How is the Digital Transformation In Healthcare Market Poised for Growth: Trends and Opportunities Through 2034
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What is the Predicted Annual Growth Rate of the Digital Transformation In Healthcare Market Over the Coming Decade?
The market size for digital transformation in healthcare has seen substantial growth lately. Projections indicate that it will rise from $81.02 billion in 2024 to $97.19 billion in 2025, showing a compound annual growth rate (CAGR) of 20.0%. The previous growth can be credited to the growing demand for asset tracking, an increasing emphasis on workflow optimization, a heightened focus on patient safety, as well as a greater attention to patient security and safety.
The size of the market for digital transformation in healthcare is predicted to witness swift escalation in the upcoming years, with an anticipated valuation of $198.91 billion in 2029, showcasing a compound annual growth rate (CAGR) of 19.6%. This projected growth during the forecast period can be associated with factors such as the expanding global population, increasing number of patients, greater emphasis on improving patient care and safety, integration of real-time location systems (RTLS) in the healthcare sector, escalated global spending on healthcare, and the governmental focus on healthcare system modernization. Over the forecast period, key trends to watch out for include the introduction of healthcare applications, unveiling of new products, business partnerships and alliances, technological innovations, and the incorporation of artificial intelligence and machine learning.
What Industry-Specific Factors Are Fueling the Growth of the Digital Transformation In Healthcare Market?
The growth of digital transformation in the healthcare market is projected to be fueled by the rise in the utilization of electronic health records (EHRs). These digitalized patient files, substituting traditional paper charts, provide patient-focused records promptly and securely accessible by authorized users. Electronic Health Records (EHRs) have gained popularity due to their ability to improve patient care, their role in enhancing data exchange, involvement of patients, data analysis capability, and population health management. Integrating cutting-edge technologies and enhancing system functions, digital transformation significantly amplifies the benefits of EHRs and thus promotes effortless data interchange and holistic patient care from varying healthcare providers. A report released in October 2023 by Oxford Academic, a UK-based academic books and journal supplier, revealed that basic EHR implementation had increased from 6.6% to 81.2%, while all-inclusive systems had grown from 3.6% to 63.2%. Larger hospitals surpassed medium-sized hospitals by 7% in the overall implementation of EHR and had a lead of over 34% against smaller hospitals. Hence, the rise in electronic health records usage is promoting the expansion of digital transformation in the healthcare sector.
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What Are the Major Players Making an Impact in the Digital Transformation In Healthcare Market’s Growth?
Major companies operating in the digital transformation in healthcare market are:
• Amway Corporation_x000D_
• Herbalife International of America Inc._x000D_
• Isagenix International LLC_x000D_
• Telecom Plus PLC_x000D_
• Belcorp Corporation_x000D_
Which Upcoming Trends Are Set to Influence the Digital Transformation In Healthcare Market’s Path Forward?
Leading companies in the digital transformation in healthcare market are concentrating on developing cutting-edge technologies like digitalization solutions to solidify their presence in the market. Digitalization solutions encompass technologies, plans, and services that convert traditional manual systems into digital forms, allowing companies to make their operations more efficient and boost productivity. For instance, in February 2024, China’s information and communication technology corporation, Huawei Technologies Co. Ltd., introduced its Medical Technology Digitalization Solution to streamline multiple healthcare procedures. This trailblazing system blends advanced technologies to overhaul medical practices, providing numerous unique qualities. The solution capitalizes on artificial intelligence (AI) and machine learning algorithms to improve medical imaging interpretation, offering faster and more precise diagnoses for conditions such as cancer and cardiovascular diseases. This solution also employs IoT devices and sensors for near-instantaneous patient tracking and remote healthcare services, magnifying accessibility and boosting patient results.
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Which Growth-Oriented Segments of the Digital Transformation In Healthcare Market Are Leading the Industry’s Development?
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
What Regions Are Steering Growth in the Digital Transformation In Healthcare Sector?
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.
How Is the Digital Transformation In Healthcare Market Classified and Defined in Market Analysis?
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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