The global healthcare cloud computing market size is expected to reach USD 27.8 billion by 2026, exhibiting a CAGR of 11.8% over the forecast period. The associated benefits of data analytics and increase in demand for flexible & scalable data storage by healthcare professionals is expected to drive the demand for these services over the forecast period. In addition to this, growing need for digitalization in healthcare organizations and cloud computing’s multiple benefits such as efficiency in working process, reduction in infrastructure costs and interoperability issues are some of the other reasons boosting the market. Also, rising demand from health professionals to curb IT infrastructure costs and limit space usage are anticipated to boost market growth over the forecast period.
Recently, there have been major changes in the healthcare industry as several innovative measures such as telemedicine technologies such as teleradiology, video/audio conferencing, and telesurgery took center stage. These innovative technologies are set to influence the industry in the longer run, boosting the case of healthcare cloud computing in the coming years. Also, increase in government initiatives undertaken to develop and deploy IT systems in this industry is one of the key drivers of this market. Moreover, increase in partnerships between private & public players and presence of a large number of players offering customized solutions are some of the factors anticipated to drive demand in the coming years.
Healthcare Cloud Computing Market Report Highlights
• New product launches help key players maintain their market presence and boost their expansion. For example, in July 2020, Athenahealth announced that it had launched an embedded telehealth tool to allow practitioners to conduct virtual visits without having to download separate software or use another third-party app.
• Mergers & acquisitions form a major part of organizations’ expansion strategies. For instance, in January 2020, MTBC, which develops cloud-based software for healthcare and revenue cycle management tools, closed its acquisition of CareCloud, whose electronic health record and practice management technologies are used by more than 7,000 providers.
• On the basis of service models, Software as a Service (SaaS) model accounted for the largest revenue share as of 2018 as it is widely accepted. This model enables access to applications on a cloud from various devices
• On the basis of pricing models, Pay-as-you-go pricing model is anticipated to gain popularity in the coming years, as the consumer only pays for services being used
• On the basis of region, North America dominated the market with a share of over 55.0% in 2018. This can be attributed to an increase in demand from payers as well as providers
• Some key players of this healthcare cloud computing market include Athenahealth, Cerner Corporation, CareCloud Corporation, Carestream Corporation, Epic Systems Corporation, Dell Inc., and Sectra AB
• Companies are forming various strategic alliances with clinical research organizations and medical devices companies to further expand their profit margins in the healthcare IT sector. These types of strategic collaborations are expected to aid market growth in the coming years.
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Healthcare Cloud Computing Market Segmentation
Grand View Research has segmented the healthcare cloud computing market on the basis of the application, deployment model, pricing model, service model, end use, and region:
Healthcare Cloud Computing Application Outlook (Revenue, USD Million, 2014 – 2026)
• Clinical Information Systems
• Electronic Medical Records
• PACS, VNA, and Image Sharing Solutions
• Population Health Management
• Laboratory Information Management Systems
• Pharmacy Information Systems
• Radiology Information Systems
• Other CIS
• Non-Clinical Information Systems
• Revenue Cycle Management
• Billing and Accounts Management
• Financial Management
• Healthcare Information Exchange
• Fraud Management
• Supply Chain Management
• Other NCIS
Healthcare Cloud Computing Deployment Model Outlook (Revenue, USD Million, 2014 – 2026)
• Private cloud
• Hybrid cloud
• Public cloud
Healthcare Cloud Computing Service Model Outlook (Revenue, USD Million, 2014 – 2026)
Healthcare Cloud Computing Pricing Model Outlook (Revenue, USD Million, 2014 – 2026)
• Spot Pricing
Healthcare Cloud Computing End-use Outlook (Revenue, USD Million, 2014 – 2026)
• Healthcare Providers
• Healthcare Payers
Healthcare Cloud Computing Regional Outlook (Revenue, USD Million, 2014 – 2026)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central and South America
• Middle East & Africa
• South Africa
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