Global Healthcare Cloud Computing Market 2022-2028

Global Healthcare Cloud Computing Market 2022-2028

Global healthcare cloud computing market is anticipated to grow at a CAGR of 22% during the forecast period. The robust growth of the market is due to various factors such as the rise in the adoption of cloud services across the globe and significant reforms in healthcare information technology. The demand for healthcare cloud products and services in government and private organizations is expected to create more opportunities for the market. Other factors that are contributing to the growth of this market include the availability of a wide range of applications and services of the healthcare cloud such as EHR, the Internet of things, mobility solutions, patient records, and payment methods.

Healthcare cloud computing enables secure patient data and information which can be shared with the physician and other doctors as per the requirement. There are a wide variety of products available in the healthcare cloud computing market which are designed for the smooth flow of operations and to improve healthcare systems with cloud-based technologies. It also enables to storage, management, and process of data from different locations and delivers hosted services over the internet. In the healthcare industry, cloud computing as a technology is offered in four forms computation, storage, memory, and networking. Cloud computing is increasingly welcomed in the healthcare industry owing to the rising pressure to curtail healthcare costs while maintaining the quality of care for patients. The global healthcare cloud computing market is also stimulated by the growth in the IT sector and the demand for innovative healthcare computing products. Healthcare cloud computing always provides tools to manage cloud solutions to reduce internal workloads and add value to the clients.

Impact of COVID-19 Pandemic on Global Healthcare Cloud Computing Market

The COVID-19 pandemic had a good impact on the healthcare cloud computing market. Cloud technologies, which provide data storage and computing resources controlled by external service providers to help improve the safety, quality, and efficiency of healthcare, are becoming more widely recognized. In the fight against COVID-19, this has become critical. Owing to the massive number of research and clinical trials being conducted around the world, the research data created must be stored in a secure environment capable of storing vast amounts of data. Cloud computing addresses both space restrictions and security concerns by allowing large volumes of data to be stored on private and dedicated cloud channels.

Segmental Outlook

The global healthcare cloud computing market is segmented based on application, deployment type, and end-user. Based on application, the market is segmented into clinical information systems and nonclinical information systems. Based on clinical information systems, the market is segmented into Electronic Health Records (EHR), Picture Archiving and Communication Systems (PACS), Radiology Information Systems (RIS), Computerized Physician Order Entry (CPOE), and other applications. Based on nonclinical information systems, the market is segmented into Revenue Cycle Management (RCM), Automatic Patient Billing (APB), payroll management systems, and other non-clinical information systems.Based on deployment type, the market is segmented into private cloud, public cloud, and hybrid cloud. Based on end-user, the market is segmented into healthcare providers and healthcare payers.

The Electronic Health Record (HER) Segment is Expected to Hold a Prominent Share in the Global Healthcare Cloud Computing Market

The electronic health record segment is anticipated to hold a prominent share in the market. The pandemic of COVID-19 is projected to have a beneficial impact on the EHR sector. The development, implementation, and evaluation of EHR-based data sharing networks and platforms, as well as public health information systems, are required in the fight against COVID-19, according to an article published in the Journal of the American Medical Informatics Association (JAMIA) in November 2020. EHR systems can be used to collect and evaluate data from public health departments, healthcare institutions, and socioeconomic indicators as they are multi-disciplinary. This is critical to remember as you prepare to roll out COVID-19-fighting programs.

Regional Outlooks

The global healthcare cloud computing market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, France, Spain, Germany, and the Rest of Europe), Asia-Pacific (India, Japan, China, and the Rest of Asia-Pacific), and the Rest of the World (the Middle East and Africa, and Latin America).North America is anticipated to hold a prominent share in the market due to the wide adoption of cloud computing in the healthcare domain. North America has a significant contribution to the growth of the healthcare cloud computing market followed by Europe due to the huge demand and adoption of healthcare cloud services across the region.

The North American Region is Anticipated to hold the Prominent Share in the Global Healthcare Cloud Computing Market

The North American region is anticipated to hold a prominent share in the market. The US is the market leader in healthcare cloud computing, owing to a high rate of adoption of healthcare IT services and ongoing financial and regulatory backing from government agencies. The Health Information Technology for Economic and Clinical Health Act (HITECH Act) sped up the deployment of electronic health records (EHRs) and related technologies across the country.

Market Players Outlook

The key players in the healthcare cloud computing market include Dell Inc., IBM Corp., AT&T Inc., and Cisco Systems INC. among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, geographical expansion, collaborations, and new product launches, to stay competitive in the market. For instance, CVS Health and Microsoft began working together in December 2021 to accelerate digital healthcare using AI and cloud computing.