Selbyville, Delaware, Feb. 10, 2021 (GLOBE NEWSWIRE) --
According to latest report “Healthcare Cloud Computing Market by Application (Clinical Information Systems, Nonclinical Information Systems), Service Model (Software as a Service [SaaS], Infrastructure as a Service [IaaS], Platform as a Service [PaaS]), Deployment (Public Cloud, Private Cloud), End-Use (Hospitals, Pharmacies, Diagnostic & Imaging Centers, Ambulatory Centers, Private Payers, Public Payers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of healthcare cloud computing will cross $79 billion by 2027. Rising awareness regarding availability of superior quality healthcare cloud computing solutions will enhance the market growth over the coming years.
Favorable initiatives by the federal government are expected to encourage the market expansion. For instance, in United States, Congress passed a law called the Health Information Technology for Economic and Clinical Health (HITECH) Act, giving hospitals and doctors together an estimated USD 20 billion to support EHR installation and usage. Strict guidelines have been established by the Office of the National Coordinator for Health Information Technology stating that hospitals should demonstrate doctors using EHR systems to improve patient care in specific ways. Similarly, European commission had launched a public consultation project to gain input from various participant of digital health industry to promote digital health innovations and care for European citizens. Hence, rising government initiatives that support data integrity and safety will stimulate the overall market progression.
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The nonclinical information system segment in the healthcare cloud computing market will showcase growth rate of 13% through 2027. Administrative data produced by hospitals are difficult to manage therefore, management systems are necessary that helps in integrating data that accelerates the segment growth. Moreover, healthcare providers and insurance payers adopt different revenue cycle management systems to widely track revenue generated through reimbursement policies and patient’s payment details that surges its adoption rate.
The platform as a service (PaaS) segment accounted for 12.5% of the healthcare cloud computing market share in 2020. PaaS enables healthcare providers to deploy and code applications efficiently and quickly. Platform as a service offers client more control over the applications by permitting control over custom apps created precisely for the institution by outside or inside developers contracted by the organization. Thus, such advantages offered by platform as a service will spur the market value.
The healthcare cloud computing market for private cloud segment is predicted to attain a CAGR of 13.5% till 2027 on account of its benefits including data customization, protection of the cloud environment. Healthcare providers implement private cloud computing solutions as it offers better control over cloud customers, infrastructure, and computational resources as compared to public cloud. However, high cost associated with private cloud may obstruct the segment demand in developing as well as under-developed economies.
The pharmacies segment exceeded USD 6 billion in 2020 led by rising demand for healthcare cloud computing in maintaining the data produced from medical prescriptions. Pharmacists choose data management solutions to track historical data of payment and drugs sold to patients. Due to accessibility of technologically upgraded solutions several pharmacies rely on this software that surges its preference. In addition, there has been surge in number of patient admissions owing to the availability of large number of skilled medical professionals in hospitals that will augment the segment revenue.
Asia Pacific healthcare cloud computing market accounted for 20% of revenue share in 2020 propelled by government initiatives focusing on healthcare digitization. Surging COVID-19 cases in APAC region has resulted in increased patient pool, leading to consequent rise in virtual care delivery and telehealth options. Consistent economic developments have led to advancements in medical technologies and healthcare infrastructure stimulating the industry growth.
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Some of the prominent players operating in the healthcare cloud computing market include Cisco Systems, Amazon, CareCloud, Siemens Healthineers, ClearDATA, Allscripts Healthcare Solutions, Microsoft, PLEXIS Healthcare Systems, Oracle, Cerner, and Dell. These companies are executing several growth strategies such as collaborations, partnerships, and mergers in order to gain financial stability in the industry.
Table of Contents (ToC) of the report:
Chapter 3 Healthcare Cloud Computing Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016-2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By application
3.4.2 By service model
3.4.3 By deployment
3.4.4 By end-use
3.5 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 Industry trends
3.8 Healthcare cloud computing ecosystem
3.9 Health cloud computing SWOT analysis
3.10 Healthcare supply chain management
3.11 Regulatory scenario
3.12 Technology landscape
3.13 Competitive landscape, 2019
3.14 PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.