Healthcare Cloud Computing Market Analysis

Healthcare Cloud Computing Market Market Analysis

The growing acceptance of cloud computing among healthcare professionals is due to several attributes including ease of interoperability, access to high powered analytics, patient’s ownership of data, telemedicine capabilities, and lowering of costs among others. Healthcare cloud computing has proven to be beneficial for both patients and healthcare professionals that secures the market revenue. From conventional storage to digitalization of healthcare data, the healthcare market has seen a massive shift in the generation, storage, consumption, and sharing of healthcare data. The widespread usage of healthcare cloud computing has propelled healthcare providers to utilize this technology for optimizing workflows, gaining efficiencies, and providing personalized care plans to enhance outcomes.

The clinical information systems segment will showcase growth rate of 13% till 2027 led by rising demand for advanced tools in digitization of clinical functions data management among healthcare organizations in healthcare facilities. In addition, surging focus on digitalization of healthcare industry and growing adoption of technology to store as well as integrate enormous healthcare data will impel the industry growth over the forecast period.

Software as a service (SaaS) segment accounted for more than USD 21 billion in 2020 propelled by rising digital health services provided by various vendors. Increasing usage of wearable devices, big data analytics and Internet of Things are some of the attributes that will augment segment growth. Furthermore, factors such as faster deployment rate, lower cost of ownership, security, among others are accountable aspects for the overall market progression. 

The private cloud segment in the healthcare cloud computing market is estimated to attain a CAGR of 13.5% through 2027. Private cloud enables direct control over stored data in cloud to healthcare staff, thus allowing them to deploy own applications and also provides adherence to compliance issues. Also, various factors such as better control on computation, patient data and infrastructure further stimulate the market revenue. Developing IT infrastructure in emerging countries, and rising necessity to implement healthcare IT tools in healthcare settings will positively impact the market value.

The hospital end-use segment will account for 22% of healthcare cloud computing market share by 2027. Growing number of hospital admissions, adoption of technologically advanced products and sophisticated healthcare infrastructure are some of the factors favouring the market demand. Moreover, hospitals are the early adopters amongst all the organizations. Large-scale operations, multi-functionality, management of large amount of information and cost-cutting are foremost aspects leading to high acceptance of healthcare IT solutions in hospitals globally. 
 

North America healthcare cloud computing market size was around USD 12 billion in 2020 due to gathering of large volume of patient data owing to rising number of disease burden. Additionally, presence of eminent market players operating in healthcare cloud computing in North America and favourable regulatory scenario further proves advantageous for the market expansion. The COVID-19 pandemic across the region has increased the patient pool that has further led to upsurge in virtual care and telehealth delivery options.