Market Research Report
Global Healthcare Cloud Computing Market - 2019-2026
|Published by||DataM Intelligence||Product code||834578|
|Published||Content info||130-180 Pages
Delivery time: 1-2 business days
|Global Healthcare Cloud Computing Market - 2019-2026|
|Published: May 1, 2019||Content info: 130-180 Pages||
The Global Healthcare Cloud Computing market was valued at USD XX million in 2018 and expected to grow at a CAGR of XX% to reach a market value of USD XX million by 2026.
Cloud Computing can revolutionize healthcare. Cloud computing is a general term for anything that involves delivering hosted services over the Internet. But in the healthcare sector cloud computing is a cost-effective method that facilitates real-time data collection, data storage and exchange between healthcare organizations. There is a significant volume of healthcare data generated on a daily bases, and this data is vital for decision making and in delivering the best care for patients. Cloud computing is changing the way doctors, nurses, clinics, and hospitals provide quality, cost-effective services to their patients. Two forces are driving this transition are the economic imperative to cut costs and to improve the quality of patient care.
The global market for the Healthcare Cloud Computing Market is primarily driven by the increasing adoption of big data analytics, and the Internet of Things (IoT) in healthcare. Cloud Computing ability to store, manage, and process the vast amount of data is a significant driver as Healthcare providers are generating from an array of internal sources, such as radiology images, electronic health records (EHRs), lab tests, pharmacy sales, and insurance claims data. Moreover, the growing dependence of the healthcare industry on technological, constant developments in software and digital tools, and increasing GDP aiding the modernization of healthcare services are further catalyzed the market growth. The usage of cloud computing in healthcare simplifies health management among people, making it more efficient and giving better healthcare quality. Cloud computing also enables healthcare organizations to have flexibility and scalability of data which minimize IT infrastructure costs as organizations can almost instantaneously scale up or down their IT infrastructure (storage, processing power, and networking) while avoiding costly upgrades. Additionally government and major technology companies - including Microsoft, and IBM - are investing in the development of cloud computing in healthcare which is expected to boost the market further.
However, the privacy and security issues and the rising number of cloud data breaches may hinder the market progress.
By Service, the Global Healthcare Cloud Computing Market is segmented into Platform-as-a-service (PaaS), Infrastructure-as-a-service (IaaS), and Software-as-a-service (SaaS). SaaS holds the most significant market share as it was the first service to be introduced to users. However, the IaaS segment is anticipated to grow at the highest rate during the forecast period. It can be attributed to the fact that the IaaS service model simplifies application development and deployment on the cloud.
By Deployment Model, the Global Healthcare Cloud Computing Market is segmented into Public Cloud, Private Cloud, and Hybrid Cloud. Private clouds currently account for most substantial market share due to the need for secure storage of patient data. However, the hybrid cloud segment is expected to show the highest growth rate owing to the growing demand for hybrid cloud solutions as they offer advantages of both public and private clouds.
By Application, the Healthcare Cloud Computing market is bifurcated into Clinical Information Systems (CIS) and Nonclinical Information Systems (NCIS). CIS is further sub-segmented into Electronic Health Record (EHR), Picture Archiving and Communication System (PACS), Radiology Information Systems (RIS), Computerized Physician Order Entry (CPOE), Pharmacy Information Systems (PIS) and others. NCIS is further sub-segmented into Revenue Cycle Management (RCM), Automatic Patient Billing (APB), Payroll Management System, Claims Management and others. Although NCIS holds the largest market share, the CIS segment is expected to grow at the fastest during the forecast period. This can be mainly attributed to the growing prevalence of chronic diseases and rising geriatric population resulting in increased clinical information to be stored.
Geographically, the global market is divided into North America, Europe, South America, Asia-Pacific and the Middle East and Africa.
North America holds the largest market share in the global Healthcare Cloud Computing market. It is a crucial contributor to the market as it is technologically advanced and developed region; it has a broad base of the patient population and a large presence of significant medical companies and major technology companies. The extensive use of digital recordkeeping systems is helping North America to dominate in the market. Other drivers are the high spending of GDP in healthcare, especially in the US and Canada, and increasing adoption of innovative next-gen technologies based on cloud computing in the region. For instance, in October 2017, Allscripts a global leader in healthcare technology acquired McKesson Corporation's hospital and health system IT business, known as the Enterprise Information Solutions (EIS) business. The acquisition significantly expands Allscripts client base in US hospitals and health systems and expands its solutions portfolio.
The Asia Pacific healthcare cloud computing market is expected to witness a significant growth owing it to improving IT infrastructure, favorable government norms, demand for affordable healthcare, and a large number of initiatives taken by large tech companies. For instance, Welthungerhlife, a Germany-based private aid agency, launched a unique project in India to help address malnutrition in children with a cloud-based, smartphone app called Child Growth Monitor, which is powered by Microsoft Azure Cloud and Artificial Intelligence (AI) services.
Key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. New Service launches and R&D are other ways the leading players improve their market presence.
In May 2019, Public Health England (PHE) has deployed the open hybrid cloud technologies of Red Hat to help execute modern digital public health services in the UK.
In April 2019, Deloitte and Google Cloud announced plans to collaborate on next-generation solutions for health care with plans to provide life sciences companies with infrastructure for artificial intelligence and data analytics. This includes technology aimed at expediting research and development, as well as improving operations. Specifically, Google Cloud will work with Deloitte to provide more companies with its Contact Center AI solution for customer assistance programs, alongside its clinical data warehousing and processing services for genomics and medical imaging.
In January 2019, 3M recently announced plans to acquire M*Modal's cloud-based clinical documentation unit for around $1 billion to capitalize on Healthcare cloud computing growth. M*Modal is a healthcare technology provider of cloud-based, conversational AI-powered systems that enable physicians to capture and improve the patient narrative.
January 2019, Microsoft and Walgreens Boots Alliance (WBA) are collaborating to Leverage artificial intelligence for Retail-Style Healthcare. The two companies are working together to create innovative, cost-effective, consumer-centered healthcare experiences that leverage cloud-based data technologies and AI-driven strategies. Better chronic disease management, improvements in overall population health, and more effective patient engagement tools are among the top priorities for the initiative.
In March 2018, Allscripts Healthcare launched a new Electronic Health Record (EHR) system named Avenel. Avenel is a community-wide shared patient record, which uses machine learning to reduce the time of clinical documentation and is designed to work as an app instead of traditional software. It is built on Microsoft Azure and streamlines workflows by getting smarter with every use.