Healthcare Cloud Computing Market- Industry Analysis, Size, Share, Growth, Trends, and 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.
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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.
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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.
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.
The Healthcare Cloud Computing Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
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