Healthcare Cloud Computing Market to be Worth $110.2 Billion by 2030

Meticulous Research®-a leading global market research company, published a 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 2030.'

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According to this latest publication from Meticulous Research®, the global healthcare cloud computing market is projected to reach $110.2 billion by 2030, at a CAGR of 17.8% from 2023-2030. 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.

The increasing demand for healthcare cloud computing solutions for clinical research & drug development 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.

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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 the regional and country levels.

Based on offering, the global healthcare cloud computing market is segmented into solutions and services. In 2023, the solutions 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 for clinical information systems to support and streamline clinical operations, improve patient care, and enhance overall efficiency, the rising adoption of non-clinical information systems for managing administrative, financial, and operational aspects of healthcare organizations, and efforts by companies to provide healthcare operation management solutions for claims processing, member management, provider networks, and payment processing.

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However, the services segment is projected to register the highest CAGR during the forecast period due to the increasing need 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, and increasing need to offer partial or complete management of a client's cloud resources or infrastructure.

Based on service models, the global healthcare cloud computing market is segmented into software-as-a-service, platform-as-a-service, infrastructure-as-a-service, and business process-as-a-service. In 2023, the software-as-a-service 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 increasing need to improve healthcare business operations, increase productivity, data security, and privacy for healthcare data and the growing need for improved data management. Additionally, this segment is expected to register the highest CAGR during the forecast period.

Based on deployment mode, the global healthcare cloud computing market is segmented into public cloud, private cloud, and hybrid cloud. In 2023, 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 secure and reliable remote access to healthcare systems, benefits offered by public healthcare cloud systems such as cost-effectiveness, scalability, and flexibility, and efforts by market players to launch healthcare cloud computing services. Additionally, this segment is expected to register the highest CAGR during the forecast period.

Based on end user, the global healthcare cloud computing market is segmented into healthcare providers and healthcare payers. In 2023, 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 increasing focus by market players to launch electronic health record systems and telemedicine & telehealth platforms, the increasing adoption of telemedicine and remote patient monitoring solutions among healthcare providers, the rising adoption of clinical information systems among healthcare providers, and the growing need to exchange patient information between healthcare providers.

However, the healthcare payers segment is expected to register the highest CAGR during the forecast period due to the growing need for cloud computing platforms for claims processing and settlement, the increasing proliferation of cloud computing solutions for fraud detection and prevention, and the growing popularity of cloud-based collaboration tools and communication platforms.

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Based on geography, the healthcare cloud computing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global healthcare cloud computing market. North America's significant market share can be attributed to the presence of prominent players offering advanced healthcare cloud computing solutions & services, the high adoption rate of digital technologies and advanced healthcare systems, the surge in demand for telemedicine and remote patient monitoring solutions, and the proliferation of cloud-based EHR systems.

However, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market can be attributed to efforts by market players to launch healthcare cloud computing solutions, 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.

Key Players

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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Key Questions Answered in the Report:

What are the high-growth market segments in terms of offering, service model, deployment mode, and end user?
What is the historical market size for the global healthcare cloud computing Market?
What are the market forecasts and estimates for 2023-2030?
What are the major drivers, restraints, opportunities, challenges, and trends in the global healthcare cloud computing market?
Who are the major players in the global healthcare cloud computing market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global healthcare cloud computing market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the global healthcare cloud computing market, and how do they compete with other players?

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