Market Research

Healthcare Cloud Computing Market Growing at a CAGR of 16.8% During Forecast Period 2020-2025

Sep 2, 2020 4:00 PM ET

iCrowd Newswire – Sep 2, 2020

Healthcare Cloud Computing Market size in 2019 is estimated to be $23 billion, growing at a CAGR of 16.8% during the forecast period 2020-2025. Cloud computing is one of the most commonly used applications in healthcare. Cloud computing makes electronic medical record-sharing easier and safer and increases the efficiency of the industry. Rising demand for cloud-based information systems and technological advancement are the major factors driving the growth of the market. Moreover, use of cloud computing provides better collaborative research and provides lowering of costs further enhance the overall market demand for healthcare cloud computing during the forecast period 2020-2025.

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Application – Segment Analysis

Based on the Application, Healthcare Cloud Computing Market is segmented into Clinical Information Systems, Non-Clinical Information Systems. The clinical information systems segment is forecast to be the fastest-growing segment and is estimated to grow at a CAGR of 15.1% during the forecast period 2020-2025. This is mainly owing to increasing demand for maintaining data generated from doctors and physicians. Moreover, clinical information system is designed specifically for the critical care environment such as Intensive care unit (ICU) that are contributing the growth of this segment.

Deployment – Segment Analysis

Based on the Deployment, Healthcare Cloud Computing Market is segmented into Public Cloud, Private Cloud. In 2019, public cloud held the largest share in the healthcare cloud computing market. This is mainly owing to improve security, saving time and saving money. Moreover, it provides a quick and easy setup and requires no maintenance is also contributing to the growth of this segment.

Geography – Segment Analysis

North America dominated the healthcare cloud computing market share accounting for 43% of the market in 2019. This is mainly owing to continuous technological advancements in the healthcare cloud computing solution and supportive regulatory scenario. According to American Hospital Association, the healthcare system in the U.S. has increasing the demand of cloud computing services for delivery of better healthcare services.

However, the Asia-Pacific region is forecast to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing geriatric population, advancement in healthcare infrastructure and rising awareness among people about disease.

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Drivers – Healthcare Cloud Computing Market 

  • Rising Demand for Cloud-Based Information Systems

Rising demand for cloud-based information systems and high power analytics in the cloud are some factors driving the growth of healthcare cloud computing market. Moreover, usage of cloud reduces cost and improves scalability, storage and flexibility are also set to increase the market growth.

  • Technological Advancements

Rising adoption of information technology in the healthcare sector are some factors driving the growth of the market. Moreover, growing technological evolution in the medical industry and adoption of advanced technology such as machine learning which is easier in cloud system further contributing the growth of healthcare cloud computing market.

Challenges – Healthcare Cloud Computing Market 

Data security and integrity issues are challenging the growth of the market. Moreover, unavailability of proper healthcare infrastructure and lack of interoperability and industry standards are further restraining its market growth during the forecast period 2020-2025.

Acquisitions/Product Launches

  • On 9 July 2019 IBM has an acquisition with Red Hat in order to develop a next generation multi-cloud hybrid platform.
  • On 5 November 2018 DXC Technologies has collaboration with TESM to expand the range of cloud-based solutions and software as a service solution.

Key Takeaways

  • In 2019, North America dominates the healthcare cloud computing market owing to continuous technological advancements in the healthcare cloud computing solution and supportive regulatory scenario.
  • Rising demand for cloud-based information systems and technological advancement is driving the market growth of healthcare cloud computing.
  • Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the healthcare cloud computing market report.
  • Data security and integrity issues are challenging the growth of the market.

Healthcare Cloud Computing Industry Outlook

Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Healthcare Cloud Computing Market. Healthcare Cloud Computing top 10 companies are IBM, Carestream Health, Inc., CareCloud Corporation, Siemens Healthineers AG, Koninklijke Philips N.V., Allscripts Healthcare Solutions, Inc., GE Healthcare, Sectra AB, NextGen Healthcare, Inc., DXC Technology Company, and INFINITT Healthcare Co. Ltd.

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