Healthcare Cloud Computing Market, Size, Trends & Forecast 2027
Global Healthcare Cloud Computing Market is expected to reach the market valuation of US$ 80.5 billion by 2027 expanding at a reasonable CAGR of 14.5% during the forecast period (2021-2027) from US$ 23.7 billion in 2019.
The Healthcare Cloud Computing transforms healthcare to share patient information between medical providers on urgent cases in real-time.
The various factors driving the Healthcare Cloud
Computing market include the rising adoption of wearable devices, big data analytics and IoT in
healthcare and technological advancements in machine learning. Also, growing cloud
deployment in healthcare industry is anticipated to boost the market growth. However, data security and
privacy concerns, and interoperability and portability issues are expected to hinder the growth of the Healthcare Cloud Computing market.
There has been a massive shift in the generation, consumption, storage, and sharing of
healthcare data worldwide. Cloud computing enables healthcare related businesses to
adapt their business models, develop new capabilities quickly and
cost-effectively, and connect, collaborate, and share information more flexibly
along the value chain. Established providers of cloud security - Microsoft, Google,
Amazon - all devote huge resources to security owing to their reputation. Approximately, 60 million adults in
the United States are anticipated to wear personal
data devices by end of 2020, creating a mindset of sharing data over a network.
According to a study, overall, 88% of healthcare organizations have witnessed a 20% drop in
IT-related expenses because they utilized their healthcare ERP in the cloud.
Based on services, the market is
fragmented into Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS) and Platform-as-a-Service (PaaS). The SaaS segment dominated the market in 2019 accounting for 61.3% and is anticipated to maintain its dominance during the forecast period owing to the reduced IT
costs, easier upgrades, improve accessibility, predictable costs, and better
disaster recovery. The major deployment types of cloud computing in healthcare
market include private, public and hybrid cloud. The private cloud is anticipated to dominate the
market in 2027 and grow at a significant CAGR of 14.6% during the analyzed
period owing to the greater
organizational agility, security, and improved control over
infrastructure.
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The various applications where Healthcare Cloud
Computing are being utilized include clinical
information systems and non-clinical information systems. The non-clinical
information systems dominated the
market and accounted for 54.2% in 2019 and is anticipated to maintain its dominance during
the analyzed period. However, the clinical
information systems segment is expected to grow at the highest CAGR of 15.0% during the forecast period due to the rising demand of maintaining the raw data from physicians. As huge clinical data is generated annually, there has been a
robust surge in the demand for health information system and laboratory
information management system.
Based on end-user, the market is fragmented into healthcare providers and healthcare payers. The healthcare providers dominated the market and generated revenue of US$ 16.2 billion in 2019 owing to the rising burden of patients in hospitals due to several chronic diseases, and rising volume of patient data. Also, Cloud computing
enables healthcare providers to gain quick access to patient data obtained from
diverse sources and provide timely prescriptions and protocols for treatment.
Additionally, the report provides detailed initiatives that are being taken
in the field of Healthcare Cloud Computing. The market is classified into distinct regions including North America (the U.S and Canada), Europe (Germany, France, Spain, Italy, and
United Kingdom), Asia-Pacific (China, Japan, India, and Australia), Rest of World. North America dominated the market and generated revenue of
US$ 13.6 billion in 2019 owing to the rising adoption of
healthcare IT solutions, electronic health records (EHRs) among medical professionals, legislative initiatives, and accessibility of advanced healthcare IT infrastructure. However, Asia-Pacific is anticipated to witness highest CAGR during the forecast period.
Allscripts Healthcare Solutions, Amazon Web Services, Athenahealth, Cisco Systems,
Fujifilm Holdings, GE Healthcare, IBM Corporation, Koninklijke Philips N.V.,
Microsoft Corporation, and Siemens Healthineers are some of the prominent players operating in the global Healthcare Cloud
Computing market. Several M&A’s
along with partnerships have been undertaken by these players to develop Healthcare Cloud
Computing.
Global Healthcare Cloud Computing Market Segmentation
Market Insight, by Services
Software-as-a-Service (SaaS)
Infrastructure-as-a-Service (IaaS)
Platform-as-a-Service (PaaS)
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Market Insight, by Deployment
Private
Public
Hybrid
Market Insight, by Application
Clinical Information Systems
Non-clinical Information Systems
Market Insight, by End-User
Healthcare Providers
Healthcare Payers
Market Insight, by Region
North America
United States
Canada
Rest of North America
Europe
France
Germany
Italy
Spain
United Kingdom
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
Rest of World
Top Company Profiles
Allscripts Healthcare Solutions
Amazon Web Services
Athenahealth
Cisco Systems
Fujifilm Holdings
GE Healthcare
IBM Corporation
Koninklijke Philips N.V.
Microsoft Corporation
Siemens Healthineers
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