Healthcare Cloud Computing Market Worth $51.9 Billion by 2024 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 25, 2019 /PRNewswire/ -- According to the new market research report "Healthcare Cloud Computing Market by Product (EMR/EHR, PACS, VNA, PHM, Telehealth, RCM, CRM, Fraud Management), Service (SaaS, IaaS), Deployment (private cloud, hybrid cloud), Pricing (Pay as you go), Component (Software) - Global Forecast to 2024", published by MarketsandMarkets™, the global Healthcare Cloud Computing Market size is projected to reach USD 51.9 billion by 2024, from an estimated USD 23.4 billion in 2019 at a CAGR of 17.2 % during the forecast period. 

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The growth of this market is primarily attributed to the increasing adoption of big data analytics, wearable devices, and IoT in healthcare and the advantages of cloud usage, such as improved storage, flexibility, and scalability of data. 

By product, the healthcare providers solutions segment accounted for the largest share of the market in 2018

Based on the product, the healthcare cloud computing industry is segmented into healthcare providers solutions and healthcare payer solutions. The healthcare providers solutions accounted for the largest share of the global Healthcare Cloud Computing Market in 2018. The large share of this segment can be attributed primarily to the growing population and rising prevalence of diseases, leading to an increasing volume of patient data globally.

The healthcare provider solutions market is segmented into two different types, i.e., clinical information systems and non-clinical information systems. The clinical information systems market accounted for the majority of the global Healthcare Cloud Computing Market share in 2018. The large share of this segment can be attributed to the federal mandates to adopt EMR, growing image generation, and the need for scalability and easy sharing of medical information, growing need to curtail healthcare costs in combination with advantages of cloud hosting such as affordability and scalability.

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Based on type, the healthcare payer solutions market is categorized into claims management solutions, payment management, customer relationship management solutions, provider network management solutions, and fraud management. The claims management solutions segment accounted for the largest share of the healthcare payer solutions market owing to the frequent need for upgrades in software applications. Vendors of claims management solutions are constantly introducing technologically advanced products with enhanced data security standards that can easily be understood and used by healthcare providers.

By deployment model, the private cloud segment accounted for the largest share of the market in 2018

Based on the deployment model, the healthcare cloud computing industry is categorized into private cloud, hybrid cloud, and public cloud. The private cloud segment commanded the largest share of the Healthcare Cloud Computing Market in 2018. The large share of this segment can be attributed to the fact that patient data is highly sensitive in nature and has to be stored in a secure way to avoid any breach in data privacy, which can lead to legal ramifications. Private cloud offers on-demand infrastructure with dedicated resources that can be shared across domains, applications, and units within the same organization.

By component, the services segment accounted for the largest share of the market in 2018

Based on the component, the market is categorized into software and services. The services segment commanded the largest share of the Healthcare Cloud Computing Market during the forecast period. This can be attributed to the recurring nature of services such as training and education, installation, software upgrades, consulting, and maintenance.

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By pricing model, the pay-as-you-go segment accounted for the largest share of the market in 2018

Based on the pricing model, the market is categorized into pay-as-you-go and spot pricing. The pay-as-you-go segment commanded the largest share of the Healthcare Cloud Computing Market in 2018. The large share of this segment can be attributed to the fact that the pay-as-you-go model allows healthcare providers to provide the latest software solutions while keeping operating costs to a minimum. This helps healthcare providers not to lock-in their capital on purchasing equipment, such as CPUs and servers, but utilizing all these services on an on-demand basis by paying only for what they use.

By service model, the software-as-a-service segment accounted for the largest share of the market in 2018

Based on the service model, the market is categorized into software-as-a-service, infrastructure-as-a-service, and platform-as-a-service. The software-as-a-service segment commanded the largest share of the Healthcare Cloud Computing Market in 2018. The large share of this segment can be attributed to the fact that SaaS was introduced in the market well in advance of the other two models. Additionally, the SaaS model offers several advantages, such as lower total cost of ownership (TCO) compared to on-premise solutions, faster deployment time, and limited up-front capital expenses. The IaaS segment is expected to grow at the highest CAGR owing to its advantages, such as needing any upfront charges, bandwidth utilization fees, or minimum term commitments.

North America dominated the market in 2018

In 2018, North America accounted for the largest share of the global Healthcare Cloud Computing Market, followed by Europe. Factors such as the increasing adoption of Electronic Health Records (EHRs) among medical professionals, the incentive-driven approach of government health IT programs, and active participation by private sector players in industry development contribute to the largest share of this region.

Some players operating in the global Healthcare Cloud Computing Market include IBM (US), Carestream Health, Inc (US), athenahealth (US), CareCloud Corporation (US), Siemens Healthineers (Germany), eClinicalWorks (US), Koninklijke Philips (Netherlands), Allscripts Healthcare Solutions, Inc (US), GE Healthcare (US), and Dell, Inc. (US), among others.

Browse Adjacent Markets: Healthcare IT Market Research Reports & Consulting

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