- 13 November 2019 18:13
Healthcare Cloud Computing Market Worth USD 40 Billion by 2026
Rising adoption of information technology (IT) in the healthcare sector is the key factor driving healthcare cloud computing market growth during the forecast period. Usage of the cloud computing technique allows IT facilities to retrieve assets from the internet by using web-based tools and applications. It offers easy access to servers, storage and databases as well as a wide array of applications. Healthcare cloud computing offers flexibility to control data scalability, massive storage of clinical statistics in hospitals and clinics and quicker accessibility to digital medical records. Moreover, increasing demand for cloud computing in patient billing to reduce capital expenditure pertaining to the conventional mode of billing practices will further spur the revenue size.
Cloud computing is one of the most frequently used healthcare applications. Healthcare organizations have a strong interest in patient information privacy and safety, and the pressure to manage growing healthcare data has driven economic solutions such as cloud computing. Health companies therefore accept cloud computing as an effective data storage solution. This technology offers various advantages, such as business agility, privacy and security, lower costs, etc.
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The global healthcare cloud computing market size is expected to reach around USD 40 billion by 2026 growing at CAGR above 14 % over the forecast time frame 2019- 2026.
The North America healthcare cloud computing market accounted for over USD 8.4 billion in 2018 and is estimated to show a similar trend in upcoming years. Increasing healthcare expenditure in the region coupled with the adoption of technologically advanced solutions will drive regional growth. Moreover, growing demand for EHRs among medical professionals as well as the active involvement of private sector players in the development of the healthcare industry will boost the North America healthcare cloud computing industry growth over the forecast period.
Services segment was valued more than USD 14.7 billion in 2018, owing to development in healthcare cloud computing software that can address a wide array of issues ranging from data storage to data management. Continuous demand for services such as installation, maintenance, training, education and consulting will propel segmental business. Additionally, growing adoption of e-prescribing, EHR systems and EMR systems for analyzing patient information, managing big data and providing accurate outcomes will substantially spur revenue size during the forthcoming years.
Clinical information systems segment of healthcare cloud computing market accounted for over 615 revenue share in 2018. Segment growth is attributed to the growing disease burden worldwide. Rapidly aging population susceptible to various diseases will further increase the volume of patient data, thus, will surge demand for clinical information systems. Moreover, high adoption of these systems in critical care such as ICUs for efficient management of patient data will positively impact segmental growth. Huge demand for clinical information systems from hospitals and healthcare providers will accelerate segment growth over the analysis period.
Private cloud segment of healthcare cloud computing market is anticipated to witness around 15.5% CAGR over the forecast timeline. Segment growth is attributed to inclination towards private cloud due to its benefits such as data protection and customization of the cloud environment. Private cloud models are owned by a single organization and offer more control over data storage and its accessibility to users, thus, should boost business growth. However, high cost associated with private cloud may impede segment growth in developing as well as in under-developed economies.
Hospitals segment held more than 21.5% revenue share in 2018, owing to the increasing number of patient visits in hospital. Rising prevalence of chronic diseases and a growing number of surgeries being performed in hospital settings will surge the demand for patient data storage. Such factors should foster the adoption of cloud computing in hospitals, thereby augmenting segmental growth.
Key Players & Strategies
The Healthcare Cloud Computing market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players are Cisco, Carecloud, Cleardata, GNAX Health and Cleardia Healthcare: IBM, EMC, Merge Healthcare.
These players carry out a number of strategic projects including fusions, acquisition and new products to maintain their position on the market. For example, the Cisco Service Exchange Platform (SXP) for radiology was introduced in November 2014. This will make a positive impact on company growth with the introduction of new software.
The market research study on Healthcare Cloud Computing Market (By Application: Clinical Information Systems [Health Information System, Radiology Information Systems, Telehealth, Picture Archiving & Communication System [PACS], Pharmacy Information Systems, Computerized Physician Order Entry, Laboratory Information Management System, Ambulatory or Outpatient CI], Nonclinical Information Systems [Revenue Cycle Management, Supply Chain Management Solutions]; By Component: Services [Software as a Service [SaaS], Platform as a Service [PaaS], Infrastructure as a Service [IaaS]], Software; By Deployment: Private Cloud, Public Cloud; By End Use: Hospitals, Diagnostic Imaging Centers, Ambulatory Centers, Pharmacies, Public Payers, Private Payers) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026 offers detailed insights on global Healthcare Cloud Computing market segments with market dynamics and their impact. The report also covers basic technology development policies.
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Key Questions Answered in the Report
The report addresses key questions concerning the market evolution and overarching trends shaping global market growth. Some of the key questions answered in the report include-
- What is the overall structure of the market?
- What was the historical value and what is the forecasted value of the market?
- What are the key product level trends in the market?
- What are the market level trends in the market?
- Which of the market players are leading and what are their key differential strategies to retain their stronghold?
- Which are the most lucrative regions in the market space?