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Healthcare Cloud Computing Market - Emerging Industry Trends and Global Future Forecasts

This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.

The report Healthcare Cloud Computing Market by Product (EMR/EHR, PACS, VNA, PHM, Telehealth, RCM, CRM, Fraud Management), Service (SaaS, IaaS), Deployment (private cloud, hybrid cloud), Pricing (Pay as you go), Component (Software) - Global Forecast to 2024", The global healthcare cloud computing market size is projected to reach USD 51.9 billion by 2024, from an estimated USD 23.4 billion in 2019 at a CAGR of 17.2 % during the forecast period.

The growth of this market is primarily attributed to the increasing adoption of big data analytics, wearable devices, and IoT in healthcare and the advantages of cloud usage, such as improved storage, flexibility, and scalability of data.

Critical Questions Answered in the Report:

How will the current technological trends affect the healthcare cloud computing market in the long term?
What are the reasons contributing to the growth of the provider and payer solutions in the market?
Which regions are likely to grow at the highest CAGR in the global market?
What are the challenges hindering the adoption of healthcare cloud computing in the market?
What are the growth strategies being implemented by major market players?

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Based on the product, the healthcare cloud computing industry is segmented into healthcare providers solutions and healthcare payer solutions. The healthcare providers solutions accounted for the largest share of the global healthcare cloud computing market in 2018. The large share of this segment can be attributed primarily to the growing population and rising prevalence of diseases, leading to an increasing volume of patient data globally.

The healthcare provider solutions market is segmented into two different types, i.e., clinical information systems and non-clinical information systems. The clinical information systems market accounted for the majority of the global healthcare cloud computing market share in 2018. The large share of this segment can be attributed to the federal mandates to adopt EMR, growing image generation, and the need for scalability and easy sharing of medical information, growing need to curtail healthcare costs in combination with advantages of cloud hosting such as affordability and scalability.

Recent Developments:

In 2019, NTT DATA and Google Cloud announced a joint go-to-market strategy to provide consulting, implementation, and managed services to clients seeking digital transformation. Google Cloud enhanced NTT DATA’s cloud transformation offerings by adding more Google Cloud resources in analytics, artificial intelligence, machine learning, cloud migration, IoT, security, and productivity.

In 2019, IBM acquired Red Hat, which is a landmark acquisition for USD 34 billion. The addition will enhance IBM’s hybrid cloud portfolio and aim to develop a next-generation multi-cloud hybrid platform.

In 2018, DXC Technologies acquired TESM (UK) to expand the range of cloud-based solutions and enterprise software as a service solution. This enabled DXC to address customer needs across the Europe region.

By pricing model, the pay-as-you-go segment accounted for the largest share of the market in 2018

Based on the pricing model, the market is categorized into pay-as-you-go and spot pricing. The pay-as-you-go segment commanded the largest share of the healthcare cloud computing market in 2018. The large share of this segment can be attributed to the fact that the pay-as-you-go model allows healthcare providers to provide the latest software solutions while keeping operating costs to a minimum. This helps healthcare providers not to lock-in their capital on purchasing equipment, such as CPUs and servers, but utilizing all these services on an on-demand basis by paying only for what they use.

By service model, the software-as-a-service
 segment accounted for the largest share of the market in 2018

Based on the service model, the market is categorized into software-as-a-service, infrastructure-as-a-service, and platform-as-a-service. The software-as-a-service segment commanded the largest share of the healthcare cloud computing market in 2018. The large share of this segment can be attributed to the fact that SaaS was introduced in the market well in advance of the other two models. Additionally, the SaaS model offers several advantages, such as lower total cost of ownership (TCO) compared to on-premise solutions, faster deployment time, and limited up-front capital expenses. The IaaS segment is expected to grow at the highest CAGR owing to its advantages, such as needing any upfront charges, bandwidth utilization fees, or minimum term commitments.

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North America dominated the market in 2018

In 2018, North America accounted for the largest share of the global healthcare cloud computing market, followed by Europe. Factors such as the increasing adoption of Electronic Health Records (EHRs) among medical professionals, the incentive-driven approach of government health IT programs, and active participation by private sector players in industry development contribute to the largest share of this region.

Some players operating in the global healthcare cloud computing market include IBM (US), Carestream Health, Inc (US), athenahealth (US), CareCloud Corporation (US), Siemens Healthineers (Germany), eClinicalWorks (US), Koninklijke Philips (Netherlands), Allscripts Healthcare Solutions, Inc (US), GE Healthcare (US), and Dell, Inc. (US), among others.


on July 2 at 9:21

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