Digital Transformation in Healthcare Market is Expected To Expand at a remarkable CAGR of over 14% by the end of 2031

Expanded and computer generated reality are innovative arrangements that are revolutionizing the healthcare industry. From 2018 to 2023, the worth of the healthcare-based AR and VR industry is supposed to dramatically develop. Accordingly, there are huge undiscovered learning experiences for the digital transformation in healthcare market.

The healthcare industry continues to develop, from the reception of telemedicine to the utilization of mechanical interaction computerization (RPA) to work on quiet information. Another review from Future Market Insights (FMI) shows that the approach of innovative innovations will empower patients to get further developed care with the assistance of computer generated reality, wearable gadgets and different advances. These advances are supposed to drive digital transformation in healthcare.

Among the different end-clients, clinics and clinics are supposed to hold a leading offer in the digital transformation of the healthcare market owing to the growing reception of IoT that guarantees better network in the healthcare industry.

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Key Implications: Digital Transformation of Healthcare Market

Global Digital Transformation of Healthcare Market is projected to register a CAGR of over 14% during the forecast period 2021-2031
Presence of sophisticated healthcare infrastructure supports US expansion, accounting for more than 80% of total North American demand
Investments in smart healthcare will boost year-over-year growth in the UK to 14.4% in 2021.
Exponential growth will be possible in Germany and France, particularly due to increased spending on expanding healthcare.
China is expected to remain the market leading the digital transformation of healthcare in East Asia, while Japan is expected to grow at a faster pace.

The impact of COVID-19 on the digital transformation of the healthcare market

COVID-19 is disrupting businesses, industries and somewhat disproportionate health care across the country. This serious situation has led to a massive digital transformation of the healthcare industry, reducing operating costs, saving treatment time and ultimately improving healthcare quality. Medical advancement is considered a step-by-step evolution, and pandemics have accelerated change and have seen pioneering research in the medical sciences.

For example, telemedicine software (or remote patient monitoring) became the norm in 2020, eliminating the need for physical human interaction. This has become the most important advantage during the COVID-19 crisis. Telemedicine software has also provided healthcare professionals with greater geographic coverage, especially when healthcare resources are limited.

Accordingly, the digital transformation of the healthcare market is expected to grow 10-12% from the previous year from 2019 to 2021.

Rapid adoption of mobility services and healthcare mobile apps has become a major trend

Healthcare organizations are increasingly paying attention to mobile-based communications and encouraging employees to bring their own devices for work-related purposes, which in turn reduces the costs associated with purchasing medical communications devices. This is expected to increase the demand for mobility services. Medical mobility services also allow healthcare organizations to access patient data from anywhere and share insights with patients in real time.

Healthcare organizations around the world are focused on providing personalized healthcare apps for wearable fitness and medical devices. These applications allow patients to access medical information through mobile and devices. This, in turn, is expected to fuel market growth in the near future.

Who is the winner?

Companies operating in the market are currently focused on adopting advanced technologies. With the intention of making healthcare smarter, digital transformation will continue to accelerate within the healthcare sector. Major companies operating in the market include IBM Corporation, CGI Group Inc., Deloitte LLP, and HCL Technologies.

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Key Segments Covered

Solution

Software
Electronic Health Record (EHR) Software
Connected Medical Billing
Healthcare Information System (HIS)
Healthcare CRM Software
Healthcare ERP Software
Service
Digital Transformation Consulting
Digital Transformation Technology Implementation & Integration

End User

Hospitals & Clinics
Pharma Companies
Life Science & Biotech Companies
Healthcare Insurance Providers
Others

Region

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa (MEA)

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.