Digital Transformation In Healthcare Market Insights: In-Depth Look at Growth Trends, Market Size, and Opportunities for 2025-2034
Discover trends, market shifts, and competitive outlooks for the digital transformation in healthcare industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research
How Has The Digital Transformation In Healthcare Market Size Shifted, And What Is the Outlook Through 2034?
In recent times, there has been a swift growth in the market size of digital transformation in healthcare. The market is expected to rise from $81.02 billion in 2024 to reach $97.19 billion in 2025, demonstrating a Compound Annual Growth Rate (CAGR) of 20.0%. Factors such as a surge in demand for asset tracking, a rising emphasis on streamlining workflow, the pressing need for patient safety, and a heightened attention towards patient security have contributed to the growth during the historic period.
Expectations are high for a quick expansion in the digital transformation in healthcare market size in the coming years. The market is projected to escalate to a staggering $198.91 billion by 2029, boasting a compound annual growth rate (CAGR) of 19.6%. Contributing to this estimated growth during the forecast period are factors such as a burgeoning global population, an increase in patient numbers, a surging demand for improved patient care and safety, the implementation of real-time location systems (RTLS) within healthcare, a rise in global healthcare expenditure, and a government focus on modernizing healthcare systems. Key trends for the forecast period comprise the introduction of healthcare apps, the unveiling of new products, strategic partnerships and collaborations, technological progression, and the marriage of artificial intelligence and machine learning within the sector.
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What External and Internal Drivers Are Contributing to the Growth of the Digital Transformation In Healthcare Market?
The uptick in the use of Electronic Health Records (EHRs) is anticipated to fuel the expansion of the healthcare market’s digital transformation. EHRs are the digital equivalents of patient paper records, offering real-time, patient-focused logs that can be immediately and securely accessed by authorized personnel. This move towards EHRs is the result of improved patient care, regulations and incentives, heightened data sharing, patient participation, data analytics, and population health administration. The digital evolution of healthcare greatly enhances EHRs by incorporating sophisticated technologies and refining system functionality, thereby providing frictionless data sharing and coordinated patient care across a variety of healthcare practitioners. For example, an October 2023 study from Oxford Academic, a UK-based educational resource platform that offers access to academic journals and books, showed that basic EHR adoption surged from 6.6% to 81.2%, while the uptake of comprehensive systems leaped from 3.6% to 63.2%. Larger hospitals exceeded medium-sized facilities by 7% in terms of comprehensive EHR adoption and were ahead by over 34% compared to smaller hospitals. As a result, the escalating uptake of EHRs is spurring the growth of digital transformation within the healthcare sector.
What Segment Types Define the Digital Transformation In Healthcare Market Structure?
The digital transformation in healthcare market covered in this report is segmented –
1) By Solution: Software, Service
2) By Organization Size: Small And Medium Size Enterprises, Large Enterprises
3) By Technology: Artificial Intelligence, Cloud Computing, Big Data And Analytics, Internet of Things, Cybersecurity
4) By End User: Hospitals And Clinics, Pharma Companies, Life Science And Biotech Companies, Healthcare Insurance Providers
Subsegments:
1) By Software: Electronic Health Records (Ehr), Telemedicine Solutions, Healthcare Analytics Software, Clinical Decision Support Systems (Cdss), Patient Management Software, Healthcare Crm Software, Blockchain Solutions For Healthcare
2) By Service: Consulting Services, Implementation Services, Integration Services, Support And Maintenance Services, Training Services, Managed Services
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Which Geographic Areas Hold the Strongest Growth Potential in the Digital Transformation In Healthcare Market?
North America was the largest region in the digital transformation in healthcare market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital transformation in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Long-Term Trends Are Transforming the Competitive Landscape of the Digital Transformation In Healthcare Market?
Major corporations active in the healthcare digital transformation market are channeling their efforts towards inventing innovative technologies such as digitalization solutions to solidify their market standing. Digitalization solutions encompass technology, tactics, and services, transforming conventional analog or manual procedures into digitized formats. This change aids organizations in simplifying their operations, enhancing efficiency, and boosting productivity. For instance, Huawei Technologies Co. Ltd., a corporation in China dealing with information and communications technology, debuted its Medical Technology Digitalization Solution in February 2024. This solution, designed to streamline varying healthcare procedures, brings together state-of-the-art technologies to revolutionize the healthcare industry. It takes advantage of artificial intelligence (AI) and machine learning systems to augment the analysis of medical imagery, facilitating a faster and more precise diagnosis of illnesses like cancer and cardiovascular diseases. The solution also utilizes Internet of Things (IoT) devices and sensors for real-time patient monitoring and remote healthcare administration, thus improving patient accessibility and health outcomes.
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What Is the Definition of the Digital Transformation In Healthcare Market?
Digital transformation in healthcare refers to integrating digital technologies into all healthcare services and operations. This transformation involves adopting tools such as electronic health records (EHRs), telemedicine, wearable devices, artificial intelligence (AI), and big data analytics to enhance the efficiency, accessibility, and quality of patient care. The goal of digital transformation in healthcare is to create a more efficient, effective, and patient-centered healthcare system that can adapt to the evolving needs of patients and providers.
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