GVR Report cover Healthcare Digital Experience Platform Market Size, Share & Trends Report

Healthcare Digital Experience Platform Market Size, Share & Trends Analysis Report By Component (Platform, Services), By Delivery Mode (On-premises, Cloud Based), By Application, By Region, And Segment Forecasts, 2021 - 2028

  • Report ID: GVR-4-68039-821-1
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2016 - 2019
  • Industry: Healthcare

Report Overview

The global healthcare digital experience platform market size was valued at USD 883.2 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.9% from 2021 to 2028. The rising demand for digital experience platforms from healthcare providers and payer organizations to ensure process optimization is one of the key factors driving the market. The growing complexity of management tasks and ever-demanding consumers has led healthcare payers to deliver a seamless, end-to-end patient experience. Keeping in line with the holistic view of each patient, the healthcare digital experience platform acts as an integrated solution capable of delivering streamlined sales, service, and marketing. These platforms emphasize financial efficiency and patient engagement. These platforms can be customized or personalized to meet the demands of these organizations, wherein payers decide to implement these solutions at full scale.

U.S. healthcare digital experience platform market size, by component, 2018 - 2028 (USD Million)

Healthcare digital experience platforms offer numerous benefits, such as patient activity monitoring components, seamless integration with multiple business operations, and in-built analytical capabilities. Key market players operating in the industry are focused on upgrading their digital platforms by integrating advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and big data in their business modules. This, in turn, is expected to boost market growth over the next few years. Moreover, healthcare digital experience platforms aid organizations in delivering contextual recommendations and predictive offerings to their consumers. Various organizations are adopting personalized or customer-centric cultures to increase patient engagement by dealing with real-time patient data.

The ability to drive improvements in the organization’s market share across the healthcare sector, reduction in attrition rate by implementing advanced analytics, increasing sales efficiency by reducing the sales operating costs, and increasing the cycle speed through price and quotation capabilities are likely to be the key driving factors in the years to come. Moreover, the ability to enhance customer service by reducing the operating costs via optimized contact handling and transformed operations is contributing significantly to the market growth.

COVID-19 healthcare digital experience platform market impact: an increase of 21.6% market growth between 2019 and 2020

Pandemic Impact

Post COVID Outlook

The healthcare digital experience platform market grew at a rate of 21.6% from 2019 to 2020.

The market is estimated to witness a year-on-year growth of approx. 11.5% to 13.0% in the next 5 years.

The rising incidence of COVID-19 has made it imperative for healthcare organizations to go digital to increase workflow efficiency and maintain business growth. Moreover, ongoing initiatives for healthcare IT solutions have further pushed the adoption of various advanced digital experience platforms and services in developing nations.

The COVID-19 pandemic has increased the degree of automation and digitalization in healthcare settings to minimize spending. The COVID-19 pandemic has triggered digital transformation initiatives to respond to the operational disruptions in an effective manner.

Healthcare digital experience platforms during the pandemic enabled efficient operational workflow and enhanced patient engagement. These platforms help healthcare organizations to revamp their efforts to adapt healthcare digital experience platforms to ensure their business continuity and process optimization.

The pandemic led to the increasing adoption of healthcare digital experience platforms by vendors, which enabled them to reach patients through multiple digital devices, which thereby aids in promoting upselling and cross-selling within the industry.

 

Since the pandemic, with every business transforming into a digital business, the majority of healthcare organizations are relying on digital channels to reach target patients in real-time with critical information and services. Several vendors in the industry are powering digital experiences for top-notch healthcare providers, payer organizations, and pharmaceutical companies to deliver large-scale experiences with agility. For instance, Adobe has proved to be one of the key vendors offering healthcare digital experience platforms to seven of the top ten healthcare providers, nine of the top pharmaceutical companies, and eight of the top ten healthcare payers. Adobe’s enterprise solutions, including HIPAA-ready Adobe Experience Cloud applications, allow profound end-user engagement across multiple touchpoints in the sector. These applications include Marketo Engage, Adobe Experience Manager Managed Services, and Adobe Sign.

Furthermore, the ability of digital experience platforms to reduce healthcare costs to a great extent is expected to propel market growth. For instance, healthcare costs are at the surge in the U.S. at a much faster rate as compared to the incomes. As per a blog published by Veriday, in June 2019, 20.0% of Americans will be 65 years old and above by 2030, leading to the fact that more medical care will be required. Thus, healthcare digital experience platforms can significantly improve the situation. As per the Goldman Sachs report, it has been anticipated that digital technology could save as much as USD 300.0 billion in healthcare costs.

Component Insights

The platform segment accounted for the largest revenue share of over 55.0% in 2020. The segment growth can be attributed to the growing trend towards digitalization, which is expected to boost the adoption of digital experience platforms among startups and large multinational healthcare companies, majorly in the developed economies. In addition, the growing necessity to retain the existing clients amid rising competition during the pandemic is projected to support the deployment of digital experience platforms by healthcare organizations. Moreover, the growing need to create an efficient patient experience and streamline operational workflows in health settings has led to the increased implementation of these platforms, thereby supporting the segment growth.

The services segment is anticipated to register the fastest growth rate during the forecast period on the account of the growing demand for services such as education, training, and consulting among major end-use healthcare industries, such as biotechnology, pharmaceutical, along with healthcare providers and payer organizations. Digital experience platform services support these organizations in achieving cost-cutting, increasing return-on-investment (ROI), and enhancing business operational performance. These services are majorly utilized by organizations that lack analytics platforms and budgets to implement or manage the patient experience platform solutions.

Delivery Mode Insights

Cloud-based delivery mode accounted for the largest revenue share of over 70.0% in 2020 owing to the growing demand for cloud technology across different healthcare organizations for secure information sharing, streamlining costs, and improving operational efficiency, along with enhanced patient services. In addition, reduced security breaches encountered in cloud-based deployment as compared to on-premises and web-based, ease of deployment, and low upfront setup costs are some of the key factors anticipated to fuel the growth of cloud-based healthcare digital experience platforms globally. Cloud-based deployment offers healthcare organizations hassle-free integration, enhanced operational flexibility, low workforce requirement, and reduced maintenance.

The cloud-based segment is anticipated to register the fastest growth rate during the forecast period owing to the growing demand for cloud technology across large-, medium-, and small-scale healthcare organizations to streamline multiple business operations. The on-premises segment is expected to witness significant growth during the forecast years owing to the high-end data security offered by this deployment. On-premises deployment of healthcare digital experience platforms facilitates easy compliance with regional government regulations and further offers large healthcare organizations better control over their confidential data.

Application Insights

The Business-to-Consumer (B2C) segment accounted for the largest revenue share of over 55.0% in 2020. Various companies in the healthcare sector are introducing new features in their existing digital experience platform offerings and are focused on increasing the adoption of these platforms across multiple business domains via new product launches. The introduction of new features such as customer behavior analytics has enabled organizations to identify and predict early customer attrition rates, improve the patient engagement experience, and increase patient/consumer retention rates. Moreover, periodic up-gradation of these platforms is necessary to be in synchronization with the latest analytics methods, thereby efficiently managing operational workflows.

Global healthcare digital experience platform market share, by application, 2020 (%)

The Business-to-Business (B2B) segment is anticipated to register the fastest growth rate during the forecast period. However, the B2B customer experience performance in the healthcare sectors still lags and often struggles for corporate priorities. Moreover, as per research conducted by B2B International, 14.0% of large-scale B2B companies are actually consumer-centric, thereby indicating that these organizations must take initiative to become more consumer-focused, thereby offering an opportunity for B2B organizations to differentiate their brands and deliver superior customer experience.

Regional Insights

North America accounted for the largest revenue share of over 35.0% in 2020 primarily due to the high demand for healthcare digital experience platforms in the U.S. healthcare industry, coupled with the high presence of large-scale IT vendors, such as Salesforce; SoftServe; Accenture; Adobe; IBM Corporation; Cognizant; and Wipro Digital, in the region offering these platforms. Moreover, the high significance of attaining improved patient engagement and retention, coupled with the presence of well-established traditional and online sales channels, is expected to generate potential growth opportunities for healthcare digital experience platforms in the region.

Asia Pacific is expected to be the fastest-growing regional market over the forecast period. Factors such as the growing target population of tech-savvy individuals, increasing per capita incomes, and demand for these platforms from giant healthcare businesses for accurate decision-making are driving the regional market. Moreover, Asian countries such as Japan, South Korea, China, and Australia have implemented these platforms at a large scale in order to go digital.

Key Companies & Market Share Insights

The high presence of players offering healthcare digital experience platforms and services and wide adoption of these solutions among various healthcare companies are some of the factors anticipated to drive the market.

For instance, Adobe is offering several healthcare giants innovative digital experience platforms to enhance the customer experience. Some of these giants include Pfizer, Walgreens Boots Alliance (WBA), Thermo Fisher Scientific, Mercy Health, Change Healthcare, and others. In addition, Adobe collaborated with Veeva to deliver a personalized digital experience for payers and healthcare providers accessible with greater ease and convenience. Some prominent players in the global healthcare digital experience platform market include:

  • SoftServe

  • Accenture

  • Sitecore

  • Adobe

  • Oneview Healthcare

  • Optimizely, Inc.

  • Liferay Inc.

  • IBM Corporation

  • Cognizant

  • Wipro Digital

Healthcare Digital Experience Platform Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 985.1 million

Revenue forecast in 2028

USD 2.3 billion

Growth Rate

CAGR of 12.9% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Component, delivery mode, application, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Russia; China; India; Japan; Australia; Singapore; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE

Key companies profiled

SoftServe; Accenture; Sitecore; Adobe; Oneview Healthcare; Optimizely, Inc.; Liferay Inc.; IBM Corporation; Cognizant; Wipro Digital

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the segments from 2016 to 2028. For the purpose of this study, Grand View Research, Inc. has segmented the global healthcare digital experience platform market report on the basis of component, delivery mode, application, and region:

  • Component Outlook (Revenue, USD Million, 2016 - 2028)

    • Platform

    • Services

  • Delivery Mode Outlook (Revenue, USD Million, 2016 - 2028)

    • On-premises

    • Cloud Based

  • Application Outlook (Revenue, USD Million, 2016 - 2028)

    • Business-to-Consumer (B2C)

    • Business-to-Business (B2B)

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

      • Russia

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia

      • Singapore

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • MEA

      • South Africa

      • Saudi Arabia

      • UAE

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