Healthcare Cloud Computing Market - By Service (Infrastructure as a service (Iaas), Platform as a service (Paas), Software as a service(Saas)), By Cloud Deployment Model (Public, Private, Virtual Private Cloud, Hybrid), By Application (Clinical Information System & Non-clinical Information System), By End Users (Healthcare Providers, Healthcare Payers), By Geography - Global Opportunity Analysis & Industry Forecast, 2024 - 2030

Healthcare Cloud Computing Market Overview

Healthcare Cloud Computing Market size is estimated to reach $55.6 billion by 2026, growing at a CAGR of 15.7% during the forecast period 2021-2026. Cloud Computing is a particularly created data destination that reduces depository costs and acts as the enterprise transformation platform. Healthcare Cloud Computing involves technology put into use to beat two important industry trials, namely boosting cost-effectiveness and constructing a self-sustaining health ecosystem. The increased adeptness and cost-effectiveness of healthcare-associated applications owing to cloud computing in healthcare is fuelling the growth of the Healthcare Cloud Computing Market. A clinical information system (CIS) is planned expressly for application in the critical care atmosphere, like in an Intensive Care Unit (ICU). The clinical information systems may network with the abundant computer systems in a contemporary hospital, like pathology and radiology. A clinical information system is one of the segments of Healthcare Cloud Computing based on application. SaaS solutions (Software as service) permit end users to link to and apply cloud-based apps over the Internet. The electronic medical record is the computerized form of the paper charts in clinician offices, clinics, and hospitals. Healthcare Cloud Computing has been incorporated into the medical industry and has been applied as an essential technology in electronic medical record systems and telemedicine solutions amidst more products. The advantages offered by cloud computing, like reduced computing expenses and raised potential to work on a pay-per-use basis, are set to propel the growth of the Healthcare Cloud Computing Market during the forecast period 2021-2026. This represents the Healthcare Cloud Computing Industry Outlook.

Report Coverage

The report: “Healthcare Cloud Computing Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Healthcare Cloud Computing Market.

Key Takeaways

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Healthcare Cloud Computing Market Segment Analysis – By Service:

The Healthcare Cloud Computing Market based on Service can be further segmented into Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS). The Software as a Service (SaaS) segment held the largest market share in 2020. This growth is owing to the greater acceptance of this model in clinical settings. SaaS involves SaaS solutions comprising services varying from inventory control to web-based email and database processing. The service provider fundamentally has both data and application, and the user may utilize the service anytime, anywhere. HubSpot is a SaaS solution. Furthermore, the Infrastructure-as-a-Service (IaaS) segment is estimated to grow with the fastest CAGR of 17.1% during the forecast period 2021-2026 owing to its advantages like assisting in streamlining of application development deployment on the cloud. Microsoft Azure and Amazon Web Services are examples of IaaS solutions.

Healthcare Cloud Computing Market Segment Analysis – By Cloud Deployment Model:

The Healthcare Cloud Computing Market based on Cloud Deployment Model can be further segmented into Public, Private, and Virtual Private Cloud. The Private Segment held the largest market share in 2020. This growth is owing to the model being greatly secured and regulated by the company. The private model is termed “Internal Cloud” and is a safe platform that only offers access to approved users. Furthermore, the Hybrid segment is estimated to grow with the fastest CAGR of 16.5% during the forecast period 2021-2026 owing to the increased demand for cloud servers, inclusive of hybrid and multi-cloud services, in comparison with on-premise servers in the healthcare industry. Important companies have some kind of hybrid cloud deployment. Hybrid cloud is a combination of public and private deployment models involving SaaS solutions as required.

Healthcare Cloud Computing Market Segment Analysis – By Geography:

The Healthcare Cloud Computing Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America (Healthcare Cloud Computing Market) held the largest share with 52% of the overall market in 2020. This region's growth is owing to the technological advancement in the healthcare industry involving SaaS solutions and electronic medical records, heightening concentration on healthcare digitization, and expanding distribution of cloud-based Health Care Intranet Technologies (HCIT) solutions by healthcare providers to enhance the care procedure. Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2021-2026. This growth is owing to factors like altering demographics in greatly populated countries like China and India, enormous volumes of patient data produced as a consequence of the increasing ailment burden in the region, and different government initiatives targeting healthcare digitization which is fuelling the progress of the Healthcare Cloud Computing Market in the Asia-Pacific region.

Healthcare Cloud Computing Market Drivers

Capturing Medical Records Real-Time Is Projected To Drive The Growth Of Healthcare Cloud Computing Market:

The most recognizable application for Cloud Computing is in the area of Electronic Health Record Systems. EPIC software needs physicians to bring up-to-date patient profiles at the time of the total course of healing. Cloud and Artificial Intelligence (AI) may make the technique of dealing with electronic patient records like electronic medical records less laborious for physicians. Till now, EPIC systems have not proved to be ideal. Innovations have been slowly permeating the healthcare sector. However, hospitals are still lagging in the adoption of AI and machine learning. Fortunately, multiple Cloud computing vendors provide strong AI instruments with computing services like IBM’s Watson or Microsoft Azure’s AI. The handling of ingenious Cloud dealers may decrease costs for staff coaching and reduce time expenses. This factor s driving the growth of the Healthcare Cloud Computing Market during the forecast period 2021-2026.

Telemedicine Is Expected To Boost The Demand Of Healthcare Cloud Computing:

Remote approachability of data is potentially the largest benefit that cloud storage of data provides. The blend of cloud computing with healthcare can enhance numerous healthcare-associated operations like telemedicine, post-hospitalization care plans, saas solutions, and virtual medication adherence. Telemedicine is committed to satisfying an organic demand in the electronic era of fetching patients and medical practitioners nearer to one another without requiring to give up great lengths of time by journeying while receiving all the advantages of healthcare. Telemedicine provides an opportunity to contact, query, and obtain responses for problems that require solutions at the earliest. Cloud Computing enhances access to healthcare services through telehealth. Telemedicine apps contribute to the aspect of availability of healthcare delivery while improving the patient experience. Cloud-based telehealth systems and applications permit effortless sharing of healthcare data, improve availability, and offer healthcare coverage to the patients during the precautionary treatment and healing stage. MD Live, Lemonaid, AmWell, Babylon Health, and Dialogue are some recognized telemedicine apps. Telemedicine may be applied for many valuable purposes like altering the routine and offering advanced care to Inuit communities and substitute dog sleds in Alaska. The increasing telemedicine application in healthcare is propelling the Healthcare Computing Market during the forecast period 2021-2026.

Healthcare Cloud Computing Market Challenges

Security Issues Are Challenging The Acceptance Of Healthcare Cloud Computing:

The greatest impediment to the adoption of cloud computing in healthcare is the potential security contingency connected to it. Patient information may be stored in electronic medical records and is intrinsically sensitive in nature, and cloud-accommodated healthcare information requires to be protected against extrinsic hazards. Encryption of data, application of security keys for access, and utilization of blockchain for securing data are some techniques through which healthcare companies may guarantee the security of sensitive patient information accumulated in the cloud. The data accumulated in an organization's database may be effortlessly available to additional parties owing to its dispersed characteristic. Privacy concerns appear when sensitive data becomes public without permission owing to system susceptibilities or hacking activities carried out by third parties. Security concerns can be very challenging and thus hamper the growth of the Healthcare Cloud Computing Market.

Healthcare Cloud Computing Market - Landscape:

Product launches, mergers and acquisitions, partnerships, and R&D Activities are key strategies adopted by players in the Healthcare Cloud Computing Market. Key companies of this market are:

1. CareCloud Corporation
2. Carestream Health
3. ClearDATA
4. IBM Corporation
5. Athenahealth
6. Cisco Systems Inc
7. Dell
8. Iron Mountain Incorporated
9. Oracle Corporation
10. Microsoft Corporation

Acquisitions/Product Launches:

• In September 2021, IBM Watson introduced novel AI and Automation characteristics to assist enterprises in revamping their customer service. Novel IBM Watson Assistant characteristics are planned to assist enterprises more rapidly establish a voice agent with IntelePeer and authorize smoother hand-offs to live agents.
• In August 2020, Carestream Health introduced a novel DRX-Compass X-ray system. The DRX Compass system may be utilized by the community, rural and private hospitals, urgent care centers, orthopedic, and big radiology practices.

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