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The Healthcare Cloud Computing Market size was USD 568.75 billion in 2022. Covid-19's impacts have been unprecedented and staggering on a global scale, with the pandemic leading to positive demand shocks for the Healthcare cloud computing market across all domains and regions. Between 2023 and 2031, the market is projected to grow at a CAGR of 20.7%, from US$ 677.85 Billion in 2023 to US$ 2,432.90 Billion in 2031. The sudden rise in CAGR is attributed to this market growth returning to the pre-pandemic level once the pandemic is over according to a new report by IMIR Market Research.
The healthcare cloud computing market refers to the use of cloud computing technologies and services in the healthcare industry. Cloud computing enables the storage, management, and processing of healthcare data and applications on remote servers, which are accessed over the internet. In the healthcare sector, cloud computing offers numerous benefits, including scalability, flexibility, cost-effectiveness, and improved accessibility to data and applications. It allows healthcare organizations to store and analyze large volumes of patient data, collaborate and share information securely, and deploy healthcare applications without the need for significant on-site infrastructure.
The University of Pittsburgh Medical Centre (UPMC) announced a USD 2 billion investment in the last quarter of 2017 to digitally overhaul all of its hospitals, particularly UPMC Vision & Rehabilitation Hospital, UPMC Hillman Cancer Hospital, and UPMC Heart and Transplant Hospital. Cloud-deployed data dashboards are being used by businesses to provide real-time data visualisations and analytics for better data management. For example, in March 2020, the Australian Department of Health launched the Coronavirus Australia App, which uses Google Cloud to deliver real-time information regarding virus spread patterns, lockdowns and laws, and Covid-19-specific healthcare advice.
A recent market research report added to repository of Intellectual Market Insights Research is an in-depth analysis of Global Healthcare Cloud Computing Market. On the basis of historic growth analysis and current scenario of Healthcare Cloud Computing market place, the report intends to offer actionable insights on global market growth projections. Authenticated data presented in report is based on findings of extensive primary and secondary research. Insights drawn from data serve as excellent tools that facilitate deeper understanding of multiple aspects of global Healthcare Cloud Computing market. This further helps users with their developmental strategy.
This report examines all the key factors influencing growth of global Healthcare Cloud Computing market, including demand-supply scenario, pricing structure, profit margins, production and value chain analysis. Regional assessment of global Healthcare Cloud Computing market unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling enables users to evaluate company shares analysis, emerging product lines, pricing strategies, innovation possibilities and much more.
The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
Telehealth services involve the delivery of healthcare remotely, allowing patients to access medical consultations, diagnoses, and treatment from the comfort of their own homes. This shift towards telehealth has been fueled by several factors, including advancements in technology, increased connectivity, and the need for convenient and accessible healthcare.
Cloud computing plays a vital role in supporting telehealth services by providing the necessary infrastructure and capabilities to facilitate remote healthcare delivery. Cloud-based solutions offer scalable and flexible computing resources that can handle the growing demand for telehealth sessions and data exchange. This eliminates the need for healthcare organizations to invest heavily in on-premises infrastructure and allows them to adapt to changing patient needs quickly.
Furthermore, cloud computing enables healthcare providers to access patient data and telehealth platforms from anywhere, at any time, using various devices. This accessibility promotes seamless collaboration among healthcare teams, facilitating real-time consultations, second opinions, and remote monitoring. Cloud-based collaboration tools enhance communication and coordination, leading to improved patient outcomes.
To illustrate the impact of telehealth funding on cloud computing adoption, a notable example is the grant provided by the Department of Health and Human Services (HHS) in May 2022. The grant, amounting to US$ 16.3 million, was allocated to 31 grantees with the objective of improving and expanding the telehealth infrastructure and capacity of Title X family planning clinics across 26 states in the United States. Title X is a government grant program dedicated to providing comprehensive family planning and preventive health services to individuals in communities throughout the country.
Hybrid cloud solutions combine the use of both public and private clouds to meet the specific needs of healthcare organizations. While public clouds offer scalability and cost-effectiveness, private clouds provide enhanced security and control over sensitive data. The adoption of hybrid cloud solutions in the healthcare industry allows organizations to leverage the benefits of both public and private clouds, optimizing their IT infrastructure and operations.
The hybrid cloud model enables healthcare organizations to segregate and manage different types of data based on their security and compliance requirements. For instance, sensitive patient health records can be stored in a private cloud environment, ensuring strict access controls and data encryption. On the other hand, less sensitive data and non-critical applications can be hosted on the public cloud, offering scalability and cost savings.
The hybrid cloud approach also addresses the concerns related to data residency and compliance. Healthcare organizations often need to comply with data privacy regulations and industry standards that mandate the storage and processing of certain data within specific geographic regions. Hybrid cloud solutions provide the flexibility to keep critical data on-premises or in private clouds, while utilizing public cloud resources for non-sensitive data.
Several factors, including privacy and security-related issues and workflow concerns, can hinder the growth of the market during the forecast period.
Privacy and security-related issues pose significant challenges in healthcare cloud computing. The Journal of Medicine and Life in 2021 highlighted that data security, information confidentiality, and network security are primary concerns in cloud security. The risk of unauthorized access and potential breaches of sensitive patient data are major concerns for healthcare organizations. Unethical activities and vulnerabilities in cloud infrastructure can compromise data security, posing risks to patient privacy and confidentiality.
Network security is also a growing concern with the introduction of wireless sensor networks and increased connectivity in healthcare environments. Ensuring the security of network infrastructure and protecting against potential cyber threats becomes crucial for maintaining the integrity and confidentiality of patient data.
Additionally, according to HIPAA Journal in 2020, a significant number of cloud service providers worldwide experienced at least one cloud data breach between 2018 and 2020. Cloud misconfigurations were identified as the most common reason for these breaches. Such incidents not only put patient data at risk but also undermine trust in cloud computing solutions within the healthcare industry.
The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2023-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.
The segmentation of healthcare cloud computing products into healthcare provider solutions and healthcare payer solutions is based on the target audience and specific needs within the healthcare industry.
The segmentation of healthcare cloud computing by deployment model refers to different approaches for hosting and managing cloud-based healthcare systems:
The segmentation of healthcare cloud computing by component includes two major categories:
The segmentation of healthcare cloud computing by service model includes the following categories:
The segmentation of healthcare cloud computing by end user focuses on the specific users or entities within the healthcare industry:
Study Period | 2020-31 |
Base Year | 2022 |
Estimated Forecast Year | 2023-31 |
Growth Rate | CAGR of 20.7% from 2023 to 2031 |
Segmentation | By Products, By Deployment Model, By Component, By Service model, By End User, By region. |
Unit | USD Billion |
By Products |
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By Deployment Model |
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By Component |
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By Service model |
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By End User |
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By Region |
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North America accounts for a sizable portion of the healthcare cloud computing market and is likely to exhibit a similar trend throughout the forecast period. The United States leads the healthcare cloud computing industry, owing to widespread adoption of healthcare IT services and ongoing financial and regulatory backing from government agencies. According to a report issued in June 2022 by Zivaro, an IT service management business, the expansion of medical data interoperability is the driving force behind cloud computing innovation. Many healthcare organisations in the United States generate massive amounts of medical data. Given the intricacy of HIPAA and HITECH governance standards for electronic Protected Health Information (ePHI), cloud computing is widely used.
Europe is another significant market for healthcare cloud computing. Countries like the United Kingdom, Germany, and France have made significant progress in adopting cloud-based healthcare solutions. The European Union's General Data Protection Regulation (GDPR) has influenced data privacy and security practices in the region, impacting the adoption of cloud computing in healthcare.
During the forecast period, the healthcare cloud computing market in Asia Pacific is expected to develop at a significant CAGR. This is due to the region's rising economies, such as China and India, increasingly adopting cloud-based healthcare solutions. Furthermore, consumer acceptance of smart devices and wearables, as well as increased internet penetration, are projected to drive the growth of the healthcare cloud computing market in the near future.
Latin America is experiencing a gradual increase in the adoption of healthcare cloud computing. Brazil, Mexico, and Argentina are key markets in the region. Government initiatives to digitize healthcare records, improve healthcare accessibility, and enhance healthcare infrastructure are contributing to market growth. However, challenges related to data security and infrastructure development remain in some countries.
The healthcare cloud computing market in the Middle East and Africa is still developing. The region has seen an increasing focus on digital transformation in healthcare, with countries like the United Arab Emirates and South Africa leading the way. Government initiatives to improve healthcare services and infrastructure, along with the growing demand for telemedicine and remote patient monitoring, are driving market growth in this region.
The report will cover the qualitative and quantitative data on the global Healthcare cloud computing market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country and segments according to your requirements. We can also provide customize report in every industry vertical.
The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.
The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
To gain insightful analyses of the Healthcare Cloud Computing market and have comprehensive understanding of the global market and its commercial landscape.
Assess the production processes, major issues, and solutions to mitigate the development risk.
To understand the most affecting driving and restraining forces in the market and its impact in the global market.
Learn about the Healthcare Cloud Computing market strategies that are being adopted by leading respective organizations.
To understand the future outlook and prospects for the Healthcare Cloud Computing market. Besides the standard structure reports, we also provide custom research according to specific requirements.
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13 Jul 2022