Healthcare Cloud Computing Market size is set to grow by USD 42.21 billion from 2022 to 2027, North America is estimated to account for 39% of the market growth, Technavio

NEW YORK, March 6, 2024 /PRNewswire/ -- According to Technavio, the global healthcare cloud computing market size is projected to grow by USD 42.21 billion from 2022 to 2027. The market is estimated to decrease at a CAGR of 20.55% during the forecast period. However, the growth momentum will decelerate. By geography, the global healthcare cloud computing market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global healthcare cloud computing market. North America is estimated to account for 39% of the growth of the global healthcare cloud computing market during the forecast period. The US, Canada, and Mexico are the major adopters of healthcare cloud computing solutions in the region. Many healthcare institutions in the US are adopting cloud computing. For instance, LifePoint Health signed a multiyear strategic partnership with Google LLC to implement Google Cloud's healthcare data engine in its hospitals across the US. Such collaborations are expected to drive the growth of the market in the region during the forecast period. 

For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) 

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Segment Overview
This report extensively covers market segmentation by product (SaaS, IaaS, and PaaS), component (hardware and services), and geography (APAC, North America, Europe, Middle East and Africa, and South America). 

• The market share growth by the SaaS segment will be significant during the forecast period. The growth of this segment will be driven by factors such as the increasing migration of healthcare organizations toward cloud service and the high popularity of SaaS solutions. Various vendors are providing SaaS-based products for healthcare organizations owing to the high potential for cloud computing in healthcare.

Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) 

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The increased number of cloud vendors is driving the healthcare cloud computing market growth.

Several vendors have entered the market to provide services such as EHR and EMR facilities. For instance, Alibaba has launched ET Medical Brain, an AI-assisted solution suite that acts as a virtual assistant in medical imaging, drug development, and hospital management. The market is dominated by a few players. However, other companies are providing cloud services by partnering with existing vendors. For instance, Rackspace offers cloud services in collaboration with Amazon.com. Thus, with a rise in the number of cloud service providers, the market is expected to grow rapidly during the forecast period.

• The introduction of edge computing is a trend in the healthcare cloud computing market.
• The shortage of cloud professionals in the healthcare industry is challenging the healthcare cloud computing market growth.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)

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Analyst Review

In recent years, the Healthcare Cloud Computing Market has witnessed exponential growth, reshaping the landscape of healthcare delivery. Cloud computing, characterized by its scalability, flexibility, and cost-effectiveness, has become a cornerstone of modern healthcare infrastructure. With cloud computing solutions, healthcare providers can store, manage, and analyze vast amounts of patient data securely and efficiently.

One of the primary drivers behind the surge in the Healthcare Cloud Computing Market is the increasing adoption of electronic health records (EHRs) and the need for interoperability among healthcare systems. Cloud-based EHR solutions offer healthcare organizations the ability to access patient information anytime, anywhere, fostering seamless collaboration among care teams. This enhances patient care while streamlining administrative processes.

Security is paramount in healthcare, and cloud computing offers advanced security features such as encryption, access controls, and regular data backups. These measures ensure data security and compliance with stringent healthcare regulations like HIPAA.

Moreover, cloud computing solutions enable healthcare providers to leverage advanced analytics tools for deriving meaningful insights from patient data. By harnessing the power of analytics, healthcare organizations can improve clinical outcomes, identify trends, and personalize patient care strategies.

The Healthcare Cloud Computing Market caters to a wide range of stakeholders, including hospitals, clinics, research institutions, and pharmaceutical companies. These entities rely on cloud computing to enhance operational efficiency, reduce costs, and drive innovation in healthcare delivery.

The COVID-19 pandemic further accelerated the adoption of cloud computing in healthcare. With the sudden surge in demand for telehealth services, healthcare providers turned to cloud-based platforms to deliver remote care effectively. This trend is expected to persist post-pandemic, driving continued growth in the Healthcare Cloud Computing Market.

Looking ahead, the Healthcare Cloud Computing Market is poised for further expansion with the emergence of emerging technologies like artificial intelligence (AI) and the Internet of Medical Things (IoMT). These technologies, coupled with cloud computing, hold the potential to revolutionize healthcare delivery, offering predictive analytics, remote patient monitoring, and personalized treatment plans.

In conclusion, the Healthcare Cloud Computing Market represents a transformative force in the healthcare industry, offering unprecedented opportunities for innovation and efficiency. As healthcare organizations increasingly embrace cloud computing solutions, they are poised to deliver higher quality care, improve patient outcomes, and drive cost savings across the healthcare ecosystem.

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Related reports:

• The healthcare RCM outsourcing market size in the US is projected to grow by USD 1.67 billion with a CAGR of 7.75% between 2021 to 2026.
• The healthcare information systems market size is projected to grow by USD 136.04 billion with a CAGR of 10.1% between 2021 to 2026.

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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