Healthcare Cloud Computing Market revenue will reach $25.7 billion by 2024

As per the report "Healthcare Cloud Computing Market By Service models, (Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS) By Pricing models, (Spot pricing or subscription model, Pay-as-you-go model), Estimation & forecast, 2016 - 2024." The global healthcare cloud computing market was valued at $4.9 billion in 2016, and is projected to reach $25.7 billion by 2024, growing at a CAGR of 23.4% from 2017 to 2024. In 2016, IaaS service model segment generated the highest revenue share in the global healthcare cloud computing market. Among major regions, North America healthcare cloud computing market was the highest revenue generating market valued at $3.4 billion in 2016.

“Cheap and easy to use technology is continuing to push the envelope in terms of the options available to the patients, not just those who struggle to get to their medical facilities or hospitals. Self-monitoring devices and receiving ‘virtual’ care will continue to increase through 2017 and beyond. It becomes easier for the patients to monitor their own vital signs and report the information without having to make an appointment with a medical care provider. Post-hospitalization, patients can check in and upload their information, and connect with the medical staff. Doctors can video conference with the patient or with other members of their team to monitor and consult critical cases. Telemedicine also helps to lower readmissions to the hospital, providing aid with Medicare reimbursement.”

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PACS- a digital imaging communication tool, blending medicine and cloud computing

Picture archiving and communication system (PACS) generated the highest revenue, accounting for 3/7th of the market share. It is expected to surpass other segments and maintain its position by growing with a CAGR of 29.8%. It is a tool used to handle medical images that are critical to support important medical decisions and treatment procedures.

Global healthcare cloud computing market influenced by various benefits derived from using cloud computing in healthcare activities
Cloud computing provides an infrastructure that allows hospitals, clinics, insurance firms and research facilities to improve their computational facilities at a much lower capital outlay. Adopting cloud technology allows an organization to be fast, more efficient, provides options for mobility, and enables to use high-end software, which can rapidly increase output. A healthcare cloud allows collaboration among patients, doctors, peers and healthcare providers. It is beneficial for patients who are suffering from chronic conditions by connecting them with their physicians and provide a follow up on their prescribed medications. The prime reason for the adoption of the technology is to meet the need to control rising healthcare costs and quality. Such a technology opens endless opportunities to the beneficiaries of the healthcare industry.

North America transpired as the largest market for healthcare cloud computing, on account of advanced healthcare and IT infrastructure

North America led the global healthcare cloud computing market by holding more than half of the shares in 2016. It is expected to continue its dominance during the forecast period with an impressive CAGR of 25.6%. The implementation of mandatory regulations for maintaining electronic data for patients and increased number of IT investments in the healthcare industry have propelled the North America market. The advancement in healthcare infrastructure of North America is also an important contributor in the growth if the market in this region. U.S. is a home to several prominent companies operating in the cloud computing market, which further drives the market in this region.

NORTH AMERICA HEALTHCARE CLOUD COMPUTING MARKET BY END USER

However, the generation of the massive amount of data and an increasing number of hospitals going digital are fueling the growth of the Asia-Pacific healthcare cloud computing market.

HEALTHCARE CLOUD COMPUTING MARKET KEY FINDINGS
• Digitalization of hospitals and generation of massive medical data foster the growth of cloud computing in the healthcare industry.
• SaaS model in healthcare is a fast pace moving segment owing to the low cost of software licensing.
• The hybrid cloud segment is growing at a rapid pace with a CAGR of 25.6% due to the privacy offered.
• North America region led the global healthcare cloud computing market by holding more than half of the total share.

Some prominent market players profiled in this report are CareCloud, ClearDATA Networks, Oracle Corporation, Microsoft, Agfa Healthcare, IBM Corporation, Cisco Systems, Inc., Intel, Carestream Health Inc., and Merge Healthcare. In February, 2017 ClearDATA launched its Containers-as-a-Service offering which supports app developers in a healthcare environment. This will enable developers and IT administrators to focus on writing code and accelerate the healthcare business.

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