Market Size – USD 50.56 Billion in 2021, Market Growth - CAGR of 16.21%, Market Trends –the increasing demand from electronics industry is widening the scope for Healthcare Cloud Computing Market.
The Healthcare Cloud Computing Market was estimated at USD 50.56 Billion in 2021 and is projected to reach USD 144.71 Billion by 2028, growing at a CAGR of 16.21%.
Cloud computing in healthcare is the practice of installing remote servers accessible via the internet to store, manage, and process healthcare-related data. Setting up an on-site data center with servers or hosting the data on a personal computer, on the other hand, are both effective solutions. Cloud storage is a customizable system that allows healthcare practitioners and hospitals to store enormous volumes of data in a secure environment maintained by IT specialists using a network of remotely accessible computers. Healthcare businesses across the United States have used cloud-based healthcare solutions as a means of storing and preserving patient records since the introduction of the Electronic Medical Records (EMR) Mandate. Cloud computing offers the healthcare industry collaboration, scalability, reachability, efficiency, and security, among other benefits thus, stimulating the development of the healthcare cloud computing market.
Major Key Players for Healthcare Cloud Computing Market:
- eClinicalWorks (US)
- CareCloud, Inc. (US)
- Oracle Corporation (US)
- Allscripts Healthcare Solutions, Inc. (US)
- Amazon Web Services, Inc. (US)
- International Business Machines Corporation (US)
- Microsoft Corporation (US)
- Siemens Healthineers AG (Germany)
- NTT DATA Corporation (Japan)
- athenahealth. Inc. (US)
- Sectra AB (Sweden)
- GE Healthcare (US)
Market Dynamics and Factors:
The adoption of cloud storage for electronic medical information has simplified the collaborative patient care process in the United States. Cloud storage allows clinicians to interact by viewing and exchanging a patient's medical records. A patient's medical records were likely kept in different files at each doctor, specialist, or hospital they saw in the past. This made collaboration between doctors on a patient's care impossible. The widespread use of cloud storage in hospitals, particularly for electronic health records, makes it easier for doctors to share information, see the results of interactions between other physicians and the patient, and provide care that considers everything the patient has experienced with other doctors in the past thus, driving the growth of the healthcare cloud computing market in the forecasted timeframe.
Healthcare Cloud Computing Market Report Highlight:
- By type, the solution segment is anticipated to have the highest share of the healthcare cloud computing market during the projected timeframe. RCM solutions, financial solutions, HIE solutions, SCM solutions, Telehealth solutions, RIS, PHM solutions, and billings & accounts management solutions make up the solution section.
- By deployment model, the private segment is set to dominate the healthcare cloud computing market in the forecast period. The private cloud has many of the same advantages as the public cloud, but it allows organizations more control over their data because they are not sharing it with other companies. The organization's security measures are also used to deploy the private cloud.
- By service model, the SaaS segment is estimated to lead the growth of the healthcare cloud computing market over the analysis timespan. With its smart business applications, artificial intelligence (AI) is ready to dominate the industry. SaaS platforms that include AI become self-learning and autonomous. Healthcare firms are adopting AI-based solutions thus, strengthening the growth of the segment.
- The North American region is anticipated to have the highest share of the healthcare cloud computing market. The United States leads the healthcare cloud computing industry, owing to a high adoption rate of healthcare IT services and government agencies' ongoing financial and regulatory support. The Health Information Technology for Economic and Clinical Health Act (HITECH Act) boosted the deployment of electronic health records (EHRs) and related technologies across the country.
Key Industry Development:
In October 2021, eClinicalWorks announced that Soma Medical Center, P.A. recently launched eClinicalWorks integrated cloud platform and services for its 50+ providers. Physicians at Soma Medical Center have more efficient ways to keep in touch with patients and their families due to eClinicalWorks' patient engagement and automated solutions, which helps assure the reliable delivery of care.
In July 2021, AWS for Health is a set of services from Amazon Web Services aimed at assisting healthcare and life science organizations in accomplishing their goals. AWS for Health will assist enterprises in accelerating innovation, unleashing the potential of health data, and creating more targeted treatment development and care approaches.
Healthcare Cloud Computing Market Segmentation:
By Deployment Method
- Public cloud
- Hybrid cloud
- Private cloud
By Service Model
- Software-as-a-service (SaaS)
- Platform-as-a-service (PaaS)
- Infrastructure-as-a-service (IaaS)
- Healthcare providers
- Healthcare payers
For this report, Introspective Market Research has segmented the Healthcare Cloud Computing Market based on region:
Regional Outlook (Revenue in USD Billion; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM