CHICAGO, May 30, 2024 /PRNewswire/ -- Healthcare Cloud Computing Market in terms of revenue was estimated to be worth $53.8 billion in 2024 and is poised to reach $120.6 billion by 2029, growing at a CAGR of 17.5% from 2024 to 2029 according to a new report by MarketsandMarkets.
The healthcare cloud computing market is primarily driven by several key factors such as the growing adoption of EHR, e-prescribing, telehealth, mHealth, and other healthcare IT solutions due to pandemic; the increasing use of big data analytics, wearable devices, and IoT; the rising deployment of cloud solutions in the healthcare industry; and the improved data storage, flexibility, and scalability offered by cloud computing. Additionally, the proliferation of new payment models and the cost-efficiency of cloud services, along with the dynamic nature of health benefit plan designs, further contribute to market growth. However, concerns regarding data security and the complexity of regulations governing cloud data centers are expected to restrain market growth to some extent.
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Healthcare Cloud Computing Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | $53.8 billion |
Estimated Value by 2029 | $120.6 billion |
Growth Rate | Poised to grow at a CAGR of 17.5% |
Market Size Available for | 2018-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product, Deployment Model, Service Model, Pricing Model, Component, End User |
Geographies Covered | North America, Europe, Asia Pacific, Latin America and Middle East and Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | The rise of telecloud and telehealth consultations |
Key Market Drivers | The surging popularity of health IT solutions like EHRs, e-prescribing, and telehealth platforms |
"The largest share in the healthcare cloud computing market, based on product, was attributed to the healthcare providers segment in 2023."
In 2023, the healthcare provider segment held a significant share of the healthcare cloud computing market, by product. This segment is projected to demonstrate the highest growth rate during the forecast period. The substantial share can be attributed to the increasing adoption of big data analytics and various healthcare IT solutions, driven by the impacts of the pandemic. Additionally, the shift towards value-based care and the increasing focus on patient outcomes drive healthcare providers to adopt cloud solutions that can support telemedicine, mobile health applications, and integrated care models. The necessity for compliance with stringent regulatory standards, such as HIPAA in the U.S., further accelerates the adoption of cloud technologies, as they offer built-in security and compliance features.
"By component, the services segment held the largest market share of healthcare cloud computing market in 2023."
In 2023, the services segment held the largest share of the healthcare cloud computing market. This growth is driven by the introduction of complex software and the necessity to ensure integration and interoperability, which require extensive training and regular upgrades. Services such as consulting, implementation, ongoing IT support, training, and post-sales maintenance are essential for healthcare providers to effectively transition to and utilize cloud-based systems. These services help address the complex requirements of healthcare IT environments, ensuring seamless integration with existing systems, maintaining compliance with regulatory standards, and optimizing performance.
"North America accounted for the largest share of the healthcare cloud computing market in 2023."
The healthcare cloud computing market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa.
In 2023, North America held the largest share of the market, followed by Europe and the Asia Pacific. This dominance in North America can be attributed to several factors, including favorable government initiatives and high healthcare expenditure. Additionally, the presence of many healthcare cloud computing companies headquartered in the region contributes to its lucrative market environment.
The Asia Pacific region was the fastest-growing market, driven by the increasing adoption of digital health solutions, healthcare infrastructure reforms in China, the rapidly expanding healthcare industry in India, and the implementation of health IT programs in Australia and New Zealand.
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Healthcare Cloud Computing Market Dynamics:
Drivers:
- The surging popularity of health IT solutions like EHRs, e-prescribing, and telehealth platforms
Restraints:
- Rising data security and privacy concerns
Opportunities:
- The rise of telecloud and telehealth consultations
Challenge:
- Increasing challenges with interoperability and portability
Key Market Players of Healthcare Cloud Computing Industry:
The key players functioning in the healthcare cloud computing market include Amazon Web Services, Inc. (US), Microsoft (US), Google, Inc. (US), athenahealth. Inc. (US), CareCloud, Inc. (US), Siemens Healthineers AG (Germany), eClinicalWorks (US), Koninklijke Philips N.V. (Netherlands), and Veradigm (US).
The break-down of primary participants is as mentioned below:
- By Company Type - Tier 1: 45%, Tier 2: 30%, and Tier 3: 25%
- By Designation - C-level: 42%, Director-level: 31%, and Others: 27%
- By Region - North America: 32%, Europe: 32%, Asia Pacific: 26%, Middle East & Africa: 5%, Latin America: 5%
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Healthcare Cloud Computing Market - Key Benefits of Buying the Report:
This report will enrich established firms and new entrants/smaller firms to gauge the market's pulse, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.
This report provides insights on:
- Analysis of key drivers: (The surging popularity of health IT solutions like EHRs, e-prescribing, and telehealth platforms), restraints (Rising data security and privacy concerns), opportunities (The rise of telecloud and telehealth consultations), and challenges (Increasing challenges with interoperability and portability) influencing the growth of the healthcare cloud computing market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the healthcare cloud computing market.
- Market Development: Comprehensive information on the lucrative emerging markets, products & services, applications, end-users, and regions.
- Market Diversification: Exhaustive information about the product portfolios, growing geographies, recent developments, and investments in the healthcare cloud computing market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the healthcare cloud computing market like Amazon Web Services, Inc. (US), Microsoft Corporation (US), Google, Inc. (US), athenahealth. Inc. (US), CareCloud, Inc. (US), Siemens Healthineers AG (Germany), eClinicalWorks (US), Koninklijke Philips N.V. (Netherlands), and Veradigm (US).
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