Global Healthcare Cloud Computing Market Size & CAGR (2021 to 2026)
The size of the global healthcare cloud computing market is expected to be growing at a CAGR of 18.1% from 2021 to 2026 and worth USD 68.4 billion by 2026.
Impact of COVID-19 on the global healthcare cloud computing market:
The COVID-19 pandemic has caused damage to many people’s lives and companies on a massive scale. However, if one industry has benefited from this catastrophe, it is the cloud computing industry. Because of its scalability, cloud computing allows for easy data storage and backup, as well as the option to scale back during busy days. Furthermore, patients with moderate symptoms are required to choose remote consultation due to the social distancing procedures. As a result, the expansion of the healthcare cloud computing market is expected to accelerate significantly over the period, with many healthcare providers offering consultation via video conferencing and phone calls in place of this pandemic. Thus, the pandemic of COVID-19 is predicted to have a generally good impact on the market.
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KEY DRIVING FACTORS:
Growing popularity of wearable medical devices and big data analytics is expected to accelerate the market’s growth rate.
Electronic health records (EHRs), radiology pictures, pharmacy sales, prescription information, lab tests, and insurance claims data are just some of the internal sources of data that healthcare providers generate and gather. The efficient administration of a significant amount of data necessitates computational power and network capacity. With a rise in data load, healthcare organizations must invest more in IT infrastructure for on-premise data storage. As a result, on-premise storage is no longer a feasible solution for large-scale healthcare data storage.
Concerns associated with data security and privacy are expected to restrict the market expansion during the forecast period.
One of the significant factors hampering the growth rate of the global healthcare cloud computing market is data security and protection concerns. A big issue with cloud agreements is that the information provided by merchants isn’t nearly as safe as information kept on-premise. Patient information is deemed sensitive, and a high level of privacy must be maintained so that only authorized people can access it. Despite the benefits and security safeguards the cloud provides, data kept in the cloud is still prone to cyber.
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KEY MARKET INSIGHTS:
- Based on the product, the healthcare provider solutions segment, which includes clinical information systems (CIS), is predicted to increase at the fastest rate. This segment’s rapid rise can be attributable to a surge in demand for cloud-based CIS and NCIS solutions, which offer benefits such as on-demand storage, seamless application integration, effective migration plans, compliance, data control, and security.
- Based on the Deployment Model, In 2020, the private cloud deployment strategy is predicted to command the most market share. The on-premise private cloud gives high-security alternatives as well as network control. Larger firms with IT employees and security knowledge benefit from private cloud storage.
- Based on the Component, the services segment is expected to increase at the fastest rate. The recurrent nature of services, including training and education, installation, software upgrades, consulting, and maintenance, accounts for this segment’s high growth rate. In addition, the introduction of complicated software and the requirement to assure software integration and interoperability will increase demand for various services.
- Based on Pricing Model, the pay-as-you-go (PAYG) model has the largest market share. The considerable share can be because the pay-as-you-go approach, also known as the utility-based economic model, allows healthcare providers to take advantage of advanced software while keeping operational expenses low.
- Based on the Service Model, Due to various advantages over on-premise solutions, such as security, the cheaper total cost of ownership, shorter deployment time, and little up-front capital expenses, the SaaS model accounted for the most significant part of the market.
- Based on region, North America dominates the healthcare cloud computing market, which is likely to continue over the forecast period. The United States is the market leader in healthcare cloud computing, owing to the high adoption rate of healthcare IT services and ongoing financial and regulatory support from government agencies.
- Due to a few prominent competitors in the market, the healthcare cloud computing market is moderately consolidated. To get a more significant part of the market, the corporations are employing aggressive competing techniques. Cisco Systems, Amazon, Allscripts Healthcare Solutions, PLEXIS Healthcare Systems, CareCloud, Siemens Healthineers, Oracle, ClearDATA, Cerner, Microsoft, and Dell are some of the major players in the healthcare cloud computing market.
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RECENT MARKET DEVELOPMENTS:
- In 2020, New England Biolabs and ERS Genomics partnered to develop and market CRISPR gene editing reagents and procedures.
- Caribou Biosciences, Inc. and AbbVie signed a licensing deal for CAR-T treatment research and development in February 2021. Under the terms of the agreement, Abbvie will exploit Caribou’s CRISPR genome editing technology.
- Inscripta’s Onyx CRISPR-based genome editing platform was installed at the University of Liverpool in April 2021. These kinds of activities are projected to have a favorable impact on market growth.
- Thermo Fisher Scientific acquired Brammer Bio in March 2019 to obtain entry to Brammer Bio’s expertise in manufacturing vectors for gene and cell treatments.
SEGMENTS COVERED IN THE REPORT:
- Healthcare Provider Solutions
- Clinical Information Systems (CIS)
- PACS and VNA
- PHM Solutions
- Telehealth Solutions
- Other CIS
- Non-clinical Information Systems (NCIS)
- RCM Solutions
- Financial Management Solutions
- HIE Solutions
- Supply Chain Management Solutions
- Billing & Accounts Management Solutions
- Other NCIS
- Clinical Information Systems (CIS)
- Healthcare Payer Solutions
- Claims Management Solutions
- Payment Management Solutions
- Customer Relationship Management Solutions
- Provider Network Management Solutions
- Fraud Management Solutions
By Deployment Model:
- Private Cloud
- Hybrid Cloud
- Public Cloud
By Pricing Model:
- Spot Pricing
By Service Model:
- Software-as-a-Service (SaaS)
- Infrastructure-as-a-Service (IaaS)
- Platform-as-a-Service (PaaS)Payers
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
BROWSE RELATED REPORTS:
- United States Healthcare Cloud Computing Market
- APAC Healthcare Cloud Computing Market
- Latin America Healthcare Cloud Computing Market
- MEA Healthcare Cloud Computing Market
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