Healthcare Cloud Computing Market size to increase by USD 201.1 Bn by 2032; North America accounted highest revenue share of 51.0%
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Updated 12 min read
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According to Market.us, The cloud computing market for healthcare refers to all the industries involved in providing cloud computing services, such as healthcare providers, payers or patients.
New York, May 12, 2023 (GLOBE NEWSWIRE) -- The Global Healthcare Cloud Computing Market size is projected to surpass around USD 201.1 Billion by 2032, and it is poised to reach a CAGR of 17.6% from 2023 to 2032. The global healthcare cloud computing market accounted for USD 41.4 Billion in 2022. Cloud Computing in the healthcare industry is described as an approach for implementing remote servers accessible over the internet to manage, store, and process healthcare data.
By deployment type, in 2022, the private cloud segment was the most lucrative and generated the largest revenue share.
By application, the clinical information systems segment has dominated the market, and it is growing at a significant CAGR over the forecast period 2023 to 2032.
By service type, SaaS accounted for holding the maximum revenue share of the total market in 2022
By end-user, the healthcare provider segment held the largest revenue share in 2022
In 2022, North America dominated the market with the highest revenue share of 51.0%.
Asia-Pacific is projected as the fastest-growing market for healthcare cloud computing, with a significant CAGR from 2023-2032.
Cloud Computing helps doctors and hospitals engage more with their patients and access lab results, medical records, and doctor's notes anytime, anywhere. This gives the patients control and power and aids them in being better informed about their health. Hence, there is a rising demand for healthcare cloud computing due to market growth.
Factors Affecting the Growth of the Global Healthcare Cloud Computing Market
Several Healthcare Establishments: Numerous healthcare establishments may lead the increase in advantages of the cloud more than before owing to recent enhanced security and technological advancement.
Recent technological advances: The market growth is mainly influenced by technological advances such as remote monitoring, telemedicine cloud technologies, and natural language processing APIs enabling new digital health settings.
Availability of high-speed internet: The execution of promising controlled acts and the propagation of high-speed internet are likely to support the growth of the healthcare cloud computing market worldwide.
Rising adoption of electronic health records: The market expansion is propelled owing to the rapid adoption of electronic health records due to advancements in e-prescribing, IT solutions, telehealth, mHealth, and others.
Top Trends in Global Healthcare Cloud Computing Market
The rapid development of clinical infrastructure, strengthening efforts by governments of various nations to digitize healthcare systems, and increasing public digital literacy are also propelling the market growth. Additionally, the rising healthcare expenditures worldwide, the rising prevalence of various diseases, and increased investment in research and development activities in this area further stimulate the growth of the healthcare cloud computing market.
Market Growth
By decentralizing the system, healthcare cloud computing enables healthcare organizations to pay only for the resources they use. They also enable healthcare organizations to map and track diseases and notify the public about the risk that is present at a considerably cheaper cost and faster rate. The COVID-19 pandemic had an overall positive impact on the global market. This is mainly due to the management of data in vast amounts, which has been the main problem for the healthcare industry, especially in light of the growing demands brought on by the pandemic.
Regional Analysis
North America held the highest revenue share of 51% in 2022. Owing to the rising geriatric population, increasing healthcare costs, increase in advancements of technology in the field, higher adoption of healthcare IT services, and the existence of potential stakeholders. Additionally, rising disposable incomes and health awareness among individuals have also contributed to expanding this local industry.
Asia Pacific is projected to be the fastest-growing market, with a significant CAGR during the forecast period. Owing to the rising prevalence of chronic diseases, widespread internet penetration, technological innovation in this field, and rapid population growth, the Asia-Pacific is anticipated to register a high percentage of sales over the forecast period.
The rising geriatric population, increasing adoption of (EHR) electronic health records, availability of high-speed internet, and implementation of breakthrough technologies are anticipated to upsurge the market growth rate. Most regions have rapidly adopted electronic health records due to advancements in IT solutions, e-prescribing, mHealth, telehealth, and others. The pervasiveness of high-speed internet and the implementation of promising control measures are also expected to provide growth prospects for the global healthcare cloud computing market.
Several healthcare organizations are adopting these cloud computing solutions to the next level by implementing breakthrough technologies. Instead of collecting and transferring data to the cloud, the system examines and processes the data at the collection point. Additionally, the rising aged population resulting in the growth of chronic diseases has led to a shortage of beds, medical equipment, and other healthcare facilities. Hence, it is positively driving the demand for healthcare cloud computing solutions.
Market Restraints
The lack of skilled IT professionals has declined the implementation of this technology. Finding professionals with HIPAA expertise is challenging, so there is an increase in demand for qualified professionals. Moreover, the concerns regarding data protection, data portability barriers, and increasing data breaches in the cloud hinder the global development of the healthcare cloud computing market.
Market Opportunities
In some countries, most specialists and doctors work in metropolitan cities. Advanced medical facilities are, therefore, only available at such places, leaving rural patients neglected. This problem could be solved by using Telecloud. The convergence of wireless technology and the cloud is a powerful mechanism for delivering patient care in remote locations. It enables doctors and medical professionals to treat and examine patients remotely, in real-time, and at an affordable price.
Report Segmentation of the Healthcare Cloud Computing Market
Deployment Type Insight
In 2022, the private cloud segment accounted for its dominance in the healthcare cloud computing market. Using a secure private cloud is a profitable option if a healthcare organization needs a secure computing environment that is not easily accessible by the public. A private cloud ensures the secured storage of health information (PHI) protected from breaches, attacks, and other threats to the patient’s sensitive data. These factors are likely to increase the adoption of this segment. The data can be accessed and stored remotely with the help of the public cloud, and the infrastructure, such as data storage systems, can be fully managed by the cloud provider, thereby allowing the hospitals to realize significant cost savings along with the safety of patients. Healthcare organizations are required to accelerate the transformation of their IT assets to modern, flexible architectures. A hybrid cloud together combines the benefits of the public cloud and on-premises infrastructure to improve the scalability and agility of enterprise data and applications.
Application Insight
Compared to non-clinical information systems, the clinical information systems segment registers the highest revenue share of the global market over the forecast period owing to the rise in several health-related R&D activities, a growing patient pool, and rising demand for effective patient management systems. Therefore, the clinical information system dominates the healthcare cloud computing market. A clinical information system provides a digital solution that aids in automating electronic data captured from the monitor, ventilator, filter devices, infusion pumps, and many more. Additionally, the clinical information system includes radiology, computerized physician order entry, and others. While non-clinical information system consists of automatic patient billing, revenue cycle management, and claim management.
Service Type Analysis
In 2022, SaaS services accounted for the major revenue share of the healthcare cloud computing market due to numerous advantages this model offers, such as faster deployment time, lower total cost of ownership, security, and lower initial investment. Platform as a Service (PaaS) offers pharmaceutical companies, healthcare organizations, and medical device manufacturers a complete suite of medical-grade infrastructure solutions, including IT support, cybersecurity, server space, medical-grade cloud, and many more. Infrastructure as a Service (Iaas) is a cloud computing service that provisions storage, key computing, and network resources on an on-demand, pay-as-you-go basis.
End-User Insight
In 2022, the healthcare provider segment dominated the market, with the largest revenue share. This notable gain is achieved due to the significant increase in connectivity to hospitals through cloud infrastructure, impacting the demand for the SaaS model. The benefits associated with these systems include secure offsite data storage and management and easy outsourcing of IT solutions and services by eliminating the need for IT staff in-house. Improved flexibility, scalability, data management with advanced computing systems and solutions, and continuous advancements of technology in this area are anticipated to positively drive the growth of this segment in the near future.
Healthcare payers include insurance companies, third-party payers, and healthcare plan sponsors. Insurance companies are rapidly employing cloud computing solutions for the secured storage of collected data, claims processing, risk management, and fraud prevention. Managing high risk in high-availability patient populations has always been a challenge for payers. Payers are using these advanced technologies to minimize rising healthcare costs. Additionally, cloud computing helps payers to expand their businesses, enhance their services, reduce administrative costs, and improve quality.
Recent Development of theHealthcare Cloud Computing Market
In November 2022, Wipro Ltd partnered with U.S-based cloud computing service provider VMware. As part of the partnership, Wipro will maintain the VMware business unit and offer customers the platform as a service. Wipro brings up to 5,000 professionals across VMware's cross-cloud offerings, delivering multi-cloud enterprise tools and focusing on sectors such as banking, financial services and insurance (BFSI), consumer, healthcare, and retail services training.
In June 2022, the Saudi Arabian Ministry of Health (MoH) deployed VMware's multi-cloud solution to transform the country's public health sector digitally. This will enable the ministry to provide secure, cloud-based services to public health institutions such as hospitals, clinics, and pharmacies, significantly increasing efficiency and enabling growth and innovation.
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