Healthcare Cloud Computing Market Anticipated to Expand at 17.9% CAGR by 2034

The healthcare sector is undergoing significant innovation, especially post-COVID-19, leading to a massive digital transformation affecting security, predictiveness, performance, accessibility, and affordability. Technologies such as blockchain, Artificial Intelligence, Machine Learning, IoT, SaMD, and cloud computing are driving this growth, with cloud computing serving as the foundation for these advancements in healthcare.

The global healthcare cloud computing market is forecasted to be worth US$ 41.12 billion by 2024 and is expected to grow significantly, reaching US$ 320.9 billion by the end of 2034. This growth represents a substantial compound annual growth rate (CAGR) of 17.9% between 2024 and 2034.

Healthcare cloud computing refers to the utilization of cloud computing services and technology for the storage, management, processing, and exchange of healthcare-related applications and data. This technology enables the distribution of computing resources such as storage, processing capacity, and software programs over private networks or the Internet, leveraging remote servers and networks.

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Understanding Cloud Computing's Role in Healthcare

Cloud computing in healthcare involves utilizing remote server access via the Internet to store, manage, and process medical data, providing flexibility for stakeholders to access data remotely. This accessibility breaks down location barriers for medical services, benefiting both patients and providers by securely accessing large amounts of data from anywhere, improving care, streamlining operations, and automating processes. Medical institutions benefit from reduced operational costs and enhanced care delivery, while patients enjoy instant healthcare services.

Cloud computing technologies are making significant strides in the healthcare and life sciences sectors. The adoption of cloud solutions is driven by factors such as increased access to advanced technologies like machine learning, the growing use of IT solutions in healthcare, and the need for cost reduction, scalability, storage efficiency, and flexibility.

For instance, a study by Philips in June 2022 revealed that 66% of healthcare executives were considering transitioning their IT infrastructure to the cloud by the end of 2022, with this figure expected to reach 96% by the end of 2024.

List of Key Companies Profiled in The Report

• Dell Inc.
• IBM Corporation
• Koninklijke Philips NV
• Amazon, Inc.
• Oracle
• Napier Healthcare Solutions Pte. Ltd.
• Optum, Inc.
• Carestream Health
• ClearDATA
• Cisco Systems Inc.
• Others

The market growth in healthcare is being driven by several key factors:

1. Increased utilization of electronic health records (EHRs) and other healthcare IT solutions for efficient patient data management.

2. The rise of big data analytics and artificial intelligence (AI) is driving the adoption of cloud computing for storing and analyzing vast amounts of healthcare data.

3. Cloud computing facilitates telehealth adoption and enables remote patient monitoring, which is becoming increasingly important in healthcare.

4. Emphasis on data security and privacy measures, including investments in enhanced security protocols, is a significant driver for market growth to prevent unauthorized access and ensure patient data protection.

Competitive Landscape

The healthcare cloud computing industry features a diverse range of players, from established tech giants to emerging startups, offering specialized solutions tailored to the unique needs of the healthcare sector. These solutions address regulatory compliance, seamless integration with Electronic Health Records (EHRs), and streamlining clinical workflows.

A notable development occurred in September 2022 when IBM and Bharti Airtel, a leading telecommunications company in India with around 358 million active users, announced a strategic partnership. This collaboration aimed to deploy Airtel's advanced edge computing platform across India, covering a network of 20 locations and 120 network data facilities.

The healthcare cloud computing market is set for continuous growth and innovation, driven by the demand for efficient, secure, and scalable IT solutions in healthcare. As organizations adapt to changing patient needs, regulations, and technological advancements, cloud computing will increasingly shape the future of healthcare delivery and management.

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This release was published on openPR.