Digital Transformation Market in Healthcare is expected to Witness a CAGR Of 13.7% by 2027, Owing to Increasing Adoption of Wearable and Mobile Devices in Healthcare Sector

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According to The Global Digital Transformation Market In Healthcare Report, by Type (Solution (Connected Electronic Health Record (EHR), Connected Billing Solution, Connected Healthcare Information System, CRM Solution, ERP Solution, Collaboration Tools, and Remote Patient Monitoring)) and Service (Customer Service (Wearable Device & Smartphone App, Cloud-based, Big Data Analytics, and Healthcare Mobility), Business Process Outsourcing (BPO), Consulting, and Integration Service), By End User (Clinic, Government Hospital, Specialty Hospital, & General Hospital), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), published by Coherent Market Insights, the global digital transformation market in healthcare was valued at US$ 2,632.4 Mn in 2018 and is expected to grow at a CAGR of 13.7% during the forecasted period (2019-2027).

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The adoption of digital technologies in healthcare services is termed as digital transformation in healthcare. Increasing adoption of wearable and mobile devices in healthcare is expected to boost growth of the global digital transformation market in healthcare over the forecast period. Moreover, development and launch of wearable devices is also expected to aid in growth of the market. For instance, in January 2018, Apple Inc. announced the launch of personal health record (PHR) feature with iOS 11.3.

Increasing adoption of smartphones and increasing number of internet users is expected to offer lucrative growth opportunities for players in the market. For instance, according to Internet World Stats, there are around 4,536,248,808 internet users present in 2019, which is more than half of the world’s population. Moreover, increasing adoption of mobility services and big data analytics in the healthcare sector is also expected to boost growth of the global digital transformation market in healthcare over the forecast period.

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However, use of cloud services and Internet of Things (IoT) devices in the healthcare sector increases the risk of data theft and cyber-attacks, which is expected to hamper growth of the market.

Among regions, North America held dominant position in the global digital transformation market in healthcare in 2018, accounting for 53.5% share in terms of value, followed by Europe, and Asia Pacific, respectively. The market is also expected to retain its dominance during the forecast period, owing to increasing adoption of remote patient monitoring solutions and other cloud-based solutions in the healthcare sector in the region. The market in Europe is driven by increasing adoption of predictive analytics in the healthcare industry.

Latin America is expected to exhibit a CAGR of 17.1% during the forecast period. Market growth in Latin America is driven by increasing adoption of predictive healthcare analytics and mobility services in the healthcare sector. For instance, in 2013, Hospital Israelita Albert Einstein (Brazil) deployed healthcare information technology (HIT) solutions to generate automated healthcare information to streamline its healthcare operations.

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Key players in the market are focused on adopting partnership and collaboration strategies to expand their product portfolio. For instance, in April 2019, GE Healthcare Limited partnered with Nasscom to encourage startups on digital healthcare solutions in India. Similarly, in May 2019, AT&T Inc. partnered with Gozio Health to expand mobile wayfinding and patient engagement platform to healthcare systems.

Key Takeaways:

• Increasing adoption of wearable and mobile devices in healthcare is expected to boost growth of the global digital transformation market in healthcare over the forecast period
• Major players operating in the global digital transformation market in healthcare include, Accenture PLC., AT&T Inc., CGI Group Inc., Deloitte LLP, GE Healthcare Limited, Siemens Healthineers, IBM Corporation, PWC LLP, NTT Data Services and Syntel Inc.

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