Healthcare Cloud Computing Market: Cloud computing allows healthcare providers to have easy access to the patient data and information collected from various sources. Healthcare providers are now deploying this technology to gain productivity, making the best possible use of workflows, reduce overheads associated with healthcare conveyance and offer personalization in care plans for better outcomes. Moreover, a massive shift in the generation, consumption, storage, and sharing of healthcare data has been seen ranging from protocol storage to digitalization of data, this industry has sure come a long way in amending its data management practices.
According to latest report “Healthcare Cloud Computing Market” by Regal Intelligence, the healthcare cloud computing market was valued at approximately USD 23 billion in 2019. The market is expected to grow at a CAGR of nearly 17% and is further estimated to be valued at around USD 51 billion by the end of forecast period.
Healthcare Cloud Computing Market Research comprises of:
- Historic Data: 2015 - 2019
- Base Year: 2019
- Future Forecast: 2020 – 2025
Prominent Market Players: Cisco System Inc., Allscripts Healthcare Solution Inc., Dell Inc., Athenahealth Inc., EMC Corp., IBM Corp., GNAX Health, Microsoft Corp., Iron Mountain Inc., VMware Inc., Qualcomm Inc., and Oracle Corp., among others.
The global cloud computing industry is highly lucrative, due to the presence of a several small number of key players. These leading service providers are constantly adopting tech advancements to meet the current market demand to ensure data safety.
Market Dynamics:
- Rising Factors:
+ Growing adoption by medical professionals
+ Rising government initiatives to ensure data safety
+ Increasing awareness regarding availability of technology
- Threats:
+ Increasing frauds and data misuse
- Opportunities:
+ Introduction of blockchain in the healthcare cloud computing industry
Introduction of Blockchain In the Healthcare Industry Can Increase the Demand of Cloud Computing Market
Increasing penetration of technology in the healthcare industry have increased data safety concerns owing to information theft. Meanwhile, the implementation of blockchain in the healthcare infrastructure will ensure achieving greater data security, streamlining process, managing the accounting process and ensuring integrity within the industry. Blockchain-enabled services reduce breaches at the time of data exchange. Henceforth, growing awareness of benefits provided by blockchain tech, vendors in the healthcare industry are integrating with cloud computing companies to equip the service.
Market Segmentation
Global Healthcare Cloud Computing market is segmented are as follows:
Service wise:
- Infrastructure as a service (Iaas)
- Platform as a service (Paas)
- Software as a service (Saas)
Cloud deployment model wise:
- Public
- Private
- Virtual Private Cloud
Application wise:
- Clinical Information System
Computerized Physician Order Entry
Electronic Medical Records
Radiology Information System
Pharmacy Information System
Others
- Non-clinical Information System
Automatic Patient Billing
Revenue Cycle Management
Claims Management
Others
End users wise:
- Healthcare providers
- Healthcare payers
Regional Analysis:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
North America Registered the Largest Market Share While APAC Is Expected to Grow At A Fast Pace
North America registered the highest CAGR for the global healthcare cloud computing market in 2019. The market is projected to grow at a rapid pace due to the increasing healthcare infrastructure investments in the US.
The Asia Pacific is likely to expand at a high CAGR, owing to the Covid-19 outbreak in Wuhan Province in China and further proliferation into neighboring countries and their infectious stages. Moreover, the governments in this region are taking initiatives to ensure data safety, for instance, most of the countries such as India, China and Japan are adopting technologies in the healthcare sector.
Conclusion
Cloud computing enables health care environment to improve services for patients, for data sharing, improved operational efficiency, and streamlined costs. However, cloud computing technologies are of a little risk in the healthcare industry. In spite of the fact that their adoption is held back by regulatory initiatives and security concerns, the health care environment is changing faster than ever. Further, increasing competition between health care services providers is expected to strategize the market demand.
The market repeats firm growth opportunities at present and expecting to remain profitable in the over the forecast period. This intense competition is favorable for the entry of upcoming vendors. Technological alteration is offered timely for upgrading security and protection of the data and this trend is more likely to commemorate and increase the market in the coming time.