Press release
The Global Digital Transformation in Healthcare Market is Estimated to Grow at CAGR of 27.84% by 2028
Digital Transformation in Healthcare Market
Triton's report predicts the global digital transformation in healthcare market to register growth at a CAGR of 27.84% during the considered period 2021-2028.
Digital transformation refers to the adoption of various technologies to reform business operations by replacing the ongoing manual process.
As per the national coordinator's office for health information technology, almost every hospital employs electronic health records technology, meeting the Centers for Medicare and Medicaid services requirements. This technology helps increase patient access to information, allowing efficient data monitoring and sharing. Hence, the growth in the use of electronic health records is generating novel opportunities for the digital transformation in healthcare market. However, security risks relating to patient's medical data, multiple regulations for public healthcare, and expensive new technologies are challenging the overall market's growth.
Globally, the Asia-Pacific is anticipated to witness the fastest growth in the digital transformation in healthcare market. With the advent of the COVID-19 pandemic, digital healthcare services have proven to be highly advantageous across various verticals within the healthcare sector. Along with this, the government regulations have added to the studied market's growth immensely. Furthermore, the surge in the adoption rate of smartphones and other digital devices, coupled with the rise in lifestyle-oriented diseases, is likely to enhance digital medical solutions' demand. Hence, these trends are estimated to motivate the growth of the digital transformation in healthcare market within the Asia-Pacific region.
The key companies engaged in the digital transformation in healthcare market are Philips Healthcare, International Business Machines Corporation (IBM), Cognizant Technology Solutions, HCL Technologies Ltd, Wipro Ltd, Siemens Healthineers, Medtronic Plc, Microsoft Corporation, Schneider Electric SE, Apple Inc, GE Healthcare, Alphabet Inc (Google), Infosys Limited, and Tata Consultancy Services Ltd.
The health data is classified information that requires high-security standards. This increases the need for a robust legal and regulatory base to product privacy, integrity, and confidentiality of a patient's medical information. Additionally, due to the well-defined rules by governments, several players are anticipated to abide by the rules to approve their product offering in the market. This suggests the threat of new market players is likely to be relatively high.
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