The global healthcare cloud computing market size is anticipated to hit around US$ 64.86 billion by 2027 from at USD 22.43 billion in 2019 and poised to register a compound annual growth rate (CAGR) of around 17.8% from 2020 to 2027.
Cloud computing delivers instant access to patient information via protected portals and abundant control and storage to healthcare professional. The development of this technology in healthcare networks can boost data sharing and remote collaboration which was impossible with obsolete devices. Several healthcare establishments can harness the advantages of the cloud more than ever due to recent technological advancement and augmented security. Lately developed cloud computing software has been widely operated in laboratories and hospitals to operate patient data competently. Every year enormous administrative and clinical data is produced from laboratories and hospitals that requisite appropriate software for analysis and maintenance. Cloud computing in the healthcare industry drives a push toward data automation and when this technology is united with automation, modernizes the intake and discharge procedures and eradicates the requirement for paper documents.
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Automation in healthcare will prove irreplaceable as the healthcare industry endures to transform and advance. At present, automating data gathering and storing has emerged as next logical step. For instance, Google has a robust history in analytics, big data, and machine learning, and launch edits Google Health API. With rise in multi-cloud access healthcare organizations are predicted to employ Google Cloud’s proficiency whereas also exploring services like Amazon Elastic Compute Cloud and Amazon Simple Storage Service for data storage and computing to address the exceptional requirements of their business.
Prominent drivers pushing the development in the cloud computing for healthcare are upsurge in acceptance of information technology in the healthcare arena and augmented access to cutting-edge technology like machine learning among others. Further, growing practice of cloud technology for cost reduction and improved storage, scalability, and flexibility is further considered to reinforce the market growth during analysis period. Cloud computing upturns real-time data assortment and develops data accessibility. It has outperformed the traditional paper healthcare system by offering higher speed and competence in data handling. Cloud computing technology is extensively employed in remote patient monitoring. Intensifying public responsiveness and escalating need for rigorous regulatory compliance, ascending venture from healthcare participants like GE Healthcare, IBM, Cisco, and government organizations are estimated to generate a need for this system during the assessment period.
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North American has emerged as prevalent regional market for cloud computing in the healthcare industry in 2019. The large stake of this region is credited to the incentive-driven tactic of health IT programs by government, cumulative implementation of Electronic Health Records amongst medical professionals, vigorous involvement by private sector corporations in the expansion of this region. 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.
- Healthcare cloud computing market in Europe is also expected to show robust growth throughout the prediction period
- Rising acceptance of cloud computing software by different healthcare professionals across the world is anticipated to fuel the growth of the industry during years to come
- SaaS services of the global healthcare cloud computing market occupied principal revenue stake on account of multiple benefits delivered by this model including safety, quicker deployment time, and inferior up-front capital expenditures.
Key Players & Strategies
Healthcare providers should possess aptitude to manage support and configure HIPAA obedient IT cloud infrastructure. Continuous changes in options, configuration, and service presented by Azure and AWS need IT professionals to have proficiency and cloud services up-to-date training. Choosing the utmost cloud configuration settings will upsurge performance and will offer substantial cost saving for healthcare providers. Though the integrated service offering for the healthcare sector will deliver massive growth prospects, a deficiency of cloud professionals in the healthcare sector will restrict the development of the market contributors. To make the most of the openings, market players should emphasis more on the growth visions in the fast-growing sectors at the same time upholding their foothold in the slow-growing sectors.
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Prominent firms engaged in this sector are implementing powerful reasonable strategies to attain more market stake in the healthcare cloud computing market. Certain noteworthy companies functioning in this domain are CareCloud Corporation, Athenahealth, Inc., Carestream Health, IBM Corporation, Dell Inc., Siemens Healthineers and Oracle Corporation.
Recent strategies adopted by market contenders are as follows:
- In 2019, IBM acquired the company Red Hatto enhance its hybrid cloud offerings and plans to progress a cutting-edge multi-cloud hybrid platform
- In 2018, DXC Technologies acquired firm TESM in order to increase the enterprise software as a service solution and variety of cloud-based solutions across Europe
By Cloud Deployment
- Clinical Information System
- Non-clinical Information System
- Platform as a service (Paas)
- Infrastructure as a service (Iaas)
- Software as a service (Saas)
By End Users
- Healthcare providers
- Healthcare payers
By Regional Outlook
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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