Published Date : 03 Mar 2023
The global healthcare cloud computing market size is projected to hit around USD 127.04 billion by 2030 and poised to grow at a CAGR of around 17.2% between 2022 and 2030.
The use of cloud computing services and infrastructure to maintain, store, and retrieve personal health information is known as healthcare cloud computing. The cloud computing has helped the healthcare industry by providing a platform for on demand hosted services, on demand computation and huge storage. It has made information and records more accessible to authorities.
The primary drivers of the healthcare cloud computing market are the growing acceptance of massive data examination, internet of things, and wearable devices. The medical care providers create and collect data from a wide range of internal sources, including electronic health records, pharmacy shop deals, lab tests, radiology images, solution data, and insurance claims data. Due to changes in the healthcare ecosystem, the number of advanced information is growing at a rapid pace.
Based on the product, the healthcare cloud computing market is segmented into medical care supplier arrangements and payer arrangements. The clinical data frameworks and non-clinical data frameworks are generated at the fastest rate within the expected time frame in the medical services supplier arrangements segment.
The healthcare cloud computing market is segmented into programming and administrations based on components. During the forecast period, the administration’s segment is employed to develop at a rapid pace. The repeated idea of administrations like training and preparation, programming upgrades, installation of programs, counselling, and maintenance can be credited with the high growth rate of this segment.
Healthcare Cloud Computing Market Report Scope
|Market Size in 2023||USD 41.62 billion|
|Projected Forecast Value in 2030||USD 127.04 billion|
|Growth Rate||17.2% from 2022 to 2030|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Segments Covered||By Cloud Deployment, By Application, By Service and By End User|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
North America is the largest segment for healthcare cloud computing market in terms of region. This is attributed to the collection of a significant volume of patient data due to an increase in disorder burden. Furthermore, the presence of prominent companies working in the healthcare cloud computing market in North America region, as well as a favorable regulatory framework, favors the healthcare cloud computing market expansion.
Europe region is the fastest growing region in the healthcare cloud computing market. The number of hospital admissions is expected to rise as more people become aware of the availability of high-quality healthcare cloud computing solutions and as the older population becomes more susceptible to various ailments.
Growing need for healthcare cloud computing solutions
The growing acceptance of cloud computing among healthcare professionals is due to a number of factors, including ease of interoperability, access to powerful analytics, patient data ownership, telemedicine capabilities, and cost savings. The healthcare cloud computing market has proven to be useful for patients as well as healthcare professionals, ensuring the market growth.
The healthcare market has undergone a huge transition in the generation, consumption, sharing, and storage of healthcare data from traditional methods to digitalization. As a result, the growing need for healthcare cloud computing solutions is fueling the market growth for healthcare cloud computing.
Lack of standardization
Easy and quick access to patient data is one of the most important requirements of any hospital or healthcare organization. When a hospital migrates data to the cloud, it is stored on systems and platforms maintained by the service vendor, which can cause interoperability issues.
The main challenge for organizations attempting cloud computing interoperability is cloud application programming interface (APIs). Due to the lack of standardization among cloud service providers, data sharing between different cloud tools is limited, resulting in portability issues. Thus, lack of standardization is restricting the growth of the healthcare cloud computing market during the forecast period.
The surge in demand for tele-cloud
In the healthcare cloud computing market, the introduction of the Tele-cloud is seen as a key opportunity. The combination of remote innovation and the cloud has shown to be a very reliable technique for delivering patient information to faraway locations. As a result, the surge in demand for tele-demand is creating lucrative opportunities for the growth of the healthcare cloud computing market.
Data privacy and security concerns
The data hosted by vendors is not as secure as data stored on-premise, which is a major concern with cloud solutions. Patient information is considered sensitive, and a high level of privacy must be maintained to ensure that this information is only available to authorized users. Despite the fact that the cloud provides numerous benefits and security measures, data stored in the cloud is still vulnerable to cyber-attacks.
Data security and privacy concerns are growing in tandem with the growing volume of patient data and rising initiatives toward digital transformation in healthcare. Furthermore, patients are concerned about the security of their data, emphasizing the importance of maintaining data security standards.
Major Key Players:
By Cloud Deployment
By End Users
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