In the healthcare industry, the process of creating remote computers accessible online for the purpose of storing, managing, and analyzing healthcare-related data is referred to as cloud computing. This is in contrast to the traditional method of setting up a data center on-site with servers or storing data on a personal computer. Cloud computing enables the use of healthcare-related technologies such as IoT devices, mobile apps, patient portals, electronic medical records, and big data analytics. It provides easy flexibility and scalability, thereby improving the decision-making process without any complications.
The global healthcare cloud computing market is projected to reach a value of US$ 54,385.9 million in 2022, growing at a CAGR of 15.6 % during the forecast period from 2022 to 2030.
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The growth of the worldwide healthcare cloud computing market is anticipated to be propelled by an increase in product launches or approvals.
Major participants in this market are utilizing natural approaches such as product introductions or authorizations. The worldwide growth of the healthcare cloud computing market is anticipated to be propelled by the rising number of introductions of cloud-based imaging systems and software used in healthcare applications. As an example, Change Healthcare, a top healthcare technology company, disclosed the release of Stratus Imaging PACS, a cloud-native, zero-footprint picture archiving and communication system (PACS), in November 2021. SonicDICOM PACS Cloud, a cloud-based medical image management system, was launched by JIUN Corporation in February 2019. This company specializes in the development of medical care solutions. Using this system, medical images stored in the cloud can be accessed and examined from anywhere in the world by simply visiting a specific uniform resource locator (URL) with the help of any computer or tablet that has an internet connection.
During the projected time frame, the growth of the global healthcare cloud computing market is anticipated to be propelled by the growing utilization of telehealth services.
The global healthcare cloud computing market’s growth is expected to be driven by the increasing adoption of telehealth services and funding from healthcare organizations for diagnosis and treatment. In May 2022, the U.S. Department of Health and Human Services (HHS) granted US$ 16.3 million to 31 grantees in 26 states to enhance and expand the telehealth infrastructure and capacity of Title X family planning clinics. Title X is a government grant program dedicated to delivering comprehensive family planning and related preventive health services to people in communities throughout the United States.
Impact of the COVID-19 Pandemic:
In December 2019, after the emergence of the COVID-19 virus, the illness had expanded its reach to more than 100 nations worldwide, leading the World Health Organization on January 30, 2020, to declare it a public health emergency.
There are three primary ways in which COVID-19 can impact the economy, including direct influence on the demand and production for drugs, disturbances in the distribution channels, and financial repercussions on markets and firms. As a result of widespread lockdown measures, certain nations, including India, Saudi Arabia, China, Egypt, the U.A.E., and others, are encountering difficulties in drugs transportation between different locations.
Despite the negative impact of the COVID-19 pandemic, it has brought about a positive change in the global healthcare cloud computing market. Healthcare cloud computing refers to the use of remote servers over the internet to handle, process, and store medical data. It allows medical professionals and institutions to safely store large amounts of data using web servers. During the pandemic, cloud computing has played a vital role in facilitating collaboration, communication, and essential internet services, making it essential for effective remote work. As a result, it is expected to have a slightly positive impact on the healthcare cloud computing market in the forecast period. Since data is the primary asset in the healthcare industry, the cost of data storage and management can be expensive, necessitating the purchase of more costly servers that increase the overall cost of healthcare services. Cloud computing, on the other hand, is cost-effective and allows for seamless data backup and storage. Additionally, it is scalable, allowing users to reduce their usage during peak periods.
In addition, the healthcare cloud computing market is expected to experience significant growth throughout the projected duration, mainly due to the increased usage of video conferencing and phone calls for consultations by healthcare providers in response to the pandemic. Furthermore, individuals with mild COVID-19 symptoms are mandated to opt for remote consultations due to social isolation policies.
Let’s Talk Interactive, Inc., a provider of flexible telehealth services, formed a collaboration with Amazon Web Services (AWS) in July 2022. Let’s Talk Interactive had already released its telemedicine solutions on AWS in 2021 and was an active participant in the AWS Public Sector Partner (PSP) Program. Presently, Let’s Talk Interactive provides telehealth software solutions on the AWS Marketplace, an online store that allows users to easily browse, test, purchase, and deploy software and data items that are compatible with AWS. AWS provides comprehensive and widely-used cloud solutions.
Babylon Health, a healthcare service provider, expanded its hybrid cloud infrastructure in March 2022 to facilitate global scaling by including Google Cloud as one of its suppliers.
IBM, a multinational technology corporation based in the United States, revealed major advancements to its storage portfolio in April 2021. These developments aim to improve access to and management of data across intricate hybrid cloud environments, resulting in better data availability and resilience. Furthermore, IBM also introduced upgrades to its IBM Elastic Storage System (ESS), with the ESS 5000 model boasting a 10% increase in storage capacity and the ESS 3200 offering twice the read performance compared to its predecessor.
The growth of the global healthcare cloud computing market is impeded mainly by the limitations that come with using healthcare cloud computing. Privacy and security-related issues, as well as workflow problems, are expected to hinder the growth of the global healthcare cloud computing market during the forecast period. According to a 2021 report from the Journal of Medicine and Life, the primary concerns with cloud security include data security, information confidentiality, and network security. Data security may be compromised by unethical activities by individuals. The number of network security concerns has also increased with the introduction of wireless sensor networks, making network security a major concern for companies that use cloud infrastructure. Additionally, according to HIPAA Journal’s 2020 report, 80% of cloud service providers worldwide experienced at least one cloud data breach from 2018 to 2020, with cloud misconfigurations being the leading cause.
Prominent players, including Siemens Healthcare GmbH, Fujifilm Holdings, IBM Corporation, Carecloud Corporation, Athenahealth, AGFA Healthcare, Allscripts Healthcare Solutions, Carestream Health, Inc., Koninklijke Philips NV, and General Electric Company, are operating in the global healthcare cloud computing market.
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|The market size value in 2023|
Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Healthcare Cloud Computing Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Healthcare Cloud Computing Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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