Cloud Computing in Healthcare Market to Expand at a CAGR of 10.8% from 2021 to 2028

Cloud Computing Market in Healthcare Industry Outlook

The global cloud computing market in healthcare industry was valued at US$ 383 Bn in 2020

• It is estimated to expand at a CAGR of 10.8% from 2021 to 2028

• The global cloud computing market in healthcare industry is expected to reach the value of US$ 911.6 Bn by the end of 2028

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Analysts' Viewpoint on Cloud Computing Market in Healthcare Industry Scenario

The burgeoning growth of the medical sector due to the coronavirus pandemic is translating into revenue opportunities for companies in the cloud computing market in healthcare industry. However, in many cases, HCOs receive limited control over software or platform as compared to the service provider. Hence, service providers are gaining cognizance of these problems and signing multiple contracts in this regard to offer greater control to HCOs over a software or a platform. Private cloud is being used in the healthcare industry, owing to the need of securing and managing patient data whilst having access to the digital patient records virtually.

Technological Transformation of Healthcare in Asia Pacific and Europe Befitting Stakeholders
Europe is also a prominent market for cloud computing in the healthcare industry. The growing need to implement cost-saving processes in the healthcare sector in the region and, at the same time, the need for delivery of quality care to patients, has resulted in the adoption of cloud computing across countries.

The Asia Pacific cloud computing market in healthcare industry is powered by developing economies such as China, India, and Japan where the healthcare sector has been undergoing a technological transformation. Generation of massive amounts of data and increase in the number of hospitals becoming digital have also significantly contributed to the growth of the Asia Pacific cloud computing market in healthcare industry.

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Rapid Growth in Healthcare Fueling Demand for Cloud Computing amid COVID-19
The continuous demand for medical services due to the onset of the coronavirus outbreak is creating income sources for companies in the cloud computing market in healthcare industry.
Vendors are focusing on positive or limited negative-impact applications in the healthcare industry such as claims management and revenue cycle management to meet the demands of HCOs. They are increasing the availability of affordable and easy-to-use platforms & software to boost sales. Software providers are anticipated to increase training programs for medical staff and healthcare practitioners to bolster software sales during & post the pandemic period. On-demand features in platforms and software are being preferred by HCOs.

Software Providers Cater to Requirements of Healthcare Organizations
The global cloud computing market in healthcare industry is projected to grow at a rapid pace, owing to the need of healthcare organizations to manage and optimize their complex IT systems, provide faster, and flexible healthcare delivery to patients and physicians through mobile & other easy access systems. Software providers are achieving this by complying with regulatory standards and maintaining confidentiality regarding patient data.
The cloud computing market in healthcare industry in the healthcare industry is slated to register a strong double-digit CAGR during the forecast period. The rapid pace of the expansion of this market can be attributed to the rising need of healthcare organizations (HCOs) to provide more flexible and faster healthcare services to patients, manage as well as fully optimize their IT systems, and comply with evolving regulatory norms & ensure the security of confidential patient information. The emergence of cloud computing in the healthcare industry is designed to increase cost efficiency and productivity among HCOs, and the growing digitalization within the sector has considerably supported the market growth.

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R&D Accomplishments in North America Driving Demand for Cloud Computing in Healthcare Industry

North America is emerging as a regional leader in the cloud computing market in healthcare industry and has accounted for a massive revenue share of more than 70% in 2018. The region is also likely to emerge as the most lucrative market by the end of the forecast period.

One of the leading factors fueling market growth is the large-scale adoption of electronic medical records despite tight regulatory constraints. The U.S. healthcare market is characterized by technological innovations and high levels of research & development in the field. The country is also home to several prominent companies operating in the cloud computing market in healthcare industry, which further drives its growth.

Pay-as-you-go Pricing Model Holds Potentials to Reduce IT Costs

Cloud computing in the healthcare industry utilizes advanced software and technologies. It is considered as a revolution in the healthcare IT sector. Cloud services enable healthcare organizations to deliver more at low cost. Additionally, a large number of HCOs are allocating funds for migration to cloud computing in the next five years.

Cloud system has a major advantage of pay-as-you-go pricing model that charges the user according to the usage. This is beneficial for HCOs that are finding cost-effective IT solutions, where capital lock-ins are reduced and these funds are diverted toward patient care. This pricing model also provides an option to estimate the cost involved in taking IT support and plan it in the given budget of an HCO.

Cloud Computing Market in Healthcare Industry: Overview

• Cloud system enables health care organizations (HCOs) to scale up or down size their IT infrastructure, including user count, upgrades, capacity, networking, etc. This instant option helps HCOs to adopt process changes as and when required rather than planning and investing in advance. Cloud service is available to healthcare organizations on demand.

• According to research, artificial intelligence and machine learning drive the adoption of public cloud in the healthcare industry. Rise in the number of hospitals and growth of the biopharmaceutical industry and other healthcare agencies increase the amount of IT applications and data transactions. These are the key factors propelling the adoption of a cost-effective and efficient IT delivery mode such as cloud computing in healthcare.

• The global cloud computing market in healthcare industry is projected to grow at a rapid pace owing to the need of healthcare organizations to manage and optimize their complex IT systems, provide faster and flexible healthcare delivery to patients and physicians through mobile and other easy access systems, comply with regulatory standards, and maintain confidentiality regarding patient data

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Cloud Computing Market in Healthcare Industry: Key Drivers

• Technological advancements, disaster recovery, pay-as-you-go pricing model, secured information access, and need to overcome limited use of rack space in data centers are anticipated to propel the global cloud computing market in healthcare industry during the forecast period

• Moreover, healthcare IT reforms, data flexibility & scalability, and need of electronic health records (EHR) for safe patient records are other factors expected to augment the cloud global computing market over the next few years

• Cloud computing in the healthcare industry utilizes advanced software and technologies. It is considered a revolution in the healthcare IT market. Cloud services enable healthcare organizations to deliver more at lower cost. Additionally, large number of HCOs are allocating funds for migration to cloud computing in the next five years.

• Cloud system has a major advantage of pay-as-you-go pricing model that charges user according to usage. This is beneficial for HCOs that look for cost-effective IT solutions, where capital lock-ins are reduced and these funds are diverted toward patient care. This pricing model also provides an option to estimate the cost involved in taking IT support and plan it in the given budget of a HCO.

Cloud Computing Market in Healthcare Industry: Segmentation

• The global cloud computing market in healthcare industry has been segmented based on service model, pricing model, cloud type, and end-user

• In terms of service model, the global market has been classified into infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS), and software-as-a-service (SaaS). The infrastructure-as-a-service segment accounted for the largest share of the global market in 2020 attributable to its usage-based pricing, access to superior IT resources, reduced costs, and dynamic scaling.

• Based on pricing model, the global cloud computing market in healthcare industry has been bifurcated into spot pricing model and pay-as-you-go model. The spot pricing model segment held major share of the global market in 2020. The segment is anticipated to grow at a rapid pace during the forecast period. This model is widely preferred, as it is subscription-based and offered as annual contract based on the user requirements and preference.

• In terms of cloud type, the global market has been segregated into public, private, and hybrid. The private segment held significant market share in 2020, as it is a virtual IT infrastructure that is securely controlled and operated by the organization. Private cloud is used in the healthcare industry owing to the need of securing and managing patient data and having access to the digital patient records virtually.

• Based on end-user, the global market has been divided into clinical information systems (CIS) and non-clinical information systems (NCIS). The non-clinical information systems segment held major market share in 2020, attributable to healthcare provider's preference for using NCIS in migration of clinical data from the existing systems to cloud and were skeptical regarding the data security in the cloud. Hence, non-clinical healthcare processes such as claims management, medical billing, and others were the first applications to be moved to a cloud.

• Each of the segments has been analyzed in detail for market trends, recent trends, and developments, drivers, restraints, opportunities, and useful insights. The cloud computing market in healthcare industry report provides current and expected revenue (US$ Mn) for each of these segments from 2021 to 2028, considering 2020 as the base year. The compound annual growth rate (% CAGR) has been provided for each segment and market from 2021 to 2028 along with market size estimations.

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Cloud Computing Market in Healthcare Industry: Regional Overview

• North America accounted for the largest share of the global cloud computing market in healthcare industry in 2020, and the trend is projected to continue during the forecast period. North America is the fastest growing cloud computing market in healthcare industry. The region's large market size can be attributed to the presence of a large number of biopharmaceutical companies that are active in R&D and use IT support to optimize their processes. The market size is also influenced by increase in IT spending in the healthcare industry.

• The market is likely to register high attractiveness during the forecast period, as health care organizations (HCOs) need to cut down IT spending and have begun to adopt cloud computing for IT solutions. Technological advancements, IT infrastructure virtualization, and adoption of various hospital information systems such as EMR, EHR, and PHR and introduction of incentives for digitization of patient records propel the market in the region.

• Rise in cost of delivery of healthcare services to the patient community has induced the healthcare industry to evolve as one of the largest industries with trillions of dollars spent within the public and private sector. The U.S. is considered the largest healthcare market in terms of spending, and therefore has witnessed faster adoption of cloud computing.

• The market in Asia Pacific is projected to grow at a rapid pace in the next few years, owing to rise in demand for the technology for leveraging and transforming the healthcare industry. Adoption of cloud-based solutions is proving quite effective in managing costs in the healthcare sector. Advanced healthcare offerings result in delivering cost-effective solutions that cater to the needs of the companies as well as patients.
Major Players

• The cloud computing market in healthcare industry report concludes with the company profiles section, which includes key information about major players in the global cloud computing market in healthcare industry

• Leading players analyzed in the report include
o CareCloud Corporation
o ClearDATA Networks
o Carestream Health, Inc.
o AGFA Healthcare
o Cisco Systems, Inc.
o Merge Healthcare, Inc.
o IBM Corporation
o Intel Corporation
o Microsoft Corporation
o Oracle Corporation
o Amazon Web Services
o e-Zest
o Kinvey
o Salesforce

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