Healthcare Cloud Computing Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[214+ Pages Report] According to Facts and Factors, the global healthcare cloud computing market size was worth USD 39.1 billion in 2021 and is estimated to grow to USD 102.3 billion by 2028, with a compound annual growth rate (CAGR) of approximately 17.4% over the forecast period. The report analyzes the healthcare cloud computing market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the healthcare cloud computing market.

Market Overview

Real-time data collecting is reportedly improved, and data accessibility is improved via cloud computing. Due to its faster data processing speeds and increased efficiency, this technology has surpassed the country's traditional paper-based healthcare system. The ability for professionals to store and access data remotely is only one of the many advantages of cloud computing in healthcare. It has outperformed the old-school paper healthcare system by managing data more rapidly and efficiently. Remote patient monitoring is a typical application for cloud computing in healthcare. The globalization of the fast internet is one of the major elements driving the growth of the healthcare cloud computing sector. The market is growing due to the increasing adoption of wearable technologies, big data analytics, and the Internet of Things (IoT), as well as the advent of new payment models and the affordability of the cloud.

COVID-19 Impact:

Particularly in the healthcare sector, where data is currently the main asset, the cost of data storage and administration makes it necessary to purchase more expensive servers, which raises overall costs. Because of its scalability, cloud computing helps in these situations with hassle-free data backup and storage. One may also scale back during busy days of the COVID-19 pandemic, thanks to the cloud. Additionally, due to the widespread use of video conferencing and phone calls for consultations by healthcare practitioners during this pandemic, the growth of this market is anticipated to increase significantly throughout the forecast period. The social isolation policies require patients with minor symptoms to choose remote consultations.

Key Insights:

• As per the analysis shared by our research analyst, the global healthcare cloud computing market value is to grow at a CAGR of 17.4 % over the forecast period.
• In terms of revenue, the global healthcare cloud computing market size was valued at around USD 39.1 billion in 2021 and is projected to reach USD 102.3 billion by 2028.
• The global healthcare cloud computing market will be driven by increased consumer acceptance of cloud computing and the usage of IT over the projected period due to changes in the supply and demand market in the healthcare sector.
• By product, the healthcare provider solution category dominated the market in 2021.
• By components, the services segment dominated the market in 2021.
• North America dominated the global healthcare cloud computing market in 2021.

Growth Drivers

• Technological advancement in the healthcare industry to drive market growth

Due to recent technology advancements and improved security, several healthcare institutions may now use the cloud's benefits. The cloud will continue to progress with the help of technological advancements like telemedicine, natural language processing APIs, and remote monitoring to fit unique digital health settings. More than 83% of healthcare businesses are currently using cloud services, according to the HIMSS Analytics Survey. Numerous healthcare organizations want to use cutting-edge technology to advance these healthcare cloud computing solutions. The system analyses and processes data at the place of gathering rather than collecting and sending it to the cloud.

Restraints

• Growing privacy and data security issues hinder the market growth

The fact that vendor-hosted data is less secure than data kept on-premises is a real worry regarding healthcare cloud computing solutions. Patient information is regarded as sensitive, and a high level of privacy must be upheld to ensure that only authorized individuals may access this information. The data stored in the cloud is still vulnerable to cyber-attacks even if the cloud provides several advantages and security precautions. Data security and privacy problems are growing quickly due to the growing volume of patient data and expanding attempts toward digital transformation in healthcare. The need to uphold security requirements for data protection is increased because patients are worried about their data security.

Opportunity

• Tele cloud and telehealth sessions are now available and present market opportunities

Healthcare delivery to remote regions is proven possible by the confluence of wireless technologies and cloud services. Most doctors and experts operate in metropolises and cities in several countries. As a result, only in these locations are sophisticated care facilities accessible, leaving patients in remote regions unattended. This issue can be solved by using a tele cloud, which enables doctors and healthcare professionals to diagnose and treat patients over long distances in real time and at reasonable rates.

Challenges

• Escalating concerns with interoperability and portability are the major challenges in the market

Access to patient data must be simple and quick for any hospital or healthcare company. When a hospital migrates data to the cloud, it is kept on platforms and systems the service provider maintains, which may present some interoperability difficulties. Organizations pursuing cloud computing interoperability encounter their biggest obstacle in cloud APIs and interfaces. The absence of standards among cloud service providers restricts data exchange between various cloud technologies, which causes problems with mobility.

Segmentation Analysis

The global healthcare cloud computing market is segregated based on products, components, deployment models, pricing models, service models, end users, and region.

The market is classified into healthcare provider and payer solutions based on products. The healthcare provider sector dominated the healthcare cloud computing market in 2021. This is primarily because more healthcare IT solutions are being adopted due to COVID-19, and technical developments in health IT are being used more often.

Based on components, the market is segmented into services and software. In 2021, the services sector had the highest revenue share. The resources and skill sets required to deploy advanced computing services and solutions are scarce among many enterprises. Additionally, outsourced IT services are easily accessible for long-term contracts and project-based agreements.

Based on the deployment model, the healthcare cloud computing market is classified into private, hybrid, and public clouds. The private cloud model, commonly referred to as the "internal cloud," is a protected platform only authorized users can access. This model is well-guarded and under administrative control. As a result, as of 2021, this category accounted for the highest revenue share. A cloud hosting platform called the public model gives users access to various systems and services. Businesses offer these services like Amazon, Microsoft, IBM, etc.

Based on the pricing model, the market is classified into pay-as-you-go and spot pricing. Typically, SaaS companies are associated with the pay-as-you-go approach. The Pay-as-you-go app offers the most recent software solutions at an affordable price. Pay-as-you-go has advantages that can be linked to its profitable expansion in 2021.

Based on the service model, the healthcare cloud computing market is segmented into software-as-a-service, platform-as-a-service, and infrastructure-as-a-service. Due to the widespread use of the software-as-a-service (SaaS) paradigm in healthcare settings, this category accounted for the greatest share in 2021. SaaS services range from database processing and web-based email to inventory control. The user can utilize the service anywhere, anytime, because the service provider owns data and applications.

Based on end-user, the market is segmented into healthcare providers and payers. Healthcare providers held a majority of the share.

Recent Developments

• February 2022: To broaden its offering of hybrid multi-cloud services and promote the business' hybrid cloud and AI strategy, IBM bought Neudesic LLC.

Report Scope

Regional Landscape

• North America dominated the healthcare cloud computing market in 2021

North America led the global healthcare cloud computing market in 2021. One of the main elements ascribed to the high revenue share is the rising use of analytical IT solutions in healthcare management to increase process efficiency and streamline workflow. Additionally, improvements in healthcare IT infrastructure and increased IT activities from public and private companies contribute to expanding the healthcare cloud computing market. A few reasons driving the healthcare cloud computing market include the rise in the elderly population, the burden of chronic diseases, and the existence of programs encouraging the use of integrated health systems. The market is anticipated to be driven by the region's expanding use of IT medical solutions and improving healthcare infrastructure.

Competitive Landscape

• Amazon Web Services Inc. 
• International Business Machines Corporation 
• NTT DATA Corporation 
• CareCloud Inc. 
• VEPRO eHealth Solutions 
• Siemens Healthineers AG 
• eClinicalWorks 
• Allscripts Healthcare Solutions Inc. 
• GE Healthcare 
• Nextgen Healthcare Inc. 
• DXC Technology 
• Microsoft Corporation 
• Athenahealth Inc. 
• INFINITT Healthcare Co. Ltd. 
• Hyland Software Inc. 
• Koninklijke Philips N.V. 
• salesforce Inc. 
• Fujifilm Holdings Corporation 
• Sectra AB 
• Dell Technologies Inc. 
• EnSoftek Inc. 
• Oracle Corporation 
• Iron Mountain Inc. 
• ClearDATA Networks Inc. 
• Global Net Access 
• VMware Inc. 

Global Healthcare Cloud Computing Market is segmented as follows:

By Product

• Healthcare Provider Solutions
• Healthcare Payer Solutions

By Component

• Services
• Software

By Deployment model

• Private Cloud
• Hybrid Cloud
• Public Cloud

By Pricing model

• Pay-as-you-go
• Spot Pricing

By Service model

• Software-as-a-service
• Platform-as-a-service
• Infrastructure-as-a-service

By End User

• Healthcare Providers
• Healthcare Payers

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America