Newark, Nov. 11, 2022 (GLOBE NEWSWIRE) -- Healthcare cloud computing market size from USD 38.55 billion to USD 157.75 billion in 8 years: The Evolution from Niche Topic to High ROI Application
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Brainy Insights estimates that the USD 38.55 billion in 2022 healthcare cloud computing market will reach USD 157.75 billion by 2030. In just eight years, healthcare cloud computing has moved from an uncertain, standalone niche use case to a fast-growing, high return on investment (ROI) application that delivers user value. These developments indicate the power of the Internet of Things (IoT) and artificial intelligence (AI), and the market is still in its infancy.
Key Insight of the Healthcare Cloud Computing Market
Europe to account for the fastest CAGR of 22.74% during the forecast period
Europe is expected to have the fastest CAGR of 22.74% in the healthcare cloud computing market. Key factors favouring the growth of the healthcare cloud computing market in Europe are that more people are becoming aware of the accessibility of better cloud computing solutions for the healthcare industry. Additionally, the number of hospital admissions is rising due to the growing older population, who are more susceptible to several ailments. The combined effect of all these factors is considered favourable for the demand for the healthcare cloud computing market in Europe.
However, in 2022, the healthcare cloud computing market was dominated by North America. Due to the widespread use of healthcare IT services and ongoing financial and legislative backing from government organisations, the US is a global leader in the healthcare cloud computing business. The Health Information Technology for Economic and Clinical Health Act's (HITECH Act) implementation sped and accelerated the deployment of EHRs and related technologies nationwide. The terms of the Act provide that up to a specific time; healthcare providers will be given financial incentives for showing meaningful use of EHRs. Still, beyond that point, fines may be assessed for failing to justify such usage. Furthermore, in May 2020, Microsoft revealed a cloud service designed exclusively for the healthcare industry to serve doctors and patients better. Healthcare organisations may use this industry-specific cloud service to organise telehealth appointments, manage patient data, and comply with the Health Insurance Portability and Accountability Act (HIPAA).
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The private segment accounted for the largest market share of 39.81% in 2022
In 2022, the private segment held a significant 39.81% market share, dominating the market. It is essential to securely preserve very sensitive patient data to avoid a data privacy breach that might result in legal ramifications. Many reasons have contributed to the growth of the private cloud market, including rising acceptability due to its improved security and an increasing adoption rate compared to public clouds and hybrid clouds.
Healthcare payers account for the fastest CAGR of 23.06% during the forecast period.
Over the forecasted period, the segment of healthcare payers is predicted to increase at the highest CAGR of 23.06%. Insurance companies, organisations that sponsor health plans (such as unions and employers), and third parties make up the healthcare payers. Payers are quickly using cloud computing solutions for safe data collecting and storage, resolving insurance claims, evaluating risks, and preventing fraud. Payers have traditionally struggled to manage high-risk patient groups and high usage. Payers are implementing these cutting-edge technical methods and remedies to reduce escalating healthcare costs. Additionally, cloud computing supports payers in corporate growth, service enhancement, quality improvement, and cost reduction.
Advancement in market
To increase patient engagement, foster teamwork among healthcare professionals, and enhance clinical and operational insights, Microsoft introduced its Microsoft Cloud for Healthcare suite in November 2020.
The collaboration between CVS Health and Microsoft to advance digital healthcare using AI and cloud computing began in December 2021.
To support research and innovation, the life sciences software business, MetaCell, unveiled a new product in September 2021 called "MetaCell Cloud Hosting," which offers cutting-edge cloud computing solutions mainly created for life science and healthcare enterprises.
Market Dynamics
Driver: Advancements in the technology
Because of recent technological developments and enhanced security, many healthcare institutions use the cloud's advantages more than ever. Due to technological developments like telemedicine, remote monitoring, and natural language processing APIs, cloud technology will continue to grow in the upcoming years to better suit specific digital health settings in several important ways. Several healthcare organisations aspire to develop these cloud computing solutions by combining cutting-edge technologies. Instead of gathering data and sending it to the cloud, the system analyses and processes the data right where it is being collected. Due to the adoption of suitable regulatory measures and the development of high-speed internet is also anticipated that the global healthcare cloud computing market will grow. The increasing availability of high-speed internet worldwide is one of the significant factors fuelling the growth of the healthcare cloud computing market.
Restraint: Technological concerns related to the data
The global market for healthcare cloud computing is being restricted by issues about data privacy, obstacles to data transfer, and a rise in cloud data breaches. The lack of skilled IT workers has also restrained the adoption of this technology. Competent professionals are in great demand because of the challenge of finding expertise in HIPAA. The skill gap is expected to slow the shift to cloud computing platforms.
Opportunity: Increasing adoption of data analytics in the healthcare sector
The increasing adoption of wearable technologies, big data analytics, and the Internet of Things (IoT) in the healthcare sector, as well as the introduction of new payment methods and the affordability of the cloud, will boost the market growth. The market is also being affected by the increase in technology usage due to its many advantages, such as the flexibility, enhanced data storage, and scalability offered by cloud computing, as well as the accessibility of flexible medical benefit plan designs.
Challenge: Stringent regulations regarding data
Industry growth is anticipated to be hampered by the complex regulations governing cloud data centres, data security and privacy issues, among other factors. The market for healthcare cloud computing is anticipated to experience challenges throughout the forecast period due to provider rental rules, worries about interoperability and portability, and growing internet dependency among users.
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Some of the major players operating in the healthcare cloud computing market are:
• Allscripts Healthcare Solution Inc.
• Iron Mountain Inc.
• Athenahealth Inc.
• Dell Inc.
• IBM Corp.
• Oracle Corp.
• Cisco Systems Inc.
• Qualcomm Inc.
• VMware Inc.
• Microsoft Corp.
• EMC Corp.
• GNAX Health
Key Segments cover in the market:
By Cloud Deployment:
• Private
• Public
• Hybrid
By End User:
• Healthcare Payers
• Healthcare Providers
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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