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Healthcare Cloud Computing - Global Market Trajectory & Analytics

  • ID: 3502812
  • Report
  • February 2022
  • Region: Global
  • 555 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Amazon Web Services, Inc.
  • CareCloud, Inc.
  • Dell Inc.
  • e-Zest Solutions Ltd.
  • Iron Mountain Inc.
  • Microsoft Corporation

Global Healthcare Cloud Computing Market to Reach $76.8 Billion by 2026


Technologies like internet, cloud computing, big data, Internet of things (IOT), Artificial Intelligence, data analytics & science, machine learning, robotics are all poised to revolutionize healthcare and usher in benefits such as lower costs, and better care. Key benefits offered by IT technologies that enable providers to tackle the healthcare value challenge, include development of evidence based care, enhancement in medical practice efficiencies, and significant cost savings, among numerous others. The proliferation of cloud computing in healthcare helps drive these benefits further by adding capabilities such as such as mobility, collaboration with patients and peers, easy archiving of electronic records, streamlined collaboration, ability to access and deploy high-powered analytics, telemedicine capabilities, and simplification of data storage challenges, among others.

Cloud computing technology also offers several benefits to healthcare providers such as hospitals, physician clinics, and health clinics that need quick access to large storage facilities and computing. With cloud computing, healthcare providers can easily share healthcare data across regions, thereby eliminating delays in patient treatment. Cloud-based solutions also allow healthcare organizations to improve patient care and reduce costs of deploying IT infrastructure. Software as a Service (SaaS), for instance, has come as a boon for small-scale healthcare facilities keen on incorporating IT in their service delivery. SaaS has all the ingredients for small scale implementations, including low initial investments, and need for very less or no IT proficiency.

Major factor favoring adoption of cloud-based approaches to healthcare include cloud computing`s ability to allow mobilization of patient data among physicians, hospitals, and laboratories to provide improved services to patients and enhance operational efficiency. Applications of cloud in the healthcare industry include physician order entry, electronic health records (EHRs), software for pharmacy and imaging use, revenue cycle management, claims management, and patient billing. Healthcare organizations are increasingly turning to cloud computing in order to reduce costs of storing hardware locally. The technology is also gaining wider acceptance driven by the fact that the cloud can hold big data sets for genomic data, radiology images, and EHRs for clinical drug trials. Furthermore, growing need for storing radiology images in PACS (Archiving and Communication Systems) is also driving adoption of cloud computing technology in the healthcare industry.

Amid the COVID-19 crisis, the global market for Healthcare Cloud Computing estimated at US$26.8 Billion in the year 2020, is projected to reach a revised size of US$76.8 Billion by 2026, growing at a CAGR of 18.7% over the analysis period. Services, one of the segments analyzed in the report, is projected to grow at a 19.6% CAGR to reach US$70.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 15.9% CAGR for the next 7-year period. This segment currently accounts for a 24.6% share of the global Healthcare Cloud Computing market.



The U.S. Market is Estimated at $16.9 Billion in 2021, While China is Forecast to Reach $5.6 Billion by 2026


The Healthcare Cloud Computing market in the U.S. is estimated at US$16.9 Billion in the year 2021. The country currently accounts for a 50.9% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$5.6 Billion in the year 2026 trailing a CAGR of 21.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 16.8% and 17.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 18% CAGR while Rest of European market (as defined in the study) will reach US$6.7 Billion by the close of the analysis period.

Leveraging the benefits of cloud delivery models, healthcare organizations are provisioning storage and management of their healthcare IT resources as services over cloud, wherein a third party cloud service provider hosts healthcare information systems on remote cloud servers and provides access to the same directly to the users over the Internet as a service. In this context, information captured by client devices from different functional areas in a healthcare facility are directly transferred to respective healthcare information systems hosted on a centralized cloud data center, where they are not only stored and archived but can also managed and controlled remotely by cloud service providers. By helping provide access to healthcare information systems and data hosted on external cloud servers to healthcare organizations over the Internet in shared/multi-tenant, dedicated or hybrid service models, healthcare cloud computing especially comes across as the most cost effective healthcare information system provisioning model for healthcare organizations.

By Service Model, SaaS Segment to Reach $37.3 Billion by 2026


Global market for SaaS (Service Model) segment is estimated at US$11.9 Billion in 2020, and is projected to reach US$37.3 Billion by 2026 reflecting a compounded annual growth rate of 20.5% over the analysis period. The United States constitutes the largest regional market for SaaS segment, accounting for 53.4% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 23.9% over the analysis period, to reach US$3.2 Billion by end of the analysis period.

Select Competitors (Total 115 Featured) -

  • Amazon Web Services, Inc.
  • Athenahealth, Inc.
  • CareCloud, Inc.
  • ClearDATA
  • Dell Inc.
  • Euris Group
  • e-Zest Solutions Ltd.
  • IBM Corporation
  • Iron Mountain Inc.
  • Koninklijke Philips N.V.
  • Microsoft Corporation
  • Oracle Corporation
  • OSP Labs
  • Siemens Healthineers AG
  • Zymr, Inc.
Frequently Asked Questions about the Global Market for Healthcare Cloud Computing

What is the estimated value of the Global Market for Healthcare Cloud Computing?

The Global Market for Healthcare Cloud Computing was estimated to be valued at $26.8 Billion in 2020.

What is the growth rate of the Global Market for Healthcare Cloud Computing?

The growth rate of the Global Market for Healthcare Cloud Computing is 19.2%, with an estimated value of $76.8 Billion by 2026.

What is the forecasted size of the Global Market for Healthcare Cloud Computing?

The Global Market for Healthcare Cloud Computing is estimated to be worth $76.8 Billion by 2026.

Who are the key companies in the Global Market for Healthcare Cloud Computing?

Key companies in the Global Market for Healthcare Cloud Computing include Amazon Web Services, Inc., Athenahealth, Inc., CareCloud, Inc., ClearDATA, Dell Inc., Euris Group, e, Zest Solutions Ltd. and Iron Mountain Inc..
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Amazon Web Services, Inc.
  • CareCloud, Inc.
  • Dell Inc.
  • e-Zest Solutions Ltd.
  • Iron Mountain Inc.
  • Microsoft Corporation

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Healthcare Cloud Computing – Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • Rising Healthcare Costs & Migration to Value Based Care Spin World Healthcare Economics On its Head
  • Rising Healthcare Costs Outstripping Global GDP Growth Means the Healthcare System Needs to Adopt Cloud Computing to Rein-in Costs to Prevent Profitability From Taking a Hit: Healthcare Costs as a % of GDP by Country for the Years 2020 & 2023
  • As We Enter the Next Phase of Value-Based Care Payment Reform, There is Greater Need for Smarter Information Management & Sharing & Opportunity for Healthcare Cloud as a Key Enabler: % Share of Healthcare Payments in the U.S. By Type as of the Year 2021
  • The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Headed in 2021?
  • These are Times When Questions Abound & Answers Are Few
  • So How Fast Or Slow Are We Moving?
  • How Fast the World is Vaccinated Will Determine How Soon the Pandemic Will End: Global Number of Annual COVID-19 Vaccine Doses (In Million) for Years 2020 through 2025 by Geographic Region/Country
  • India’s Second Wave Makes It Clear That Equity is Not a Part of Global Policy on Tackling COVID
  • What We Know So Far – “Vaccine Efficiency Against New Strains is Decreasing”
  • Progress on Vaccinations, Why Should Businesses Care?
  • With IMF’s Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish About a Global Economic Comeback
  • A Strong 2021 Economic Rebound Based On Pent-Up Demand Comes as a Relief for Suffering Industries & Markets: World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Easing Unemployment Levels in 2021 Although Moderate Will Infuse Hope for Industries Reliant on Consumer Discretionary Incomes: Global Number of Unemployed People (In Million) for Years 2017, 2019, 2020, and 2022
  • A Retrospective Review of Year 2020 as the Worst Year in Humanity’s History that Left the World in Shambles & Industries and Markets Upended
  • Healthcare Cloud Computing: Definition, Scope & Importance
  • Recent Market Activity
  • Innovations

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Rise of IT in Healthcare Provides the Cornerstone for the Rise & Rise of Healthcare Cloud Computing
  • Global Spending on Healthcare IT (In US$ Billion) for Years 2020, 2022, 2024 and 2026
  • High Costs of In-House Management of Healthcare Information Systems Drives Migration to Cloud
  • Here’s How the Cloud Helps Save Money & Optimize Costs
  • COVID-19 Accelerates Digitalization in Healthcare Benefiting Cloud as the Starting Point for the Digital Journey
  • Massive Shift Towards Telemedicine Spurs Adoption of Cloud Computing
  • Telehealth Visits in the U.S (In Million) for the Year 2020
  • Global Tele-Healthcare Market (In US$ Million) for Years 2020, 2022, 2024 and 2026
  • Here’s How the Cloud Enables Telemedicine Capabilities
  • Here’s How the Cloud is Taking Over All Facets of Healthcare Operations
  • Cloud Based Clinical Information Systems (CIS) Replaces Conventional CIS
  • Cloud Based EMR Score Over Traditional Client-Server Models
  • Cloud PACS Takes Imaging to the Cloud & Grows in Prominence
  • Strict Healthcare Data Compliance Pushes Up the Importance of HIPAA Compliant Cloud
  • Strict HIPAA Regulations Spur Interest in Private Cloud & Community Healthcare Cloud
  • Significance of Clouds that are HIPAA-Compliant
  • A Diverse Healthcare Environment & Need for Load Balancing Spur Interest in Hybrid Cloud
  • Growing Security Concerns Spur Adoption of Encryption & MFA in Public Healthcare Clouds
  • Big Data Spurs Cloud Adoption in Healthcare
  • Big Data Applications in Healthcare (In US$ Million) for Years 2020, 2022, 2024 and 2026
  • “The Cloud” is a Perfect Fit for Healthcare Big Data
  • Rise of E-Pharmacies Spurs Adoption of Cloud Computing
  • Global ePharmacy Sales Breakdown (In %) by OTC Drugs & Rx Drugs As of the Year 2021
  • What this Means for Cloud?
  • Cloud Enables Delivery of Personalized Healthcare. Here’s How
  • Cloud-based Drug Discovery Platforms Rise in Popularity
  • Cloud-Based Patient Billing & Claims Management Rises in Prominence
  • Cloud-Based Healthcare Robotics Gains Ground
  • Major Challenges Haunting Cloud Adoption in Healthcare

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Healthcare Cloud Computing Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)

CANADA

JAPAN

  • Healthcare Cloud Computing Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)

CHINA

  • Healthcare Cloud Computing Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)

EUROPE

  • Healthcare Cloud Computing Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)

FRANCE

  • Healthcare Cloud Computing Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)

GERMANY

  • Healthcare Cloud Computing Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)

ITALY

UNITED KINGDOM

  • Healthcare Cloud Computing Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)

REST OF EUROPE

ASIA-PACIFIC

  • Healthcare Cloud Computing Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)

REST OF WORLD

IV. COMPETITION

  • Total Companies Profiled: 115
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Amazon Web Services, Inc.
  • Athenahealth, Inc.
  • CareCloud, Inc.
  • ClearDATA
  • Dell Inc.
  • Euris Group
  • e-Zest Solutions Ltd.
  • IBM Corporation
  • Iron Mountain Inc.
  • Koninklijke Philips N.V.
  • Microsoft Corporation
  • Oracle Corporation
  • OSP Labs
  • Siemens Healthineers AG
  • Zymr, Inc.
Note: Product cover images may vary from those shown