Healthcare Cloud Computing Market Size Worth USD 128.19 Bn by 2028 | Vantage Market Research

WASHINGTON, Oct. 25, 2022 (GLOBE NEWSWIRE) -- According to a report by Vantage Market Research, the Global Healthcare Cloud Computing Market was worth USD 32.44 Billion in 2020 and is expected to be worth USD 128.19 Billion by 2028, with a CAGR of 18.74% between 2021 and 2028. The report gives an in-depth look at the top segments, changing market trends, value chain, key investment pockets, competitive scenario, and regional landscape. The report is an important and helpful source of information for leading market players, investors, new entrants, and other stakeholders who want to make new plans for the future and take steps to strengthen their position in the market. in a report, titled “Healthcare Cloud Computing Market by Product (Healthcare Provider Solutions, Healthcare Payer Solutions), by Deployment (Private Cloud, Hybrid Cloud, Public Cloud), by Component (Services, Software), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.     

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List of Prominent Players in the Healthcare Cloud Computing Market:

  • IBM
  • Carestream Health
  • Athenahealth
  • Hyland Software
  • Siemens Healthineers
  • eClinicalWorks
  • Koninklijke Philips NV
  • Allscripts Healthcare Solutions
  • Fujifilm Holdings
  • GE Healthcare

What is Healthcare Cloud Computing? How Big is Healthcare Cloud Computing Market Size?

Market Dynamics:

Increasing Adoption of Big Data Analytics, Wearable Devices, and IoT in Healthcare to Fuel Global Healthcare Cloud Computing Market

IoT in healthcare has transformed the healthcare industry worldwide. The IoT devices are used for remote monitoring of patients in the healthcare sector, resulting in the potential to keep the patients safe and healthy, and allowing doctors to deliver best care possible. The growing adoption of IoT technologies and solutions in healthcare sector is anticipated to augment the market growth over the forecast period. Companies such as SAP SE, IBM, and Cisco Systems Inc. are focusing on integrating IoT technologies and solutions with healthcare so as to increase their throughput and augment their service offerings. As a result, the demand for IoT in healthcare for efficient management of patients and patient’s data at healthcare organizations has increased. Furthermore, the implementation of big data analytics tools offers organizing, analysing, and integrate large volumes of structured, and unstructured data generated by healthcare systems. Applications of data analytics is also useful in improving the patient-based service and making new decisions on the basis of insights generated through the data collected in order to provide better treatment options.

Increasing Cloud Deployment in the Healthcare Industry to Stimulate the Market Growth

The increasing implementation of cloud computing across the healthcare facilities is a major factor augmenting the growth of healthcare cloud computing market over the forecast period. The cloud computing allows access to the patient data to the manufacturer of the devices, services providers, doctors and the patient as well. Hence the analysis of the patient data is possible from a remote location as well. Healthcare provider systems are hugely leveraging the cloud-based computing and cloud services as it provides an array of benefits in comparison to other services. The integration of cloud services with healthcare systems offers security and privacy for health data with data encryption and fine-grained access controls and access logging. Also, the significant increase in adoption of electronic medical records (EMR) and increasing prevalence of digital outputs provides more potential for cloud solution providers.

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Key Insights and Findings from the In-depth Report:

  • Under the product segment healthcare provider solutions, sub-segment is anticipated to dominate the segment for healthcare cloud computing market and grow at a CAGR of 21.3%. This is attributed due to the high demand by healthcare facilities for organizing their data and helping them analyze it.
  • The service model segment held a market share of 46% in 2021. The healthcare facilities demand well-organized data and this can be achieved by using a good service model such as software as a service model or infrastructure as a service model.
  • Asia Pacific is expected to grow at a CAGR of over 21.6% from 2021 to 2028. Rising cases of patient recovery data and increasing healthcare organizations are driving the demand for the healthcare cloud computing market in this region.

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. However, the global COVID-19 epidemic has resulted in driving the demand for healthcare cloud computing market as the use of these technologies can help in minimizing the spread of the virus. Furthermore, it has also led the cloud healthcare solution providers to rapidly come up with high-quality services for safety against the virus. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

  1. Impact Assessment of COVID-19 Pandemic
    1. North America
    2. Europe
    3. Asia Pacific
    4. Latin America
    5. Middle East & Africa
  2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
  3. Key Strategies Undertaken by Companies to Tackle COVID-19
  4. Long Term Dynamics
  5. Short Term Dynamics

The report on Healthcare Cloud Computing Market highlights:

  • Assessment of the market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historic Data, Estimates and Forecast
  • Company Profiles
  • Global and Regional Dynamics

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Regional Analysis:

North America Dominates the Global Healthcare Cloud Computing Market

North America has dominated the global healthcare cloud computing market with 34.63 % of the share of the total market in 2020 and is likely to continue the same trend during the forecast period. This is attributable to the increasing adoption of the 5G network for IoT connectivity, growing demand for wearable devices to track and monitor important vitals, and convenience healthcare IT infrastructure, among others. The U.S. is projected to dominate the North America market over the years to come. This is owing to the increasing technological innovations and development of technologies, such as artificial intelligence and big data in the healthcare sector. Moreover, the increasing usage of cloud services in healthcare for betterment of health is expected to generate huge demand for the market in this region.

Asia Pacific is expected to grow at a substantial CAGR in the healthcare cloud computing market during the forecast period. This is attributable to the increasing adoption of cloud-based solutions for healthcare by the developing economies such as China and India in the region. Additionally, adoption of smart devices and wearables by the consumers and increasing penetration of the internet is also expected to support the growth of the healthcare cloud computing market in near future.

Some of The Key Questions from Our Customers Are:

  • Which are the top companies in the market?
  • How will the market change in the next years?
  • What are the drivers and restraints of the market?
  • Which regional market will show the highest growth?
  • What will be the CAGR and size of the market throughout the forecast period?
  • Which area offers the most significant benefit for the world market?
  • What are the threats to business and the impact of the current scenario on growth and market perception?
  • What are the likely advanced scenarios and maximum incentive to see movement by application, type, and region?

Browse market data Tables and Figures spread through 156 Pages and in-depth TOC on Healthcare Cloud Computing Market Forecast Report (2021-2028).

Recent Developments:

July, 2021: Amazon Web Services, Inc. announced the general availability of Amazon HealthLake to enable healthcare organizations to store, transform, and query health data in the cloud using machine learning for a complete picture of patient and population health.

October, 2018: IBM and Red Hat, announced the agreement under which IBM will acquire all of the issued and outstanding common shares of Red Hat for USD 190.00 per share in cash, representing a total enterprise value of approximately USD 34 billion to unlock true value of cloud for business.

Scope of the Report:

Report AttributesDetails
Market Size in 2020USD 32.44 Billion
Revenue Forecast by 2028   USD 128.19 Billion
CAGR18.74% from 2021 to 2028
Base Year2020
Forecast Year2021 to 2028
Key Players•  IBM

•  Carestream Health

•  Athenahealth

•  Hyland Software

•  Siemens Healthineers

•  eClinicalWorks

•  Koninklijke Philips NV

•  Allscripts Healthcare Solutions

•  Fujifilm Holdings

•  GE Healthcare

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