Cloud computing technology has already expanded its reach across almost every industrial vertical due to the growing need of effectively managing large volumes of data. Healthcare industry is no exception in this regard. Healthcare institutions are increasingly adopting cloud technologies to facilitate the optimization of various processes in the healthcare ecosystem. This is anticipated to provide major impetus to healthcare cloud computing market over forthcoming years.
According to a recent report by Global Market Insights, Inc., healthcare cloud computing market size is projected to surpass USD 79 billion by 2027.
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Besides, the availability of high-end healthcare cloud computing solutions is driving their demand further. Supportive government initiatives are as well encouraging the deployment of these solutions. For instance, in the U.S., the government passed a law named Health Information Technology for Economic and Clinical Health (HITECH) Act, which gave hospitals and doctors an estimated amount of USD 20 billion for supporting EHR installation and application.
While on the other hand, strategic initiatives by key market players such as collaboration, mergers and acquisitions are expected to provide positive growth aspects to the industry. For instance, in 2020, leading cloud-based healthcare systems and revenue cycle management solutions company MTBC, Inc. announced the closing of its acquisition deal with CareCloud Corporation. According to the company, this deal will provide it with cutting-edge cloud-based solution which includes cloud platforms from Amazon and Google. This in turn will help the company develop integrated solutions for healthcare professionals.
An overview of some of the major segments that are enhancing Healthcare cloud computing market space is outlined as under:
Based on application bifurcation, nonclinical information system segment is estimated to register a robust CAGR of 13% through 2027 owing to heightened adoption of these systems. Nonclinical systems help in effective management of administrative data generated by hospitals which is generally difficult to manage. They also enable proper integration of this data. In addition, healthcare providers and insurance payers largely adopt various revenue cycle management systems for tracking the revenue generated from reimbursement policies and patient’s payment details which instigates the system adoption.
Based on the end-use bifurcation, pharmacies segment is estimated to register significant gains over the subsequent years attributing to rising consumer inclination towards healthcare cloud computing in order to maintain data generated from medical prescriptions. Pharmacists majorly adopt data management solutions for tracking the historical data related to payments and drugs sales. With higher accessibility to technologically upgraded solutions they highly rely on these software solutions. In addition, growing patient admissions due to the availability of large number of skilled healthcare professionals across hospitals is fostering the segment expansion. For the records, in 2020, the segment had registered an appreciable valuation of over USD 6 billion.
Based on service model bifurcation, Platform as a Service (PaaS) segment had secured a notable market share of over 12.5% in 2020 and with increasing popularity of this service across healthcare sector, the segment is projected to grow exponentially in the following years. PaaS allows healthcare professionals to deploy and code the applications quickly and efficiently. It provides the client with the ability to manage applications by offering better control over custom apps designed specifically for the institution by the developers appointed by the organization. Such benefits offered by PaaS are increasing its penetration in the market.
Based on the deployment type, private cloud segment is expected to observe a lucrative CAGR of 13.5% through 2027 on account of increasing proclivity towards private cloud solutions. This is primarily due to the benefits offered by private cloud such as protection of the cloud environment and data customization. Healthcare providers deploy private cloud computing solutions to effectively control cloud customers, computational resources and infrastructure which is supporting the segment growth.
In terms of the regional outlook, healthcare cloud computing market in Asia Pacific recorded a significant market share of 20% in 2020 and is expected to grow significantly over time. This can be credited to increasing government initiatives pertaining with healthcare digitization in the region which is encouraging the adoption of cloud computing technology in healthcare sector. Meanwhile, ongoing economic developments are positively influencing the development of advanced medical technologies and healthcare infrastructure which are favoring the industry growth. Besides, rising cases of COVID-19 in Asia Pacific has consequently increased the need for virtual care delivery and telehealth solutions which essentially requires cloud computing.
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Partial Chapter of the Table of Content
Chapter 5 Healthcare Cloud Computing Market, By Service Model
5.1 Key segment trends
5.2 Software as a Service (SaaS)
5.2.1 Market size, by region, 2016-2027 (USD Million)
5.3 Infrastructure as a Service (IaaS)
5.3.1 Market size, by region, 2016-2027 (USD Million)
5.4 Platform as a Service (PaaS)
5.4.1 Market size, by region, 2016-2027 (USD Million)
Chapter 6 Healthcare Cloud Computing Market, By Deployment
6.1 Key segment trends
6.2 Public cloud
6.2.1 Market size, by region, 2016-2027 (USD Million)
6.3 Private cloud
6.3.1 Market size, by region, 2016-2027 (USD Million)
6.4.1 Market size, by region, 2016-2027 (USD Million)