Latest Study on “Healthcare Cloud Computing Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Healthcare Cloud Computing market size is expected to be worth around US$ 70.2 Billion by 2027, according to a new report by nova one advisor.
The global Healthcare Cloud Computing market size was valued at US$ 29 Billion in 2020 and is anticipated to grow at a CAGR of 20.1% during forecast period 2021 to 2027.
Overview of Healthcare Cloud Computing Market Study
Healthcare Cloud Computing market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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Growth in the healthcare cloud computing market can be attributed to factors such as technological upgradation in healthcare industry, increasing focus on healthcare digitization and increasing deployment of cloud-based HCIT solutions by healthcare providers to improve the care process.
Healthcare Cloud Computing Market Dynamics
Drivers: Increasing adoption of big data analytics, wearable devices, and IoT in healthcare
Healthcare providers generate and collect a large amount of data from a vast array of internal sources, such as electronic health records (EHRs), radiology images, pharmacy sales, prescription information, lab tests, and insurance claims data. The volume of this digital data is growing exponentially every year, majorly due to changes in the payer environment, such as incentives for the meaningful use of EHRs and a shift towards value-based payments. The effective management of a large volume of data requires significant computing power and IT bandwidth. In the on-premise storage of data, healthcare providers are required to invest more in IT infrastructure with an increase in data load. As a result, on-premise storage is not considered as a viable option for the storage of a large volume of healthcare data. Cloud computing, on the other hand, enables all big data operations through the provision of large storage and processing power. Additionally, cloud-based analytical tools help providers better manage patients by transforming health data into actionable insights.
Restrains: Data security and privacy concerns
A major concern related to cloud solutions is that the data hosted by vendors is not as secure as data stored on-premise. Patient information is considered sensitive, and a high degree of privacy needs to be maintained so that this information is accessible to authorized users only. Though the cloud offers various benefits and security measures, the data stored on the cloud is still prone to cyber-attacks. With the increasing volume of patient data and rising initiatives towards digital transformation in healthcare, data security and privacy concerns are increasing rapidly. Moreover, patients themselves are concerned about the security of their data, which adds to the necessity of maintaining security standards for data protection. Public clouds face similar security issues as traditional IT systems and are thus not preferred. Although private clouds offer more secure access protocols and systems, the healthcare industry is still skeptical about the data security of a private cloud.
Opportunities: Emergence of the telecloud
The convergence of wireless technology and the cloud is proving to be a very strong mechanism for patient care delivery to remote locations. In several countries, most physicians and specialists work in metros and cities. Hence, advanced care facilities are only available in such places, leaving patients in rural areas unattended. This problem can be addressed through the use of a telecloud, as it enables physicians and healthcare specialists to diagnose and treat patients over large distances in real-time and at affordable costs. With the rising awareness of telehealth among healthcare providers, the adoption of the telecloud is expected to increase in several countries and thereby offer potential growth opportunities to players operating in the healthcare cloud computing market.
Challenges: Interoperability and portability issues
One of the major requirements of any hospital or healthcare organization is easy and rapid access to patient data. When data is migrated to the cloud by a hospital, it is stored on systems and platforms maintained by the service vendor who can create certain interoperability challenges. Cloud APIs and interfaces pose the main challenge to organizations attempting cloud computing interoperability. The lack of standardization among the cloud service providers limits the data sharing between different cloud tools leading to portability issues.
Increasing demand for clinical and non-clinical information systems to drive the market growth
On the basis of product, the healthcare cloud computing market is broadly segmented into healthcare provider solutions and healthcare payer solutions. The healthcare provider solutions segment that comprises clinical information systems (CIS) and nonclinical information systems (NCIS) is expected to grow at the highest rate during the forecast period. The high growth rate of this segment can be attributed to the surge in demand for cloud-based CIS and NCIS solutions owing to its benefits, such as on-demand storage, smooth integration of applications, effective migration strategies, compliance, data control, and security.
The private cloud deployment model to hold largest market share in 2020
On the basis of deployment model, the healthcare cloud computing market is segmented into the public cloud, private cloud, and hybrid cloud. The private cloud deployment model is expected to hold the largest market share in 2020. The on-premise private cloud offers high-security options and provides control over the network. The private cloud storage works well for larger organizations that have IT staff and security expertise. Additionally, on-premise private cloud allows organizations to deploy their own applications and adhere to any compliance issues, thus, leading to increased adoption in the coming years.
Reliance of healthcare IT industry on service providers to boost the segment growth
On the basis of component, the healthcare cloud computing market is segmented into software and services. The services segment is expected to grow at the highest rate during the forecast period. The high growth rate of this segment can be attributed to the recurring nature of services such as training and education, installation, software upgrades, consulting, and maintenance. Introduction of complex software and the need to ensure the integration and interoperability of software will further upsurge the demand for various services.
Pay-as-you-go pricing model accounted for the largest market share in 2019
On the basis of pricing model, the global healthcare cloud computing market is segmented into pay-as-you-go and spot pricing model. The pay-as-you-go (PAYG) model commanded the largest share of the market in 2019. The large share is attributed to the fact that the pay-as-you-go model also known as the utility-based economic model, allows healthcare providers to leverage the latest software solutions while keeping operating costs to a minimum.
SaaS service model is expected to be the largest contributor to the healthcare cloud computing market
On the basis of service model, the market is segmented into software-as-a-service (SaaS), platform-as-a-service (PaaS), and infrastructure-as-a-service (IaaS). The SaaS model accounted for the largest share of the market in 2019 owing to its several advantages over on-premise solutions, such as security, lower total cost of ownership, faster deployment time, and limited up-front capital expenses. The demand for healthcare cloud computing among healthcare providers is primarily driven by its multi-tenant service that supports unlimited users and provides access to users anytime and anywhere. As this service is hosted by a vendor or a service provider, it reduces maintenance costs and increases the use of resources.
Asia Pacific to emerge as a potential market for healthcare cloud computing solutions
The global healthcare cloud computing market has been categorized on the basis of four major regional segments—North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to grow at the highest CAGR during the forecast period. The changing demographics in highly populous countries such as China and India, large volumes of patient data generated as a result of the growing disease burden in the region and various government initiatives focusing on healthcare digitization are driving the growth of the healthcare cloud computing market in the Asia Pacific. In addition, the current outbreak of COVID-19 in the region has resulted in the increased patient pool, leading to subsequent increase in telehealth and virtual care delivery options. Increasing investments for modernization of the country’s healthcare infrastructure is thus, expected to fuel the growth of the healthcare cloud computing market in the APAC region.
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COVID-19 Impact on Healthcare Cloud Computing Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Healthcare Cloud Computing market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Healthcare Cloud Computing market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Healthcare Cloud Computing market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Healthcare Cloud Computing market include:
Healthcare Cloud Computing Market are IBM (US), athenahealth (US), Siemens Healthineers (Germany), Koninklijke Philips NV (Netherlands), Allscripts Healthcare Solutions (US), Fujifilm Holdings (Japan), GE Healthcare (US),
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- Healthcare Provider Solutions
- Clinical Information Systems (CIS)
- PACS and VNA
- PHM Solutions
- Telehealth Solutions
- Other CIS
- Non-clinical Information Systems (NCIS)
- RCM Solutions
- Financial Management Solutions
- HIE Solutions
- Supply Chain Management Solutions
- Billing & Accounts Management Solutions
- Other NCIS
- Clinical Information Systems (CIS)
- Healthcare Payer Solutions
- Claims Management Solutions
- Payment Management Solutions
- Customer Relationship Management Solutions
- Provider Network Management Solutions
- Fraud Management Solutions
By Deployment Model
- Private Cloud
- Hybrid Cloud
- Public Cloud
By Pricing Model
- Spot Pricing
By Service Model
- Software-as-a-Service (SaaS)
- Infrastructure-as-a-Service (IaaS)
- Platform-as-a-Service (PaaS)Payers
Why Buy this Report?
The purpose of Nova one advisor’s Healthcare Cloud Computing market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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