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The Healthcare Cloud Computing Market size is estimated to grow by USD 42.21 billion between 2022 and 2027, at a CAGR of 20.55% during the forecast period. The market's growth relies on integrated service offerings, the presence of numerous cloud companies, and the demand for cost-effective solutions. 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.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges, along with the market growth analysis. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
This 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 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 the market. The increasing adoption of cloud technologies across industries has created a 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 growth and trends and increase the cost of hiring these professionals.
The market share 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.
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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 industry.
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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 these 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 market in North America during the forecast period.
Our analysis of the life cycle of the market indicates a movement from the innovator’s stage to the laggard’s stage. This market trends and analysis report has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop market growth and forecasting strategies from 2022 to 2027.
Customer Landscape
We also have detailed analysis 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.
This market research and growth analysis report forecasts exponential growth driven by the adoption of cloud technology and cloud-based solutions. Healthcare providers are leveraging cloud resources to manage vast amounts of patient health information, including vital signs, patient demographics, progress notes, problems, past medical history, medications, laboratory data, immunizations, and radiology reports. Advanced technologies like machine learning are enhancing data analysis and improving patient care outcomes. Software as a Service (SaaS) models are facilitating seamless access to electronic health records (EHR) and enabling virtual appointments. As healthcare organizations prioritize data security, cloud-based solutions offer robust safeguards to protect sensitive information. The integration of information technology with cloud computing is revolutionizing healthcare delivery, empowering care teams to collaborate effectively and deliver personalized care to patients.
This market research report forecasts revenue at global, regional & country levels and provides an analysis of the latest trends and opportunities from 2017 to 2027.
Industry Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of 20.55% |
Market growth 2023-2027 |
USD 42.21 billion |
Market structure |
USD Fragmented |
YoY growth 2022-2023(%) |
23.08 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 39% |
Key countries |
US, Canada, UK, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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
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