The global healthcare cloud computing market is projected to reach 64.7 billion by 2025 from USD 28.1 billion in 2020 at a CAGR of 18.1%. Growth in the healthcare cloud computing market can be attributed to factors such as technological advancements in healthcare sector, increasing adoption of healthcare IT solutions and advantages of cloud usage, including improved storage, flexibility, and scalability of data. However, data privacy and security concerns as well as complex regulations governing cloud data centers may restrain the market growth.
The COVID-19 pandemic has upended many lives and businesses on an unprecedented scale.However, the cloud computing industry has emerged stronger from this event.
While many organizations are finding it difficult to run smoothly, the organizations that opted for cloud computing infrastructure are functioning well.Especially in the healthcare industry, where data serves as the primary asset today, storage and management of data is cost-prohibitive, thereby increasing the additional expenditures related to the requirement of expensive servers.
In such cases, cloud computing assists in hassle-free data storage and backup because of its scalability. Moreover, with many healthcare providers giving consultation over video conferencing and phone calls, in lieu of this pandemic, the growth of healthcare cloud computing market is likely to augment considerably over the forecast period.
The healthcare provider solutions segment is expected to hold the largest market share during the forecast period. On the basis of product, the healthcare cloud computing market is segmented into healthcare provider solutions and healthcare payer solutions.The healthcare provider solutions segment that dominated the overall healthcare cloud computing market is further sub-segmented into clinical information systems and nonclinical information systems.
Clinical information systems held the largest share of the cloud-based healthcare provider solutions market in 2019. The market share is attributed to the growing demand for improved patient safety and patient care, stringent regulations, and increasing need for integrated healthcare systems.
The private cloud segment is expected to grow at the highest rate during the forecast period. On the basis of deployment model, the healthcare cloud computing market is broadly segmented into public cloud, private cloud, and hybrid cloud. The private cloud segment is estimated to account for the largest share of the healthcare cloud computing market in 2020, major factors being the highly sensitive nature of patient data which needs to be stored in a secure way to avoid any breach of data privacy, otherwise leading to legal ramifications.
The pay-as-you-go pricing model to garner large market share during the forecast period. On the basis of pricing model, the healthcare cloud computing market is segmented into pay-as-you-go and spot pricing.The pay-as-you-go segment held the largest share of the healthcare cloud computing market in 2019.
The pay-as-you-go model helps healthcare providers to avoid capital lock-in on purchasing equipment, such as CPUs and servers, but utilize all these services on an on-demand basis by paying only for what they use.
The infrastructure-as-a-service (IaaS) segment to grow at the highest CAGR during the forecast period. On the basis of service model, the healthcare cloud computing market is segmented into software-as-a-service (SaaS), infrastructure-as-a-service (IaaS), and platform-as-a-service (PaaS).The IaaS segment is expected to grow at the highest rate during the forecast period.
IaaS model does not need any upfront charges, bandwidth utilization fees, or minimum term commitments, owing to which the adoption of IaaS is expected to increase in the coming years.
The services segment to command large market share during the forecast period.” On the basis of component, the healthcare cloud computing market is segmented into software and services. The services market held the largest share in 2019 and is projected to show high CAGR during the forecast period. The demand for services is expected to grow rapidly in the coming years due to the introduction of complex software and the need to ensure proper integration and interoperability of software, which requires extensive training and upgrades. The Asia Pacific healthcare cloud computing market is expected to grow at the highest rate during the forecast period.” Geographically, the healthcare cloud computing market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. The Asia Pacific market is expected to grow at the highest rate during the forecast period. The high growth rate in APAC can be attributed to the increasing demand for advanced healthcare cloud computing solutions from key markets such as Japan and China and the large patient population in India. The growing prevalence of various chronic diseases, rising geriatric population, and increasing government focus on connected health are driving the healthcare cloud computing market growth in the Asia Pacific region. Breakdown of supply-side primary interviews: • By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30% • By Designation: C-level – 27%, Director-level – 18%, and Others – 55% • By Region: North America - 50%, Europe – 20%, APAC – 15%, and RoW – 15% Some of the major players in the market include IBM (US), Carestream Health (US), athenahealth (US), CareCloud Corporation (US), Hyland Software (US), Siemens Healthineers (Germany), DXC Technology (US), eClinicalWorks (US), Koninklijke Philips NV (Netherlands), NTT DATA (Japan), Allscripts Healthcare Solutions (US), Fujifilm Holdings (Japan), GE Healthcare (US), EnSoftek (US), Dell Technologies (US), and NextGen Healthcare (US) among others.
Research Coverage This report studies the healthcare cloud computing market based on product, service model, pricing model, deployment model, component and region.The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth.
It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to four main regions and respective countries.
Key Benefits of Buying the Report This report focuses on various levels of analysis—industry trends, market share of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the healthcare cloud computing market, and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares
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