REDDING, Calif., May 16, 2024 /PRNewswire/ -- According to a new market research report titled, 'Healthcare Cloud Computing Market by Offering (Solutions, Services), Business Model, Deployment Mode (Public Cloud, Hybrid Cloud, Private Cloud), End User (Healthcare Providers, Healthcare Payers), and Geography-Global Forecast to 2031,' the healthcare cloud computing market is projected to reach $131.8 billion by 2031, at a CAGR of 18.4% from 2024-2031.
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Healthcare cloud computing refers to the use of cloud computing technologies and services in the healthcare industry to store, manage, process, and share healthcare-related data and applications. This approach allows healthcare organizations, such as hospitals, clinics, research institutions, and pharmaceutical companies, to leverage the scalability, flexibility, and cost-effectiveness of cloud computing to improve patient care, streamline operations, enhance data security, and foster innovation.
The growth of the healthcare cloud computing market is driven by the growing need for personalized medicines and the increasing adoption of analytics and IoT in the healthcare sector. However, growing data security & privacy concerns restrain the growth of this market. Moreover, the increasing demand for healthcare cloud computing solutions in the clinical research & drug development sector and the growing use of blockchain technology for managing electronic health records are expected to generate market growth opportunities. However, complexities in data migration and stringent regulatory compliance are major challenges for market stakeholders. Additionally, wearable medical devices and telehealth and telemedicine are prominent trends in this market.
The global healthcare cloud computing market is segmented by offering (solutions [clinical information systems {electronic health record systems, laboratory information system, telemedicine and telehealth platforms, radiology information system, remote patient monitoring systems, clinical decision support systems, and other clinical information systems}, non-clinical information systems {practice management solutions, revenue cycle management solutions, supply chain management solutions, human resources management solutions, and other non-clinical information solutions}, and healthcare operation management solutions {customer relationship management solutions, claims management solutions, fraud management solutions, network management solutions, and other healthcare operation management solutions}] and services [professional services and managed services]), service model (software-as-a-service, infrastructure-as-a-service, business-process-as-a-service, and platform-as-a-service), deployment mode (public cloud, private cloud, and hybrid cloud), and end user (healthcare providers and healthcare payers). The study also evaluates industry competitors and analyzes the market at geographical levels.
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Based on offering, in 2024, the solutions segment is expected to account for the larger share of 92% of the healthcare cloud computing market. However, the services segment is projected to register the highest CAGR during the forecast period due to the increasing need to offer partial or complete management of a client's cloud resources or infrastructure and the increasing demand for professional services to adopt, implement, and optimize healthcare cloud computing solutions, the growing need for managed services such as data security and compliance, infrastructure scalability, cost optimization, data backup, and recovery.
Based on service models, in 2024, the software-as-a-service segment is expected to account for the largest share of 48.6% of the healthcare cloud computing market. The large market share of this segment is attributed to the growing need to improve data management, productivity, data security, and privacy for healthcare data. Moreover, this segment is expected to register the highest CAGR during the forecast period.
Based on deployment mode, in 2024, the public cloud segment is expected to account for the largest share of the global healthcare cloud computing market. The large market share of this segment is attributed to the efforts by market players to launch healthcare cloud computing services and the benefits offered by public healthcare cloud systems, such as cost-effectiveness, scalability, and flexibility. Moreover, this segment is expected to register the highest CAGR during the forecast period.
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Based on end user, in 2024, the healthcare provider segment is expected to account for the larger share of the global healthcare cloud computing market. The large market share of this segment is attributed to the growing need to exchange patient information between healthcare providers, the rising adoption of clinical information systems among healthcare providers, and the increasing adoption of telemedicine and remote patient monitoring solutions among healthcare providers.
However, the healthcare payers segment is expected to register the highest CAGR during the forecast period due to the growing popularity of cloud-based collaboration tools and communication platforms and the rising adoption of cloud computing solutions for fraud detection and prevention.
Based on geography, in 2024, North America is expected to account for the largest share of 37.4% of the healthcare cloud computing market. The North America healthcare cloud computing market is estimated to be worth USD 15 Billion in 2024. North America's significant market share can be attributed to the surge in demand for telemedicine and remote patient monitoring solutions, the high adoption rate of digital technologies and advanced healthcare systems, and the proliferation of cloud based EHR systems.
However, Asia-Pacific healthcare cloud computing market is projected to register the highest CAGR during the forecast period. The growth of this regional market can be attributed to government initiatives and policies that support the adoption of healthcare cloud computing solutions and the growing popularity of telemedicine and telehealth platforms across the region.
The key players operating in the healthcare cloud computing market are Amazon Web Services, Inc (U.S.) (a subsidiary of Amazon.com, Inc.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Google LLC (U.S.), Alibaba Group Holding Limited (China), Oracle Corporation (U.S.), IRON MOUNTAIN INCORPORATED (U.S.), AT & T Inc. (U.S.), NVIDIA Corporation (U.S.), GE HealthCare Technologies Inc. (a subsidiary of General Electric Company) (U.S.), OSP (U.S.), Zymr Inc. (U.S.), athenahealth, Inc. (U.S.), eClinicalWorks, LLC (U.S.), and e-Zest Solutions Inc. (U.S.).
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Scope of the Report:
Healthcare Cloud Computing Market Assessment-by Offering
- Solutions
- Clinical Information Systems
- Electronic Health Record Systems
- Laboratory Information System
- Telemedicine and Telehealth Platforms
- Radiology Information System
- Remote Patient Monitoring Systems
- Clinical Decision Support Systems
- Other Clinical Information Systems
- Non-clinical Information Systems
- Practice Management Solutions
- Revenue Cycle Management Solutions
- Supply Chain Management Solutions
- Human Resources Management Solutions
- Other Non-clinical Information Solutions
- Healthcare Operation Management Solutions
- Customer Relationship Management Solutions
- Claims Management Solutions
- Fraud Management Solutions
- Network Management Solutions
- Other Healthcare Operation Management Solutions
- Clinical Information Systems
- Services
- Professional Services
- Managed Services
Healthcare Cloud Computing Market Assessment-by Service Model
- Software-as-a-Service
- Infrastructure-as-a-Service
- Business Process-as-a-Service
- Platform-as-a-Service
Healthcare Cloud Computing Market Assessment-by Deployment Mode
- Public Cloud
- Private Cloud
- Hybrid Cloud
Healthcare Cloud Computing Market Assessment-by End User
- Healthcare Providers
- Healthcare Payers
Healthcare Cloud Computing Market Assessment-by Geography
- North America
- U.S.
- Canada
- Asia-Pacific
- China
- Japan
- India
- Singapore
- South Korea
- Rest of Asia-Pacific
- Europe
- U.K.
- Germany
- Italy
- France
- Spain
- Rest of Europe
- Latin America
- Middle East & Africa
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Related Blogs:
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Increasing Demand for Healthcare Cloud Computing Solutions for Clinical Research and Drug Development Creating Growth Opportunities for Market Players
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