Healthcare Cloud Computing Market

Healthcare Cloud Computing Market Size

[ 170 + Pages Research Report ]  to surpass USD 66.3 Billion by 2030 from USD 26.5 Billion in terms of value growing at a CAGR of 17.6% throughout the forecast period, i.e., 2020-30.

Healthcare Cloud Infrastructure also offers real-time data storage and increases data accessibility for organizations to store, handle and process data from various locations and deliver hosted services over the internet. Healthcare Cloud Infrastructure allows the healthcare sector to store and view data remotely in various ways, such as allowing professionals. Cloud computing increases the processing of data in real-time and enhances data usability. Offering more speed and reliability in data handling, it has outpaced the traditional paper healthcare system.

 Market Highlights

Healthcare Cloud Computing Market is expected to project a notable CAGR of 17.6% in 2030.

Healthcare Cloud Computing Market to surpass USD 66.3 Billion by 2030 from USD 26.5 Billion in terms of value growing at a CAGR of 17.6% throughout the forecast period, i.e., 2020-30. Growing adoption by healthcare professionals of cloud computing software is expected to drive industry growth. Business growth is also expected from the expansion of the high-speed internet and the introduction of favorable regulatory actions. Increasing demand from healthcare players such as Cisco, IBM, GE Healthcare, and government organizations for strict regulatory enforcement, public awareness, and increasing investment is expected to generate a demand during the study period for this technique. Factors such as technical improvement in the healthcare sector, the growing emphasis on healthcare digitization, and the increasing implementation of cloud-based HCIT technologies by healthcare providers to enhance the treatment process can be attributed to growth in the healthcare cloud computing market in the coming years.

Healthcare Cloud Computing Market: Segments

Public cloud segment to grow with the highest CAGR of 13.2% during 2020-30

Healthcare Cloud Computing Market is segmented by deployment model as public cloud, private cloud, and hybrid cloud. The private cloud deployment model segment is estimated to lead the market with a share of XX.X% in 2019. The private on-premise cloud offers high-security solutions and provides network access. For larger organizations that have IT personnel and security experience, private cloud storage works well. In addition, the on-premise private cloud enables companies to install their software and comply with any enforcement concerns, leading to increased adoption in the coming years. A single company typically owns and manages private cloud computing software. As it offers more control over infrastructure, cloud clients, and computational resources than the public cloud, healthcare providers implement private cloud computing solutions.

Supercritical Segment to grow with the highest CAGR during 2020-30

Healthcare Cloud Computing Market is segmented by service into software-as-a-service (SaaS), platform-as-a-service (PaaS), and infrastructure-as-a-service (IaaS). The SaaS model segment accounted for the largest revenue share of XX.X% in 2019 owing to its several advantages over on-premise solutions, such as security, the lower total cost of ownership, faster deployment time, and limited up-front capital expenses. The demand among healthcare providers for healthcare cloud computing is mainly driven by its multi-tenant service that allows unlimited users and offers users access at any time and anywhere. It decreases operating costs and improves the usage of resources as this service is hosted by a supplier or a service provider. Several cloud computing systems, like SaaS, provide on-demand services to healthcare organizations. It offers easy access to business applications as well. Besides, such services improve patient relationship management, which enhances its adoption among healthcare providers, thus fostering market growth shortly.      

Healthcare Cloud Computing Market: Market Dynamics

Drivers

Access to Advanced Technology

Access to advanced technologies such as machine learning and cloud use to minimize costs and enhance scalability, storage, and versatility are the major factors for the growth of the healthcare cloud computing industry. To store, handle and process data, cloud computing is the practice of using a network of remote servers hosted on the internet. It does not require or use a local server and eliminating infrastructural expenses, greatly reduces the total cost. In addition to one-time set-up costs, maintenance costs in the event of a cloud are often immense.

Rise in Adoption of Information Technology in the Healthcare Sector

Increased adoption of information technology in the healthcare sector, access to advanced technology, such as machine learning, and cloud use to minimize costs and increase scalability, storage, and versatility are the key reasons for the growth of the healthcare cloud computing industry. To store, handle and process data, cloud computing is the practice of using a network of remote servers hosted on the internet. It does not require or use a local server and eliminating infrastructural expenses, greatly reduces the total cost. In addition to one-time set-up costs, maintenance costs in the event of a cloud are often immense.

Restraint

Data Security and Integrity Issues

A major concern about cloud solutions is that vendor-hosted data is not as secure as data stored on-site. Patient information is considered sensitive and there is a need to ensure a high degree of privacy such that this information is available only to approved users. While the cloud has numerous advantages and security measures, the information stored on the cloud is still vulnerable to cyber-attacks. Data protection and privacy issues are growing increasingly with the increasing amount of patient data and rising efforts towards digital transformation in healthcare. In addition, patients themselves are concerned about the security of their data, which adds to the importance of maintaining data protection security standards. Like conventional IT systems, public clouds face similar security problems and are thus not favored. While private clouds have more reliable protocols and frameworks for access, the healthcare industry remains skeptical about private cloud data protection.

Healthcare Cloud Computing Market: Key Players

• Oracle Corp.

  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis
• Microsoft Corp.
• EMC Corp.
• Cisco Systems Inc.
• VMWare, Inc.
• Merge Healthcare, Inc.
• Iron Mountain, Inc.
• IBM Corporation
• Global Net Access (GNAX)
• Dell Inc.
• Cleardata Networks, Inc.
• Carestream Health, Inc.
• Carecloud Corporation
• Athenahealth, Inc

Healthcare Cloud Computing Market: Regions

Healthcare Cloud Computing Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.

Healthcare Cloud Computing Market in North America led the market with a lion's share of XX.X in 2019 and is projected to maintain its lead over the forecast period. Continuous technical advances in the cloud computing solution for healthcare have strengthened its acceptance among healthcare providers. In addition, the supportive regulatory scenario favors regional growth as it ensures that effective and updated software is available. During the forecast period, Asia Pacific is projected to rise at the highest CAGR. The growth of the healthcare cloud computing market in the Asia Pacific is driven by the evolving demographics in highly populated countries such as China and India, large volumes of patient data created as a result of the increasing disease burden in the region, and various government initiatives focusing on healthcare digitization. Growing investment in modernizing the country's healthcare infrastructure is therefore expected to drive the growth of the APAC region's healthcare cloud computing market.

Competitive Landscape:

The Healthcare Cloud Computing market, which is highly competitive, consists of several major players such as IBM (US), athenahealth (US), Siemens Healthineers (Germany), and Koninklijke Philips NV (Netherlands) hold a substantial market share in the Healthcare Cloud Computing market. Other players analyzed in this report are Allscripts Healthcare Solutions (US), Fujifilm Holdings (Japan), and GE Healthcare (US) among others.

Key players are adopting inorganic growth strategies such as product launches in the global nutritional supplement market. For instance, In 2020, Allscripts (US) and Microsoft (US) extended their strategic alliance for five years to transform their cloud-based health IT solutions.

Healthcare Cloud Computing Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada

• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and the Rest of APAC
• MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Healthcare Cloud Computing Market report also contains an analysis on:

Healthcare Cloud Computing Market Segments:

• By Service:

  • Infrastructure as a service (Iaas)
  • Platform as a service (Paas)
  • Software as a service (Saas)
• By Deployment Model:
  • Private Cloud
  • Hybrid Cloud
  • Public Cloud
• By Application:
  • Clinical Information System
    • Computerized Physician Order Entry
    • Electronic Medical Records
    • Radiology Information System
    • Pharmacy Information System
    • Others
  • Non-clinical Information System
    • Automatic Patient Billing
    • Revenue Cycle Management
    • Claims Management
    • Others
• By Pricing Model:
  • Pay-as-you-go
  • Spot Pricing
• Healthcare Cloud Computing Market Dynamics
• Healthcare Cloud Computing Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints