The significance of digital transformation in the healthcare sector
The ability of technology in providing people with healthier and longer lives has been gaining significance over the past few years. From ‘smart hospitals’ to surgical robots, patient care is being revolutionised by digital transformation in exciting, new ways.
It is clear that there is value potential in introducing new technology to the healthcare market. ‘Digital health’ is becoming a jargon with surging digital health platforms deployment such as mobile health, telehealth, and several other wireless solutions around nursing homes and hospitals, providing patients with healthcare services on a real-time basis.
Digital technology is transforming into game-changing technology for the healthcare sector
Impact of digital technology on end-user verticals viz. banking, financial service and insurance (BFSI), manufacturing, public, and retail sectors is phenomenal. However, digital technology is transforming into a game-changing technology for the healthcare sector, owing to the rising end-user dependency on digital health platforms.
These platforms are witnessing robust implementation for performing remote chronic disease monitoring and accessing electronic personal & medical health record via mobile and broadband. Surging demand for mobile health (m-health), coupled with innovative mobile solutions & applications, is foreseen to influence the growth of the global digital transformation market in healthcare in the near future, according to a report by Future Market Insights (FMI).
Global Digital Transformation Market in Healthcare Foreseen to Register Double-Digit CAGR through 2025
FMI’s report states that the market is projected to register a double-digit CAGR through the forecast 2015-2025. The growth of global digital transformation market in healthcare is primarily attributed to growing geriatric population, soaring per-capita healthcare spending, increasing government initiatives on introduction to e-health, the proliferation of mobile & wearable devices, surging demand for cloud-based services, rising adoption of EHR, online visibility, enhanced customer experience. In addition to growing global digital transformation market in healthcare, introduction to healthcare mobile applications, the emergence of incentive programs in developed economies by government agencies, outsourcing of operations, partnerships & collaborations, and mergers & acquisitions are some trends observed in the market.
Trends in digital transformation market in healthcare
Big data has become the king of the digital world, and healthcare is not an exception. It is capable of being gathered for measuring customer satisfaction. In addition, it can be utilised for identifying risk factors automatically and recommending preventive treatment. With the advent of IoMT- the internet of medical things, wearable, and mobile devices are increasingly connected, operating together for the creation of cohesive medical reports which are accessible anywhere by the healthcare providers. This data is not only beneficial for patients but also capable of being pooled & studied together for predicting trends in healthcare for overall culture & countries. Currently, patient empowerment has become a completely new healthcare trend. Although many of us associate health care with long waits and high costs, the patients nowadays have better access to high-quality doctors and huge overall satisfaction rates. This is a healthy new way of discerning healthcare, one that guarantees everyone with easy access to the digital landscape.
Some benefits offered by digital transformation in healthcare Include
Financial transparency
Accountability
Accessibility
Pursuing the right doctor
Engagement
An ongoing journey, digital transformation requires placing the customers at the centre of businesses. While pursuing digital transformation in healthcare one must seek beyond the required technology in order to drive innovation. One cannot win simply by investing heavily in marketing, cloud, or mobile technology. For keeping up with the digital disruption’s staggering speed, it is necessary for the healthcare industry to engage with consumers. While expanding the efforts in digital transformation, neglecting utilisation of customer intelligence is not an option while making data-driven decisions on technology investments. An industry would continue to operate at times if it fails to engage with its customers.
