PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373924
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373924
Healthcare Cloud Computing Market size was valued at USD 39,242.8 Million in 2022, expanding at a CAGR of 21.8% from 2023 to 2030.
Healthcare cloud computing involves the utilization of cloud technology in the healthcare industry to store, manage, and process healthcare data and applications. This approach offers benefits like improved data accessibility, scalability, cost-efficiency, and security, making it valuable for healthcare providers, payers, and related organizations. It plays a pivotal role in digital transformation, fostering interoperability, and supporting innovative healthcare services.
Healthcare Cloud Computing Market- Market Dynamics
Adoption of healthcare IT solutions such as Electronic Health Records (EHR), e-prescribing, telehealth, and Health IT, a trend that has accelerated due to the impact of COVID-19 is expected to propel the market demand
The global market's expansion is primarily propelled by the widespread adoption of healthcare IT solutions such as Electronic Health Records (EHR), e-prescribing, telehealth, and Health IT, a trend that has accelerated due to the impact of COVID-19. Additionally, the growing utilization of advanced technologies like big data analytics, wearable devices, and the Internet of Things (IoT) in the healthcare sector is contributing to market growth. The healthcare industry's increasing embrace of cloud deployment is driven by the enhanced data storage, flexibility, and scalability offered by cloud computing, as well as the cost-efficiency it brings, especially with evolving payment models.
However, there are factors that may impede market growth to some extent, such as concerns regarding data security and the intricate regulatory framework governing cloud data centers. Globally, the prevalence of chronic diseases, including cardiovascular diseases (CVD) and cancer, has risen significantly. CVD, for instance, has become a leading global cause of death, with millions of annual fatalities. Similarly, cancer cases have been on the rise. These health challenges are exacerbated by the aging global population, with the geriatric demographic expected to double by 2050. This aging population is more susceptible to chronic diseases, with a significant percentage suffering from multiple chronic conditions, adding complexity to healthcare management.
Healthcare Cloud Computing Market- Key Insights
As per the analysis shared by our research analyst, the global Healthcare Cloud Computing Market is estimated to grow annually at a CAGR of around 21.8% over the forecast period (2023-2030)
Healthcare Cloud Computing Market is projected to grow at a significant rate due to adoption of healthcare IT solutions such as Electronic Health Records (EHR), e-prescribing, telehealth, and Health IT, a trend that has accelerated due to the impact of COVID-19
Based on Component, Services was predicted to show maximum market share in the year 2022
Based on End User, Healthcare provider was the leading segment in 2022
On the basis of region, North America was the leading revenue generator in 2022
The Global Healthcare Cloud Computing Market is segmented on the basis of Component, Deployment, By End User, and Region.
The market is divided into two categories based on Component: Software and Services. Over the forecast period, services segment emerged the largest segment within the global market. One of the primary drivers is the heightened level of security offered by the SaaS model, which is essential for safeguarding sensitive healthcare data in compliance with stringent regulatory requirements. Additionally, the SaaS model's appeal lies in its ability to minimize upfront capital expenses, making it an attractive choice for healthcare organizations seeking cost-effective and scalable solutions.
The market is divided into two categories based on End User: Healthcare provider and healthcare players. In the year 2022, the healthcare provider segment emerged as the dominant segment in the healthcare cloud computing market based on End User. This prominence can be primarily attributed to the significant uptake of various healthcare IT solutions, which was accelerated by the impact of the COVID-19 pandemic. Healthcare providers increasingly embraced technology-driven solutions to enhance patient care, streamline operations, and adapt to the rapidly changing healthcare landscape. This surge in adoption reflects a growing recognition of the value of healthcare cloud computing in addressing the evolving needs of healthcare organizations.
Healthcare Cloud Computing Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Companies in the healthcare cloud computing market are employing various strategies to seize growth opportunities. These strategies include forming partnerships and collaborations to create integrated healthcare solutions, prioritizing data security measures and compliance, customizing services for healthcare needs, integrating advanced analytics and AI capabilities, offering scalability and flexibility, and pursuing mergers and acquisitions to expand their service portfolios and market presence. These strategies reflect the dynamic nature of the healthcare cloud computing market as companies strive to address evolving healthcare demands and deliver value-added solutions.
In February 2022, IBM (United States) completed the acquisition of Neudesic, LLC (United States) with the objective of broadening IBM's array of hybrid multi-cloud services and advancing the company's strategies related to hybrid cloud and artificial intelligence.
In February 2022, Lyniate (United States) successfully acquired SAP SE (Germany) with the aim of offering technology and consultancy services that simplify the transition to a hybrid cloud approach. This facilitates the seamless migration of mission-critical workloads from SAP solutions to the cloud, catering to both regulated and non-regulated industries.