Health Cloud Market Projected To Hit USD 115.7 Billion at a 15.6% CAGR by 2030 - Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Digital Transformation in Healthcare Drives Global Health Cloud Market
New York, US, March 15, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " Health Cloud Market By Component, By Deployment By Application Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 15.6% to attain a valuation of around USD 115.7 Billion by the end of 2030.
The global health cloud market is likely to witness a constant rise in the future years. The growing adoption of cloud computing in various small, medium, and large healthcare setups worldwide would drive market growth.
Digital healthcare delivery is garnering significant prominence. The proliferation of public, private, and hybrid multi-cloud solutions has opened new avenues for clinical and non-clinical applications beyond traditional data management. Health providers need intelligent, scalable, and secure solutions to support their response to the public health emergency and maintain patient engagement.
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Drivers
Rapid advancements in technology are creating new opportunities for digitalization across the healthcare sector.
Competitive Landscape
The health cloud market attracts many entrants, demonstrating high growth potential. Providers strive to develop innovative technologies and best practices. Payers incorporate strategies such as mergers & acquisitions and collaboration to gain a significant market share.
They invest substantially in developing unique technologies and acquiring promising companies to increase their global footprints. Expansion plans also help them to fetch larger turnovers. Acquiring cloud computing and data center service providers helps industry players to foster their communication infrastructure portfolio.
For instance, on Mar. 7, 2023, TELUS Health, a global healthcare leader, announced a collaboration with Accenture on the digital transformation of its television and digital life businesses. Accenture will lead the development of TELUS' next-generation entertainment and personalized digital life platform for its customers. Together, the companies will transform TELUS' television business into a more efficient, agile, and digitally skilled organization.
TELUS Health provides preventative healthcare and wellness solutions for employees and families. Millions of health professionals worldwide leverage the combination of TELUS' digital and data analytics capabilities to improve remedial, preventative & mental health outcomes dramatically. Accenture will support TELUS' digital transformation, including cloud-native software engineering on Google Cloud, product engineering transformation & consulting capabilities, systems integration services, and infrastructure & application outsourcing.
Players leading the global health cloud market include Microsoft Corporation (US), Amazon Web Services, Inc. (US), IBM Corporation (US), Salesforce.com Inc. (US), Oracle Corporation (US), General Electric Company (US), Siemens AG (Germany), Cisco Systems, Inc. (US), ClearData Networks Inc. (US), Cerner Corporation (US), PLEXIS Healthcare Systems (US), Carecloud Corporation (US), Carestream Health (US), Sectra AB (Sweden), Athenahealth, Inc. (US), and Eclinicalworks, LLC (US), among others.
Industry Trends
The ever-growing data usages and the evolving connectivity services in terms of reliability, latency, and symmetry are vital, particularly for the healthcare sector. This, along with the increased focus on the quality of connectivity, drives the expansion of the communications infrastructure sector. The spurting increase in digital healthcare data provides significant impetus to the growth of the market.
Increasing demand for transformational payment modes alongside the surging patient pool provides ample growth opportunities. Moreover, technological advances, alongside increasing healthcare expenditures, propel market growth. The deployment of cloud computing and the implementation of various analytical tools substantiate the growth of the market, triggering operational efficiency.
Additionally, the integration of the Internet of Things (IoT) that provides opportunities for seamless integration of the method acts as a key growth driver. However, increasing concerns about cybersecurity and data theft impede the market's growth. Cloud adoption poses serious risks to healthcare and finance. Nevertheless, the growing digital transformation and healthcare providers' focus on providing quality care would support the market growth.
Segments
The health cloud market report is segmented into components, deployments, service models, applications, end users, and regions. The component segment is sub-segmented into software and services (consulting, implementation and maintenance, and training). The deployment segment is sub-segmented into private, public, and hybrid cloud. The service model segment is sub-segmented into IaaS, PaaS, and SaaS.
The application segment is sub-segmented into clinical data management, analytics & reporting, data storage, care management, and others. The end user segment is sub-segmented into hospitals, diagnostic and imaging centers, pharmacies, ambulatory centers, and others. By regions, the health cloud market is segmented into the Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Geographical Analysis
North America leads the global health cloud market. The presence of an infrastructural setup and major players is expected to trigger high growth in the coming years. Besides, the high integration of IT and IoT in the sector impacts market revenues positively. Players try to capitalize on these provisions as they have the structural scope to optimize the potential.
The well-developed healthcare infrastructure can also be regarded as a major impetus provider. Technology partners try to fill critical gaps to help healthcare organizations accelerate their transformation efforts for better business outcomes. The North American health cloud market is expected to witness massive traction over the assessment period.
Europe stands second in the global health cloud market, following the trail set by North America. The rising economy in the region, alongside the presence of notable market players, allows the market to witness promising growth, holding substantial promise for the market. Leading cloud and digital transformation providers in this region offer managed services and data analytics solutions for the healthcare and life sciences industry.
The Asia Pacific health cloud market is anticipated to grow significantly in the coming years. Factors such as the rapidly growing markets in emerging economies like India, China, Australia, and others project high growth for the regional market, providing scope for expansion. Health cloud providers in this region have old expertise in digital transformation, including cloud security & compliance, data lifecycle management, healthcare interoperability, and clinical & business performance optimization.
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