The global healthcare cloud computing services market is evaluated at US$17.261 billion for the year 2019 and is projected to grow at a CAGR of 15.15% to reach the market size of US$47.316 billion by the year 2026.
Cloud computing is an innovative solution that offers users access to configurable computing resources such as servers, storage, and applications. Information technology solutions delivered through the cloud computing paradigm provide significant benefits in the healthcare industry. Cloud computing through its wide array of features aids in enhancing traditional in-house health information technology approaches in healthcare organizations such as hospitals, clinics, etc. Cloud computing services are instilled in the healthcare industry to store and manage patients' healthcare data. Furthermore, IT services offered through cloud computing provide numerous benefits in healthcare including improved flexibility, higher availability of IT infrastructure to meet changing healthcare demands, and low upfront and maintenance costs for the use of IT.
Healthcare cloud computing services are estimated to grow at a significant rate over the forecasted period owing to the increasing amount of data being generated by healthcare organizations. The growth is further bifurcated by the use of wearable devices and IoT in healthcare. Moreover, the management of large customer data enables the application of big data analytics that aids in improved decision-making. Furthermore, rising investment in healthcare cloud computing solutions is anticipated to further boost demand in the market over the forecasted period. Moreover, the emergence of novel technological solutions such as Telecloud is further estimated to drive demand in the market.
However, concerns regarding the safety and confidentially of patient data are expected to hamper growth in the global healthcare cloud computing services market.
The outbreak of the novel coronavirus disease positively impacted the global healthcare cloud computing services market. The positive impact on the market can be attributed to the increasing application of digital cloud computing solutions in the healthcare industry, supported by various government policies and initiatives. The COVID-19 outbreak led to increased demand and workload in healthcare institutions. The increased work and demand further resulted in increased adoption of cloud computing solutions as it facilitates backup features, hassle-free data storage, and allows one to scale back during turbulent times.
Clinical Information Systems holds a dominant maker share.
Clinical information system holds a notable market size and is estimated to grow a significant rate over the forecasted period. Growth inpatient data is driving demand in the market. Moreover, the growing demand for digitalization in clinical functions of data management coupled with the growing adoption of novel technological solutions to sot and integrated enormous data is estimated to further boost demand in the market. Furthermore, collective benefits offered through clinical information systems(CIS) such as data control, storage, security, on-demand storage, increased legibility, and improved searchability of records are further driving growth opportunities in the market.
The software-As-A-Service segment accounts for the largest market share in the Global Healthcare Computing Services segment.
The Software-as-a-service model accounts for a dominant market share in the global health cloud computing services owing to its ability to offer multitenant service that allows users to access data anytime, anywhere. Moreover, it facilitates reduced maintenance costs and increased use of resources, thereby burgeoning demand in the market. Furthermore, owing to its several benefits such as faster deployment time, low cost, security, and limited upfront capital expenses has led to widespread application across the healthcare sector.
Asia Pacific region to witness lucrative growth opportunities in Global Healthcare Cloud Computing Services Market.
The Asia Pacific region is estimated to grow at a significant rate over the forecasted period. The shifting demographic market trends in the emerging economies such as China, India coupled with large volumes of patient data generated in the region as a result growing disease burden is driving demand in the market. Moreover, supportive government policies and initiatives facilitating digitalization in healthcare are further driving growth for healthcare cloud computing services in the region. Furthermore, increasing investments for cloud computing services in the healthcare industry is anticipated to further augment the demand in the region over the forecasted period. Whereas, the North American region is expected to witness a noteworthy growth-related during the forecasted period owing to large scale adoption of these services coupled with increasing demand for full body massage and beauty treatments in countries like the US and Canada.
Participation by market players.
The market is characterized by the applicability of cloud computing solutions across large hospitals as well as small clinics. Companies in the market are offering customizable service operations across healthcare industry segments. Companies in the market are employing various collaboratives efforts such as mergers and acquisitions to grow and sustain in the market by delivering innovative technological solutions. For instance, CareCloud announced acquisition by MTBC. The acquisition aims to aid MTBC in offering Careclouds integrated financial and clinical tools to its customers and facilitate streamlining of physical workflows, patient outcomes, and better profitability. Furthermore, novel product innovations and launches by eminent market players are driving growth opportunities in the market. For instance, IBM publicly released its novel hybrid cloud service, IBM Cloud Satellite targeted towards the healthcare, banking industry. The cloud solution aims to offer its clients a cloud service that facilitates the storage of large volumes of data.
The prominent players include patients, medical billing service providers, healthcare fraternity and insurance providers are implementing various growth strategies to gain a competitive advantage in the market. All market players have a definitive role in maintaining streamlined efficiency in the market.
|Market size value in 2019||US$17.261 billion|
|Market size value in 2026||US$47.316 billion|
|Growth Rate||CAGR of 15.15% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Application, Service, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||CareCloud Corporation, ZYMR Inc., ClearDATA, Dell Inc., IBM Corporation, Iron Mountain Inc., Siemens Healthineers, Ambra Health, e-Zest Solutions, OSP Labs|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the healthcare cloud computing services market size by 2026?
A1. The healthcare cloud computing services market is projected to reach a market size of US$47.316 billion by 2026.
Q2. What is the size of global healthcare cloud computing services market?
A2. Healthcare Cloud Computing Services Market was valued at US$17.261 billion in 2019.
Q3. What are the growth prospects for healthcare cloud computing services market?
A3. The global healthcare cloud computing services market is projected to grow at a CAGR of 15.15% over the forecast period.
Q4. Which region holds the maximum market share of the global healthcare cloud computing services market?
A4. Asia Pacific region to witness lucrative growth opportunities in global healthcare cloud computing services market.
Q5. What factors are anticipated to drive the healthcare cloud computing services market growth?
A5. Healthcare cloud computing services are estimated to grow at a significant rate over the forecasted period owing to the increasing amount of data being generated by healthcare organizations.