Digital Transformation in Healthcare Market is Projected to Reach US$ 253.6 Billion by 2033 | Says FMI

The global digital transformation in healthcare market is predicted to be valued $65.2 billion in 2023. The market is estimated to reach $253.6 billion by 2033, growing at a 14.5% CAGR between 2023 and 2033.

Digital health has become a popular buzzword as more healthcare facilities and nursing homes incorporate digital health platforms such as telehealth, mobile health, and other wireless technology to give patients with real-time medical treatment. Digital technology has had a great impact on numerous sectors such as public, retail, banking, financial services, and insurance (BFSI), and production, but it has evolved into a game-changing technology in the medical area as end users’ reliance on digital health platforms develops.

The emergence of healthcare smartphone applications and incentive proposals by government agencies have performed an essential part in the healthcare sector. With this scenario anticipated to continue in the coming years, the healthcare market’s digital transformation will likely accelerate. Furthermore, in nations such as Germany, the United States, China, and others, digital healthcare is regarded as an emerging technology. 

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Key Takeaways: 

• Between 2018 and 2022, the digital transformation in healthcare market grew at a CAGR of 21.4%. 
• As per the report, the United States accounted?for 21.2% of the global market in 2022. 
• Over the forecast period, the digital transformation of healthcare in the United Kingdom is expected to grow at a CAGR of 16.1%. 
• Over the forecast period, the digital transformation of the Chinese healthcare market is expected to grow at a CAGR of 15.5%. 
• The hospitals and clinics segment was expected to account for 39.7% of the market in 2022. 

“In the coming years, the market is anticipated to be influenced by a surge in the adoption of cutting-edge and sophisticated technologies across multiple sectors of the healthcare sector.” says FMI analyst. 

Competitive Landscape 

The digital transformation of the healthcare sector demonstrates a fragmented rivalries landscape, with major brands focusing on forming alliances and working together with local and regional manufacturers and distributors to broaden their international reach.  

• HCL Technologies and Alteryx, Inc., a leader in analytic process automation (APA), disclosed a global strategic alliance in February 2021 to assist firms around the world in achieving their analytics automation and digital transformation goals. HCL has also been identified as an Alteryx Elite Alliance Partner as part of this joint venture. 
• Wipro Ltd. disclosed a partnership with IBM Corporation in June 2020 to help Wipro customers embark on a seamless and secure hybrid cloud journey. Wipro will create hybrid cloud offerings to assist businesses in managing, migrating, and transforming mission-critical applications and tasks while maintaining safety across private or public cloud and on-premises IT environments. 

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More Valuable Insights 

Future Market Insights, in its new offering, presents an unbiased analysis of the digital transformation in healthcare market presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033. 

The study reveals essential insights on the basis of solution, organization size, technology and end user across seven major regions.

Key Segments Profiled in the Digital Transformation in Healthcare

By Solution:

• Software
• Service

By Organization Size:

• Small and Medium Size Enterprises
• Large Enterprises

By Technology:

• Artificial Intelligence
• Cloud Computing
• Big Data & Analytics
• Internet of Things
• Cybersecurity

By End User:

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

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa