enabled quick and easy access to information of a patient and can be shared immediately from any device in real-time. Such innovation has let the medical professional take prompt decision about the process of surgery for the patient.

At the same time, various factors that are forwarding the digital transformation in healthcare are mounting demand for increased efficiency and success rate of surgeries. In addition, the growing use of smartphones and mobile apps related to healthcare, fast adoption of cloud services and escalating penetration of IoT devices have also contributed significantly to the market’s growth.

On the flip side, the factor of the mount in digitalization has led to large-scale data generation with patient information, critical information about the organizations, data breaches, and much other crucial details can hamper the growth of the digital transformation healthcare market in its growth period.

Market Segmentation

The worldwide digital transformation market, as per the study, is segmented by component, organization size, technology, business function, and end-user.

With respect to the component: Hardware, software, and services are the segments.

With respect to organization size: Large enterprises and SMEs are the segments.

With respect to technology: Artificial intelligence (AI), cloud computing, big data & analytics, and internet of things (IoT) are the segments.

Regional Framework

Geographically, the global digital transformation in healthcare market study has been conducted among the key regions of North America, Europe, Asia-Pacific, and the rest of the world.

Among these, the North America region held the largest market share in 2018 with the presence of the key vendors such as Microsoft Corporation, Dell EMC, IBM Corporation, Google LLC and more like them. These companies are a contribution to various solutions and services for the healthcare industry, hospitals, and clinics by sharing the information in real-time. These factors are to drive the growth of the market in this region. Apart from this, the mounting number of cyber-attacks targeting healthcare institutions is also driving the market in the region.

Market Players

MRFR study recognizes the market players in the global digital transformation healthcare market such as Cognizant (US), SAP SE (Germany), Dell EMC (US), Microsoft Corporation (US), Accenture PLC (Ireland), CA Technologies (US), IBM Corporation (US), Google LLC (US). Adding to more, Oracle Corporation (US), Adobe Systems (US), HCL Technologies (India), TIBCO Software (US), Marlabs (US), Hewlett Packard Enterprise (US), Equinix (US) and to name a few are contributing to the market’s share.

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