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Global Digital Transformation in Healthcare Market: Snapshot

Surge in the adoption of advanced technologies such as artificial intelligence across the healthcare sector and growing support by several government authorities for digitalization are some of the prime factors boosting the expansion of the global digital transformation in healthcare market during the forecast period of 2021 to 2031.

Pharmaceutical firms, hospitals, labs, life science & biotech companies, healthcare insurance providers, and clinics are some of the important end-users of the services from the digital transformation in healthcare market.

An upcoming study by Transparency Market Research (TMR) focuses on offering complete overview of the global digital transformation in healthcare market. Thus, this report covers in-depth assessment of major facets such as historic and present market trends, drivers, restraints, growth opportunities, and challenges in the market. As a result, this document serves as a helpful guide to gain all insights on the global digital transformation in healthcare market for the forecast period of 2021 to 2031.

The study analysts have performed segmentation of the global digital transformation in healthcare market on the basis of several important parameters such as end-user, application, and region. On the basis of application, the market is classified into many parts such as workforce transformation, customer transformation, product transformation, and operational transformation.

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Key Drivers of Digital Transformation in Healthcare Market

In recent years, the global healthcare industry is experiencing incorporation of advanced technologies. For instance, many developed and developing nations around the world are increasing investments toward advancements in medical systems and medical infrastructure. This factor is fueling the expansion opportunities for companies operating in the global digital transformation in healthcare market.

With major healthcare organizations today focused on providing advanced healthcare to their patients, there is surge in the demand for digital products and services. Moreover, several hospitals around the world are inclining toward the incorporation of electronic medical records and electronic health records instead of using conventional methods of patient records. These factors are driving the sales prospects for the global digital transformation in healthcare market.

The emergence of COVID-19 pandemic has resulted into increased patients’ preference towards using e-telehealth and e-medicine services. This factor is anticipated to translate into prominent growth opportunity for companies in the global digital transformation in healthcare market in the years to come.

Competition Landscape of Digital Transformation in Healthcare Market

Presence of many well-entrenched players makes the competition landscape of the digital transformation in healthcare market highly intense. Thus, major leading players from the market are focused on participating in diverse strategic moves such as new product launches, R&D activities, partnerships, mergers, acquisitions, and collaborations.

The list of key players in the global digital transformation in healthcare market includes:

  • Microsoft Corporation
  • IBM Corporation
  • Dell EMC
  • SAP SE
  • Accenture PLC
  • Google LLC
  • Cognizant
  • CA Technologies
  • Oracle Corporation
  • Adobe Systems
  • Hewlett Packard Enterprise

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Digital Transformation in Healthcare Market Regional Outlook

Latin America, North America, East Asia, Europe, Middle East & Africa (MEA), and South Asia & Pacific are important regions of the global digital transformation in healthcare market. Among all, North America seems to be one of the dominant regions of the market for digital transformation in healthcare.

The growth of the North America digital transformation in healthcare market is attributed to many factors including the presence of several leading companies in the region.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Digital Transformation In Healthcare Market