A new report, “Digital Transformation in Healthcare Market,” from Future Market Insights, Inc., found that by the end of 2023, the fast-paced sector is expected to be worth $65.2 billion. Image courtesy: Getty Images.
May 31, 2023 — A new report is shedding light on the fast pace of growth in the digital heath sector at present and over the coming decade. In issuing its “Digital Transformation in Healthcare Market Report,” Future Market Insights, Inc., forecasted that by the end of 2023, the fast-paced global digital transformation in the healthcare market is expected to be worth $65.2 billion. Its analysis further reported that the market is expected to reach $253.6 billion by 2033, with a 14.5% compound annual growth rate (CAGR) over the next decade.
Digital health has become an increasingly prevalent buzzword due to the increasing implementation of emerging technologies and platforms such as telehealth, mobile health, and other wireless technologies across healthcare facilities and nursing homes that provide patients with real-time medical treatment, according to the market analysis. The recently-released report noted the impact of digital technology has evolved into a game-changing technology in the medical field, as end users' reliance on digital health platforms grows.
The emergence of healthcare smartphone applications and incentive proposals by government agencies have performed an essential part in the healthcare sector, according to the report, emphasizing that this scenario is anticipated to continue in the coming years, further driving the fast acceleration of the healthcare market's digital transformation. Further, in the coming years, the market is anticipated to be influenced by a continued surge in the adoption of cutting-edge and sophisticated technologies across multiple sectors of the healthcare sector.
Summary findings and key takeaways follow.
- Between 2018 and 2022, the digital transformation in healthcare market grew at a CAGR of 21.4%; the United States accounted for 21.2% of the global market in 2022. In that year, the hospitals and clinics segment was expected to have accounted for 39.7% of the market.
- Over the forecast period 2023-2033, the digital transformation of healthcare in the United Kingdom is expected to grow at a CAGR of 16.1%, and the Chinese healthcare market is expected to grow at a CAGR of 15.5%, noted the analysts.
In observing the competitive landscape, the Future Market Insights analysts observed that the 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.”
For more information: www.futuremarketinsights.com