The global healthcare cloud computing market size was valued at USD 22.43 billion in 2019 and predicted to surpass around USD 65 billion by 2027.
The global healthcare cloud computing market is expected to register a compound annual growth rate (CAGR) of around 17.8% during period 2020 to 2027.
Several healthcare establishments can harness the advantages of the cloud more than ever due to recent technological advancement and augmented security. With the technological advancement such as remote monitoring, natural language processing APIs and telehealth cloud technology will endure to advance to fit novel digital health setting in multiple important means during years to come. As per Analytics Survey of HIMSS, more than 83% of healthcare organizations are now making use of cloud services.
Numerous healthcare facilities desire to take these cloud computing solutions to the next level by implementing groundbreaking technology. Instead of gathering and transferring data to the cloud, the system examines and works on it at the point of gathering. The propagation of high-speed internet and execution of promising controlling acts are also predictable to deliver growth prospects to the healthcare cloud computing market across the world. Yet, concerns connected to data portability obstacles, data privacy, and increasing number of cloud data breaches are curtailing the advancement of healthcare cloud computing market worldwide. Further, deficiency of accomplished IT professionals has decelerated implementation of this technology. Competent specialists are in great demand on account of the struggle in finding professionals with HIPAA expertise. This aptitude drought will expected to decelerate the shift to cloud computing systems.
Clinical information system segment involves telehealth solution, computerized physician order entry, population health management (PHM) solutions, electronic medical records, pharmacy information system, radiology information system, others.
Clinical information systems segment gathered sizable market share in terms of revenue in 2019 credited to snowballing demand for maintaining raw data produced from physicians and doctors. This information involves notes made by pharmacists, physicians, doctors and prescriptions. Meanwhile, massive clinical data is produced every year which creates radical need for laboratory information management and health information system. All these factors contribute toward the growth of this segment.
Cloud Deployment Insights
Healthcare cloud computing market is classified based upon the deployment into hybrid cloud, private cloud and public cloud. The private cloud segment accounted for the considerable revenue stake in 2019. This is due to need for storage of extremely sensitive patient data in a protected way to evade data privacy breach which might emerge legal ramifications.
Different types of services assessed in this market study are infrastructure-as-a-service, software-as-a-service and platform-as-a-service. In 2019, the SaaS services of the market occupied leading revenue share on account of multiple benefits delivered by this model including safety, quicker deployment time, less total charge of ownership, and lower up-front capital expenditures.
Geographically, North America is embrace a prevalent marketstake in the healthcare cloud computing sector and is estimated to mirror analogous trend during years to come deprived of considerable fluctuations. U.S is a front-runner in the healthcare cloud computing arena, majorly on account of its high acceptance rate of healthcare IT services and unceasing support from the government organization.
On the other hand, healthcare cloud computing market in Europe is also expected to show robust growth throughout the prediction period. This is on account of growing awareness associated with obtainability of higher quality cloud computing solutions for healthcare. Besides, budding elderly population which is highly vulnerable to numerous diseases upsurges the amount of hospital admissions. All these aspects together are considered to have positive outlook on demand of healthcare cloud computing software in the Europe.
Key Companies & Market Share Insights
Rising public responsiveness and escalating need for rigorous regulatory compliance, upward venture from healthcare participants like GE Healthcare, IBM, Cisco, and government organizations are projected to generate a need for this system throughout the exploration period. Crucial industry performers have launched services and software that permits to collect and assimilate massive healthcare information that proves favorable for industry progression. Furthermore, such software also delivers stress-free access to patient information that aids healthcare professionals to takeprecise decisions. Along with the aforementioned drivers, high implementation rate of cloud computing software to advance hospital administration and empower fraud inhibitionis also creating optimistic avenue for the growth of healthcare cloud computing industry growth.
Prominent players functioning in the healthcare cloud computing sector are as follows:
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of end-use and region as follows:
By Cloud Deployment
By End Users
By Regional Outlook
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