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Healthcare Cloud Computing Market Size, Share, Forecast, & Trends Analysis by Offering (Solutions, Services), Business Model, Deployment Mode (Public Cloud, Hybrid Cloud, Private Cloud), End User (Healthcare Providers, Healthcare Payers), and Geography - Global Forecast to 2031
Report ID: MRICT - 104299 Pages: 275 Jan-2024 Formats*: PDF Category: Information and Communications Technology Delivery: 2 to 4 Hours Download Free Sample ReportThe Healthcare Cloud Computing Market is expected to reach $131.8 billion by 2031, at a CAGR of 18.4% from 2024 to 2031. The growth of this market can be attributed to several factors, the growing need for personalized medicines and the increasing adoption of analytics and IoT in the healthcare sector. Moreover, the increasing demand for healthcare cloud computing solutions for clinical research & drug development and the growing use of blockchain technology for managing electronic health records are expected to offer growth opportunities for the players operating in this market.
Analytics and the Internet of Things (IoT) are integral components of healthcare cloud computing. These technologies are revolutionizing how healthcare data is collected, processed, and utilized. The technologies enable healthcare organizations to extract valuable insights from massive amounts of data generated by medical devices, wearables, and patient records, among other sources. IoT-enabled wearable devices and medical sensors continuously collect patient data such as heart rate, blood pressure, glucose levels, and activity patterns. This data is transmitted to the cloud, where it is analyzed to detect anomalies and trends, enabling timely interventions and personalized care plans.
Analytics involves the use of advanced algorithms and data processing techniques to derive meaningful insights from data. In healthcare, analytics tools are integrated with cloud computing platforms to analyze vast amounts of patient and clinical data. Healthcare organizations use predictive analytics to forecast disease outbreaks, patient readmissions, and treatment responses. This information aids in resource allocation and proactive patient management. Analytics tools analyze patient data, medical records, and research outcomes, enabling healthcare providers to make evidence-based decisions regarding diagnosis, treatment, and patient care plans. Thus, the increasing adoption of analytics and IoT technologies in the healthcare sector is driving the demand for healthcare cloud computing solutions, supporting the growth of this market.
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Healthcare cloud computing solutions support a wide range of applications, including personalized medicines. Cloud platforms allow for the integration of diverse clinical data sources, including Electronic Health Records (EHRs), imaging data, lab results, and patient-reported outcomes. By aggregating this data in the cloud, healthcare providers can gain a comprehensive view of a patient's health status, leading to more personalized treatment decisions. Cloud-based systems facilitate data sharing among healthcare professionals, researchers, and patients, enabling interdisciplinary collaboration, accelerating research, and allowing experts from different fields to contribute their insights for the development of personalized treatment strategies. Thus, healthcare cloud computing empowers healthcare professionals to deliver personalized treatments by considering each patient's unique genetic and clinical characteristics. These benefits are driving the demand for healthcare cloud computing solutions in the field of personalized medicine, accelerating the growth of this market.
Cloud-based telehealth and telemedicine are innovative healthcare delivery models that leverage cloud computing technology to provide medical services remotely. These models have gained much significance, especially in recent years, due to their ability to enhance access to healthcare, improve patient outcomes, and facilitate communication between patients and healthcare providers. Cloud computing provides the necessary infrastructure required to securely host telehealth and telemedicine applications and data, including servers, storage, networking, and computing resources. By using cloud platforms, patient records, medical images, test results, and other health data can be stored securely on the cloud. Cloud storage enables efficient data management, scalability, and accessibility for healthcare professionals. Thus, cloud-based telehealth and telemedicine are gaining significance in the healthcare cloud computing market, and this trend is expected to continue during the forecast period.
Wearable medical devices, when integrated with cloud computing, offer numerous benefits for patients, healthcare providers, and researchers. These devices collect real-time health data, which is then transmitted to cloud platforms for analysis, storage, and accessibility. This integration facilitates better patient monitoring, data-driven decision-making, and advancements in healthcare research. Wearable medical devices, such as smartwatches, fitness trackers, and medical sensors, continuously collect various health-related data, including heart rate, blood pressure, temperature, activity levels, sleep patterns, and more. The collected data is wirelessly transmitted to cloud-based servers via secure communication channels, such as the Internet or mobile networks. Thus, the benefits offered by wearable medical devices are increasing their significance in the healthcare cloud computing market, and this trend is expected to grow rapidly in the coming years.
The increasing demand for healthcare cloud computing solutions in the clinical research and drug development sector is generating growth opportunities for market players. The emergence of new technologies, the need for efficient data management, and the growing complexity of research and development processes in the healthcare industry are driving the demand for advanced healthcare cloud computing solutions.
The major factors contributing to this demand are as follows:
These factors are driving the development and adoption of advanced healthcare cloud computing solutions, generating growth opportunities for the players operating in this market.
In 2024, the solutions segment is expected to account for the largest share of 92.0% of the global healthcare cloud computing market. The large market share of this segment is attributed to the growing need for clinical information systems to support and streamline clinical operations, improve patient care, and enhance overall efficiency, the rising adoption of non-clinical information systems for managing administrative, financial, and operational aspects of healthcare organizations, and efforts by companies to provide healthcare operation management solutions for claims processing, member management, provider networks, and payment processing.
However, the services segment is projected to register the highest CAGR during the forecast period due to the increasing need for professional services to adopt, implement, and optimize healthcare cloud computing solutions, the growing need for managed services such as data security and compliance, infrastructure scalability, cost optimization, data backup and recovery, and increasing need to offer partial or complete management of a client's cloud resources or infrastructure.
In 2024, the software-as-a-service segment is expected to account for the largest share of 48.6% of the global healthcare cloud computing market. The large market share of this segment is attributed to the increasing need to improve healthcare business operations, increase productivity, data security, and privacy for healthcare data and the growing need for improved data management. Additionally, this segment is expected to register the highest CAGR during the forecast period.
In 2024, the public cloud segment is expected to account for the largest share of 41.8% of the global healthcare cloud computing market. The large market share of this segment is attributed to the secure and reliable remote access to healthcare systems, benefits offered by public healthcare cloud systems such as cost-effectiveness, scalability, and flexibility, and efforts by market players to launch healthcare cloud computing services. Additionally, this segment is expected to register the highest CAGR during the forecast period.
In 2024, North America is expected to account for the largest share of 37.4% of the global healthcare cloud computing market. North America healthcare cloud computing market is estimated to be worth USD 15.1 billion in 2024. North America’s large market share is attributed to the presence of prominent players offering advanced healthcare cloud computing solutions. Furthermore, the high adoption rate of digital technologies and advanced healthcare systems, the surge in demand for telemedicine and remote patient monitoring solutions, and the increasing proliferation of cloud based EHR systems are supporting the market growth.
However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period. The growth of this region is driven by the exerting efforts by market players to launch healthcare cloud computing solutions, Government initiatives and policies that support the adoption of healthcare cloud computing solutions, and the growing popularity of telemedicine and telehealth platforms across the region.
The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. Some of the key players operating in the healthcare cloud computing market are Amazon Web Services, Inc. (U.S.) (a subsidiary of Amazon.com, Inc.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Google LLC (U.S.), Alibaba Group Holding Limited (China), Oracle Corporation (U.S.), IRON MOUNTAIN INCORPORATED (U.S.), AT & T Inc. (U.S.), NVIDIA Corporation (U.S.), GE HealthCare Technologies Inc. (a subsidiary of General Electric Company) (U.S.), OSP (U.S.), Zymr Inc. (U.S.), athenahealth, Inc. (U.S.), eClinicalWorks, LLC (U.S.), and e-Zest Solutions Inc. (U.S.).
Particulars |
Details |
Number of Pages |
275 |
Format |
|
Forecast Period |
2024–2031 |
Base Year |
2023 |
CAGR (Value) |
18.4% |
Market Size (Value) |
USD 131.8 Million by 2031 |
Segments Covered |
By Offering
By Deployment Mode
By Service Model
By End User
|
Countries Covered |
North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Singapore, and Rest of Asia-Pacific), Latin America, and the Middle East & Africa |
Key Companies |
Amazon Web Services, Inc (U.S.) (a subsidiary of Amazon.com, Inc.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Google LLC (U.S.), Alibaba Group Holding Limited (China), Oracle Corporation (U.S.), IRON MOUNTAIN INCORPORATED (U.S.), AT & T Inc. (U.S.), NVIDIA Corporation (U.S.), GE HealthCare Technologies Inc. (a subsidiary of General Electric Company) (U.S.), OSP (U.S.), Zymr Inc. (U.S.), athenahealth, Inc. (U.S.), eClinicalWorks, LLC (U.S.), and e-Zest Solutions Inc. (U.S.). |
The healthcare cloud computing market study focuses on the market assessment and opportunity analysis through the sales of healthcare cloud computing across different region, and countries across different market segmentation, this study is also focused on competitive analysis for healthcare cloud computing based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies.
The healthcare cloud computing market is projected to reach $131.8 billion by 2031, at a CAGR of 18.4% during the forecast period.
In 2024, the healthcare provider segment is expected to account for the larger share of 57.5% of the global healthcare cloud computing market. The large market share of this segment is attributed to the growing need to exchange patient information between healthcare providers, the rising adoption of clinical information systems among healthcare providers, and the increasing adoption of telemedicine and remote patient monitoring solutions among healthcare providers.
The growth of this market can be attributed to several factors, the growing need for personalized medicines and the increasing adoption of analytics and IoT in the healthcare sector. Moreover, the increasing demand for healthcare cloud computing solutions for clinical research & drug development and the growing use of blockchain technology for managing electronic health records are expected to offer growth opportunities for the players operating in this market.
The key players operating in the global healthcare cloud computing market are Amazon Web Services, Inc (U.S.) (a subsidiary of Amazon.com, Inc.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Google LLC (U.S.), Alibaba Group Holding Limited (China), Oracle Corporation (U.S.), IRON MOUNTAIN INCORPORATED (U.S.), AT & T Inc. (U.S.), NVIDIA Corporation (U.S.), GE HealthCare Technologies Inc. (a subsidiary of General Electric Company) (U.S.), OSP (U.S.), Zymr Inc. (U.S.), athenahealth, Inc. (U.S.), eClinicalWorks, LLC (U.S.), and e-Zest Solutions Inc. (U.S.).
At present, North America dominates the healthcare cloud computing market. However, Japan, China, India, and South Korea, are expected to witness strong growth in demand for healthcare cloud computing in the coming years.
Published Date: Sep-2024
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