Market Research Future (MRFR) says that the Digital Transformation In Healthcare Market can expand to a size of USD 1183.2 billion by 2030. The market is also capable of recording a growth rate of 32.40% from 2023 to 2030 (forecast period). We will provide a COVID-19 impact analysis with the report, offering an extensive market evaluation post the coronavirus disease outbreak.
The digital transformation industry can be considered in terms of segments such as component, organization size, technology, business function, and end-user.
The component-based categories can be software, services, and hardware.
The organization size-based ranges listed in the study are large enterprises as well as SMEs/small and medium enterprises.
The primary technologies considered in the report are cloud computing, artificial intelligence (AI), internet of things (IoT) and big data & analytics.
The business functions described are workforce transformation, customer transformation, product transformation and operational transformation.
The main end-users in the industry can be pharmaceutical companies, clinics and laboratories as well as hospitals.
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The regional study of the Digital Transformation in Healthcare Market comprises Europe, APAC/Asia Pacific along with North America and the rest of the world or RoW.
Since 2018, North America has remained the biggest gainer in the global market, as a result of the massive number of renowned companies such as Microsoft Corporation, IBM Corporation, Google LLC and Dell EMC present here. Also, the surge in cyber-attacks in recent years, which have been targeting mostly healthcare institutions, has also boosted the demand for digital transformation in healthcare market. Since the SARS-CoV-2 outbreak, various U.S-based companies have come forward to fight the battle against the virus by developing and releasing new digital products. To illustrate, in June 2020, the San Francisco Unified School District has partnered with Kinsa as well as the University of California and San Francisco Department of Public Health, providing more than 8,000 smart thermometers to various families.
Top Drivers and Key Restraints
Following the SARS-CoV-2 outbreak, experts believe that the industries that have readily embraced digital transformation are expected to not only survive but also thrive in the coming time. The digital transformation in healthcare market has significantly benefitted from the technological advancements in recent years. The market has been further bolstered by the onset of the novel coronavirus, since the pandemic and the consequent lockdown have increased the importance of video and online consultations in medical care, while the use of digital platforms has remarkably increased across regions. Further, the rampant surge in digital outpatient appointments and the rising use of iPads supplied by some hospitals so that the patients infected with COVID-19 can connect with their families to restrict infection spread also depicts the incredible growth of the digital transformation in healthcare.
The digital healthcare market remains strong despite the COVID-19 impact, backed by advanced technologies such as big data, IoT, AI, and others. These technologies ensure better efficiency and higher success rate of surgeries along with various other medical activities, which accounts for their increased demand in the healthcare industry. The surge in the use of smartphones as well as mobile apps in association with healthcare and the escalating consumption of cloud services also ensure smooth run for the digital transformation in healthcare market.
An increasing number of market vendors are developing AI-powered solutions such as chatbots and similar technologies to cater to the growing medical needs in the healthcare industry. With this, the benefits are two-fold, since the players are able to boost their profits and also elevate their position and ultimately, the market gains considerable impetus with the introduction of new and innovative solutions and services that are integrated with AI, ML and IoT.
To cite an instance, in February 2020, Loyal launched its healthcare chatbot called Guide, which is specific to the COVID-19 functionality. The AI healthcare chatbot provides the patient with a step-by-step review by gathering information regarding their symptoms and then recommends the required care-based action.
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Renowned Industry Players
HCL Technologies (India), CA Technologies (US), Google LLC (US), Marlabs (US), TIBCO Software (US), IBM Corporation (US), SAP SE (Germany), Hewlett Packard Enterprise (US), Equinix (US), Accenture PLC (Ireland), Cognizant (US), Microsoft Corporation (US), Adobe Systems (US), Oracle Corporation (US), Dell EMC (US), are some of the renowned industry players listed in the MRFR report.
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