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Healthcare Cloud Computing Market size is estimated to grow by USD 42.21 billion between 2022 and 2027 accelerating at a CAGR of 20.55% during the forecast period. The market's growth in healthcare relies on integrated service offerings, the presence of numerous cloud companies, and the demand for cost-effective solutions. By integrating services, healthcare providers streamline processes and improve collaboration. The proliferation of cloud companies enables secure data storage and efficient information exchange. Additionally, the market responds to the need for affordable healthcare solutions. These factors drive efficiency, enhance patient care, and promote sustainability in the healthcare industry.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market Athenahealth - The company offers healthcare cloud computing services such as electronic health records. The company offers a medical application named athenaOne that helps in accessing patient records to prepare for and document exams, create and sign orders, respond to patient cases, and more. It is a medical application for doctors for disease content, interaction checking, and practical tools for clinical decision support.
This report extensively covers market segmentation by product (SaaS, IaaS, and PaaS), component (hardware and services), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The Healthcare Cloud Computing Market shows a decelerating growth during the forecast period.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The healthcare cloud computing market is growing due to the increasing number of cloud companies entering the industry. Major players like Amazon, Microsoft, IBM, and Google provide global cloud computing services. Smaller players offer specialized services, contributing to the market's expansion reading implementation of cloud computing in healthcare organizations, the market is expected to grow rapidly during the forecast period.
The primary trend driving the healthcare cloud computing market growth is the introduction of edge computing. Edge computing optimizes cloud systems by performing computing applications at the network's logical end-point, speeding up data collection and analysis for IoT devices in healthcare. Companies like BioLert utilize edge computing for monitoring epileptic patients, detecting and notifying epilepsy episodes, and creating vital records for better treatment regimes. Edge computing's proximity advantage between devices enhances overall system efficiency.
The scarcity of qualified cloud professionals in the healthcare industry is a major challenge hindering healthcare cloud computing market growth. The increasing adoption of cloud technologies across industries has created high demand for skilled cloud computing professionals. However, there is a limited supply of qualified experts, leading to difficulties in hiring and retaining such talent. As cloud-supported networks become more prevalent in healthcare, the demand for professionals familiar with both cloud deployment and healthcare practices will rise. This shortage of trained specialists will impede the market's growth and increase the cost of hiring these professionals.
The market share growth by the SaaS segment will be significant during the forecast period. With the high potential for cloud computing in healthcare, numerous companies are providing SaaS-based products for healthcare organizations. Companies like EKlinik, based out of Malaysia, offer services like iPatient-Portal, a connected healthcare portal for patients facilitating personal healthcare record management; iMedicID, an emergency notification information system; and U2Doc facilitating telemedicine. With the increasing migration of healthcare organizations toward cloud service, coupled with the high popularity of SaaS solutions, the market is expected to grow during the forecast period.
The SaaS segment shows a gradual increase in the market share of USD 6.23 billion in 2017.
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SaaS refers to the on-demand delivery of applications through the Internet-as-a-service on a subscription basis. It is also called web-based software, on-demand software, or hosted software. Healthcare organizations subscribing to SaaS applications do not need to implement on-premises software solutions, as they are centrally hosted on the servers of the service providers. This, in turn, reduces the licensing costs for healthcare organizations. Furthermore, our report provides a brief analysis of historical and forecast market share and their segment along with their reasons for growth from 2017 to 2027.
The growth of this segment is primarily attributed to the increasing adoption of the market by residential consumers, which is driven by an increase in the global demand for the healthcare cloud computing industry.
North America is projected to contribute 39% by 2023.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Countries like the US and Canada, along with Mexico, are the major adopters of healthcare cloud computing solutions. The impetus for the development of cloud computing was provided by Amazon.com, which has launched various cloud computing products. Since then, numerous companies have forayed into the cloud computing industry, including Salesforce, IBM, Oracle, Google, and Microsoft. Many healthcare institutes in the US are increasingly adopting cloud computing. For instance, to implement Google Cloud's healthcare data engine in its network hospitals across the US, LifePoint Health, an American company that provides healthcare services in rural communities and small towns, signed a multiyear strategic partnership with Google LLC. Such collaborations are expected to fuel the growth of the focused market in North America during the forecast period.
The COVID-19 pandemic positively impacted the growth of the market in North America in 2020. Owing to the pandemic, governments in countries including the US, Canada, and Mexico, imposed lockdowns in 2020, forcing people to stay at home to prevent the virus from spreading. As a result, industries, including healthcare in North America, were forced to undertake numerous trade activities online, leading to the widespread use of virtual private networks (VPNs) for remote work and teleconferencing in North America in 2020. Also, due to the surge in internet penetration, the adoption of cloud computing solutions in the North American healthcare ecosystem augmented the need for data storage with remote planning, tracking, and monitoring healthcare data status in 2020. This, in turn, fueled the demand for cloud spaces for storing such data, leveraging further the growth of the market in North America in 2020.
Our analysis of the life cycle of the market indicates a movement from the innovator’s stage to the laggard’s stage. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Healthcare Cloud Computing Market Customer Landscape
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including :
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Healthcare Cloud Computing market research report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Healthcare Cloud Computing Market Scope |
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2022 |
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Historical year |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 20.55% |
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Market growth 2023-2027 |
USD 42.21 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
23.08 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 39% |
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Key countries |
US, Canada, UK, Germany, and France |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Allscripts Healthcare Solutions Inc., Athenahealth Inc., CareCloud Inc., Carestream Health Inc., ClearDATA Networks Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., DXC Technology Co., General Electric Co., Intelerad Medical Systems Inc., International Business Machines Corp., Microsoft Corp., NextGen Healthcare Inc., NTT DATA Corp., Oracle Corp., Salesforce.com Inc., Siemens AG, VMware Inc., and Amazon.com Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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