Digital Transformation Market Size 2020: By Keyplayers Accenture PLC., AT&T Inc., CGI Group Inc., Deloitte LLP, GE Healthcare Limited, IBM Corporation, PWC LLP, and Syntel Inc.

Market Overview

Digital transformation in healthcare is the incorporation of digital technology into all aspects of healthcare industry related to patients, healthcare providers, and regulators. It includes a number of technologies such as artificial intelligence, telemedicine, Blockchain electronic health records, and AI-enabled medical devices. The primary objective of integration of digital technology into healthcare is to streamline physician's work, improve patient outcomes, optimize existing systems, reduce human errors, and lower the operational cost. In the recent past, novel technologies such as virtual reality tools, telehealth, wearable medical devices, and 5G mobile technology have been incorporated in the healthcare industry. It has enabled healthcare enterprises to communicate with patients more effectively and offer the robust service available.
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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Competitive Section

Key companies operating in the global digital transformation market in healthcare are Accenture PLC., AT&T Inc., CGI Group Inc., Deloitte LLP, GE Healthcare Limited, IBM Corporation, PWC LLP, and Syntel Inc.   

Market Dynamics- Driver

1. Growing per capita expenditure on healthcare is expected to drive growth of the global digital transformation market in healthcare during the forecast period

In the recent past, the per capita expenditure on healthcare has increased significantly, which has increased the demand for enhanced healthcare services. Numerous government and healthcare organizations such as clinics, hospitals, and pharmaceutical companies are increasingly investing in IT infrastructure, in order to cater increasing demand for patients. For instance, according to The World Bank, global per capita expenditure on healthcare was US$ 1,026 in 2016, up from US$ 912 in 2010. Moreover, according to the same source, in Germany, per capita healthcare expenditure was US$ 4,717 in 2012, which increased to US$ 5,006 in 2013.

2. Growing geriatric population worldwide is expected to propel growth of the global digital transformation market in healthcare over the forecast period

Global geriatric population is increasing significantly, which is expected to boost the demand for eHealth services for remote patient monitoring. According to World Population Prospects: 2019 Revision, by 2050, around one in six people in the world will be aged 65 years and above i.e. 16%, up from one in eleven in 2019 (9%). Moreover, growing incidences of chronic diseases such as diabetes and cancer are expected to drive the market growth in the near future.

Market Opportunities

1. Extensive research and development activities funded by the government agencies and institutions are expected to offer significant growth opportunities

The governments of various countries are increasingly funding private companies and universities for research and development activities in digital healthcare facilities. Such proactive initiatives and robust funding are expected to creative lucrative growth opportunities for market players to develop novel products. For instance, in July 2018, the government of Israel granted US$ 33 million to private companies such as GE and Medtronic, in order to boost R&D.

2. Availability of space for implementation of digital healthcare across SMEs are expected to offer lucrative growth opportunities

Small and medium sized healthcare organizations offer significant opportunities for market players to implement digital healthcare services. Since the scope for implementation is not too large, market players can efficiently incorporate digital healthcare facilities.

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Market Trends

1. Introduction of healthcare mobile apps is the major trend in the market

Healthcare organizations around the world are focused on providing custom-made healthcare apps for wearable fitness and medical devices. Such applications enable patients to access healthcare information via mobile and devices. This, in turn, is expected to fuel the market growth in the near future. For instance, in December 2019, Hong Kong's Hospital Authority (HA) introduced 'HA Go' mobile app, which is aimed at improving patients' experience while using public hospital facilities and services.

2. Advent of incentive programs by the government agencies in developed countries is another major trend in the market

The government agencies are encouraging healthcare organizations to introduce healthcare apps via incentive programs. This is done, in order to improve e-healthcare facilities and service offering for better and efficient patient care. For instance, the Centers for Medicare & Medicaid Services, a federal healthcare agency in the U.S., launched Medicare and Medicaid Electronic Healthcare Record (EHR) Incentive Program, in order to endorse adoption of EHR technology among healthcare organizations.

Segment information:

On the basis of end user segment, the government segment dominated the global digital transformation market in healthcare in 2018, accounting for 33.3% share in terms of value, followed by General Hospital, and Speciality Hospital, respectively.

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