Increasing demand for cloud technology in healthcare facilities and rising demand for cost-effective healthcare services are driving the healthcare cloud computing market.
According to a recent analysis by Emergen Research, the global healthcare cloud computing market is anticipated to reach USD 90.46 billion by 2027. Due to the rising demand for healthcare services that are affordable, it is predicted that the global market for cloud computing in the healthcare sector will grow significantly in the near future. The worldwide healthcare cloud computing market is anticipated to increase during the projected period as a result of rising demand for cloud technology in healthcare institutions and expanding cloud cost-cutting practises. By utilising cloud solutions, doctors and medical institutions significantly reduce costs. Cloud computing companies can handle such concerns, so healthcare organisations and doctors do not need to spend a lot of money on technology, equipment, and repairs.
This market study on healthcare cloud computing covers recent developments, trade laws, production analysis, value chain optimization, market share, and the effects of domestic and regional market participants. It also examines potential revenue pockets, regulatory changes, market size, category market expansions, application niches and dominance, product approvals, and product launches.
The COVID-19 mandate, the growing adoption of EHR, e-prescribing, telehealth, mHealth, and other healthcare IT solutions, the uptake of big data analytics, wearable technology, and the Internet of Things, the expansion of cloud deployment in the healthcare sector, the emergence of new payment models, and cost-efficiency are the primary drivers of the growth of the healthcare cloud computing market. However, issues with data security and privacy as well as complicated rules governing cloud data centres are anticipated to limit industry expansion to some extent.
Over the past few decades, there has been a dramatic rise in the prevalence of chronic diseases like cancer, CVD, and diabetes on a global scale. According to the WHO (2016), CVD accounts for 17.3 million deaths annually, making it the world’s top cause of mortality. By 2030, this number is anticipated to surpass 23.6 million. 7.4 million of these fatalities are thought to be caused by coronary heart disease, and 6.7 million by stroke. Similarly, GLOBOCAN estimates that by 2025, there would be 19.3 million new cancer cases diagnosed annually, up from 14.1 million in 2012.
One of the main causes of the increase in the incidence of these chronic diseases is the growing elderly population around the world. The WHO predicts that the global geriatric population (defined as those over 60) will increase from 12% to 22% of the world’s population between 2015 and 2050, reaching a total of 2 billion people. The National Council on Aging estimates that 92% of older persons have at least one chronic condition and 77% have at least two.
Some Key Highlights from the Report:
- Cisco Systems Inc. announced that it would buy Banzai Cloud Ltd. in November 2020. The acquisition would enable Cisco to work with Banzai’s teams and resources to develop a cloud-native networking solution.
- With a projected market share of 18.0% over the course of the forecast period, the private cloud segment is anticipated to dominate the global healthcare cloud computing market. With private clouds, a business can continue to collect and store sensitive patient data. The segment would soon be driven by this.
- The North American region is predicted to hold the largest share of the global healthcare cloud computing market throughout the forecast period. The continual technological breakthroughs in cloud computing applications aided the growth of healthcare providers.
- Microsoft Corporation, Cisco Systems Inc., Infosys Limited, Omnicell Inc., CitiusTech Inc., Salesforce.com Inc., Sectra AB, Allscripts Healthcare Solutions Inc., and International Business Machines Corporation are some of the major market players (IBM).
Emergen Research has segmented the global healthcare cloud computing market based on cloud type, service, application, price model, end-user, and region.
Cloud Type Outlook (Revenue, USD Billion; 2017–2027)
- Hybrid Cloud
- Private Cloud
- Public Cloud
Service Outlook (Revenue, USD Billion; 2017–2027)
Application Outlook (Revenue, USD Billion; 2017–2027)
- Non-clinical Information Systems
- Clinical Information Systems
Price Model Outlook (Revenue, USD Billion; 2017–2027)
- Spot Pricing
End-user Outlook (Revenue, USD Billion; 2017–2027)
- Healthcare Payers
- Healthcare Providers