Cloud Computing Market in Healthcare Industry to Reach US$ 911.6 Bn by 2028: TMR Study

WILMINGTON, DE / ACCESSWIRE / September 16, 2022 / Transparency Market Research Inc. – An in-depth cloud computing market in healthcare industry demand analysis found that healthcare organizations (HCOs) are keenly moving their IT systems to the cloud to support efficient, scalable, cost-effective patient care. Rapid pace of adoption of electronic health records (EHRs) by health systems around the world has fueled future market outlook for cloud computing in healthcare industry. The global market is projected to advance at a CAGR of 10.8% from 2021 to 2028.

Rising penetration of digital healthcare systems has opened up a vast lucrative avenue for players in cloud computing market in healthcare industry. Private cloud has gathered stream in ensuring secure management of patient data, found the authors of the TMR study. Stridently, transitioning non-clinical information systems (NCIS) to cloud has helped reduce costs in claims management and medical billing and streamline the processes.

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Key Findings of Cloud Computing Market in Healthcare Industry Study

  • Cloud Systems Help HCOs Achieve Objectives of Better Patient Care: Emphasis on collaborative patient care is a key underpinning for the growing adoption of cloud computing. Healthcare organizations are leveraging cloud to ensure privacy of patient data, while making access to their data easier for an informed decision making. Over the years, hospitals and healthcare facilities have increasingly used cloud-based healthcare solutions to engage patients and their caregivers.
  • Growing Applications of Cloud-Based Healthcare Solutions for Managing Patient Data: As regulations pertaining to patients’ data storage and access get more stringent, healthcare organizations look for cost-effective ways to manage these data. This is a key factor for the adoption of cloud computing in the healthcare industry, thus propelling revenue streams. Vendors are offering cloud-based solutions to simplify online access to their electronic health records for patients.

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Cloud Computing Market in Healthcare Industry: Key Drivers

  • The need for improving medical services a crucial part of which is maintaining patient privacy and security of data is a key driver for transition towards cloud-based healthcare solutions. Emerging concept of collaborative patient care is expanding the avenue in cloud computing market in healthcare industry.
  • Rise in adoption of electronic medical records by health systems in various countries has made implementation of cloud storage helpful to streamline the processes. In the backdrop of an ebullient digital healthcare services industry, the demand for cloud computing in the healthcare industry is witnessing strong impetus.

Cloud Computing Market in Healthcare Industry Study: Regional Dynamics

  • North America held the largest revenue share in the cloud computing market in healthcare industry in 2018. The region is witnessing widescale adoption of cloud-based solutions in the healthcare industry, particularly the US presence of several prominent service providers have also fueled the growth prospects of the cloud computing market in healthcare industry.
  • Asia Pacific is a lucrative region in cloud computing market in healthcare industry. Healthcare organizations in developed and developing economies of the region have adopted cloud computing to cut IT costs in the delivery of quality patient care and medical services. Also, stringent implementation of patient data security norms has extended the canvas for players in the regional market.

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Cloud Computing Market in Healthcare Industry: Competition Landscape

Many service providers are learning on meeting the stringent regulatory norms pertaining to the confidentiality of medical data to grow market share for cloud computing in healthcare industry.

Key players in the cloud computing market in healthcare industry are Salesforce, Kinvey, Amazon Web Services, Oracle Corporation, Microsoft Corporation, Intel Corporation, IBM Corporation, Merge Healthcare, Inc., Cisco Systems. Inc., AGFA Healthcare, and Carestream Health, Inc.

Cloud Computing Market in Healthcare Industry Study Segmentation

Service Model

  • Infrastructure-as-a-Service (IaaS)
  • Platform-as-a-Service (PaaS)
  • Software-as-a-Service (SaaS)

Pricing Model

  • Spot Pricing or Subscription Model
  • Pay-as-you-go Model

Cloud Type

End-user

  • Clinical Information Systems (CIS)
  • Non-Clinical Information Systems (NCIS)
    • RCM
    • Claims management
    • APB
    • Others

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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