Healthcare Cloud Computing Market — Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021–2027
Cloud computing is a self-service network system on demand that allows the user to access computing services from anywhere at any time. More than just delivering medical information from multiple computers at any time, anywhere, and on any mobile device, transforming healthcare through the cloud is about more. It is also about the advantages of linking medical centers and cloud users to share the health data of patients over the Internet. It transforms healthcare to share patient information between medical providers on urgent cases in real-time.
According to Univdatos Market Insights - The global Healthcare Cloud Computing market was valued at US$ 23.7 billion in 2019 and is projected to expand significantly with a CAGR of 14.54% from 2021–2027.
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In healthcare, cloud computing improves the industry’s productivity while reducing costs. Cloud computing makes it simpler and safer for medical record-sharing, automates back-end processes, and makes it easier to build and manage telehealth applications. More patient data management and decreased maintenance burden and cost savings on the side of the company are contributing to the growth in healthcare cloud adoption. According to the West Monroe Partner’s report, 35% of healthcare organizations surveyed held more than 50% of data or infrastructure in the cloud. In contrast to other sectors, healthcare proved to be the farthest along with cloud adoption. The widespread adoption of healthcare cloud computing goes far beyond merely storing cloud architecture data. This technology is already being utilized by healthcare professionals to achieve efficiencies, optimize workflows, and healthcare delivery costs and provide personalization in care plans to maximize performance. According to various surveys, approximately 93% of cloud services in healthcare are at a medium-high security risk, nearly 94 million total healthcare records have been exposed in the 12 months. Also, US$ 50 is the average cost of an individual health record with 7% of cloud services in use comply with enforcement and security requirements, and a total of 8 TB of data uploaded to the cloud/month by an average health provider.
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 facilitate costumers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst services, SaaS segment holds the major share”
Based on services type, the market is fragmented into SaaS, IaaS, and PaaS. The SaaS dominated the market with a share of 61.3% in 2019 and is expected to maintain its dominance during the forecast period owing to the increased security, a lower expense of ownership, quicker deployment time, and restricted up-front investment expenses.
“Amongst deployment, private cloud is anticipated to dominate the market during the analyzed period”
Based on deployment, the market is mainly into the private cloud, public cloud, and hybrid cloud. In 2019, Private Cloud accounted for a maximum market revenue share of 38.7% and is expected to remain dominant during the analyzed period owing to the rising visibility and control it gives organizations over their data. It gives organizations the ability to customize their cloud environment and security. However, the Hybrid cloud is anticipated to grow at the highest CAGR over the forecast period.
“Amongst application, non-clinical information systems segment dominated the market during the forecast period”
Based on application, the market is mainly into clinical information systems and non-clinical information systems. In 2019, Non-clinical information systems accounted for a maximum market revenue share of 54.2% and are expected to remain dominant during the analyzed period. Automating the method of cloud-based medical billing and collections saves time, improves profits from practice, and decreases paper statement costs dramatically. However, clinical information systems are anticipated to grow with the highest CAGR over the forecast period.
“Amongst end-user, Healthcare providers segment holds the major share”
Based on end-user, the market is fragmented into healthcare providers and healthcare payers. In 2019, the healthcare providers accounted for the maximum market share with 68.4% and are expected to be the leading segment of the Healthcare Cloud Computing market during the forecast period due to the increasing volume of patient data.
“North America represents one of the largest markets of Healthcare Cloud Computing market”
For a better understanding of the market dynamics of the Healthcare Cloud Computing market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), Rest of World has been conducted. 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 expected to witness the highest CAGR during the forecast period.
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