Healthcare Cloud Computing Market worth $89.4 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 22, 2022 /PRNewswire/ -- According to the new market research report "Healthcare Cloud Computing Market by Product (EMR/EHR, VNA, RIS, LIS, PIS), Deployment (Private Cloud, Hybrid Cloud, Public Cloud), Component (Software, Services), Pricing (Spot Pricing), Service (SaaS, IaaS, PaaS), End User - Global Forecasts to 2027", published by MarketsandMarkets™, the global Healthcare Cloud Computing Market is projected to reach USD 89.4 billion by 2027 from USD 39.4 billion in 2022, at a CAGR of 17.8%.
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317 – Tables
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The Healthcare cloud computing market is primarily driven by factors such as the growing adoption of EHR, e-prescribing, telehealth, mHealth, and other healthcare IT solutions due to COVID-19; the increasing adoption of big data analytics, wearable devices, & IoT; increasing cloud deployment in the healthcare industry; better storage, flexibility, and scalability of data offered by cloud computing; the proliferation of new payment models and cost-efficiency of the cloud; and the dynamic nature of health benefit plan designs. On the other hand, data and security concerns and complex regulations governing cloud data centers are factors expected to restrain the market growth to a certain extent. In this report, the Healthcare cloud computing market is classified into seven segments—product, component, deployment model, pricing model, service model, end user, and region.
"In 2021, the healthcare provider solutions segment accounted for the largest market share."
The healthcare provider segment occupied a larger share of 79.2% of the healthcare cloud computing market in 2021. The segment is expected to exhibit the highest CAGR of 19.2% during the forecast period. The large share of this segment can be attributed to the rising adoption of big data analytics as well as various healthcare IT solutions due to COVID-19.
"By component, the services segment was the larger market share in 2021."
The services segment accounted for the larger share of the healthcare cloud computing market in 2021. The introduction of complex software and the need to ensure the integration and interoperability of software, which requires extensive training and upgrades, are key factors leading to the growth of this segment.
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"The SaaS segment accounted for the largest market share in 2021."
The software-as-a-service segment accounted for the largest share of 71.2% of the healthcare cloud computing market in 2021. This segment is projected to reach USD 56.6 billion by 2027 from USD 26.4 billion in 2022, at a CAGR of 16.4% during the forecast period. The security, lower total cost of ownership, faster deployment time, and limited up-front capital expenses associated with the SaaS model are key factors leading to the growth of this segment.
"In 2021, North America was the region with the largest market share in the healthcare cloud computing market"
The healthcare cloud computing market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa.
North America accounted for the largest share of the healthcare cloud computing market in 2021, followed by Europe and the Asia Pacific. The large share of North America can be attributed to several factors including favourable government initiatives, and high healthcare expenditure in North America, among other factors. Additionally, many healthcare cloud computing companies are headquartered in the region, which adds to the lucrative atmosphere.
Asia Pacific was the fastest growing region, which can be attributed to the increasing adoption digital health solutiins in the region, reforms in China's healthcare infrastructure, India's rapidly growing healthcare industry, and health IT program implementation in Australia and New Zealand.
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Key players offering healthcare cloud computing products in this market include Amazon Web Services, Inc. (US), Microsoft Corporation (US), International Business Machines Corporation (US), athenahealth. Inc. (US), CareCloud, Inc. (US), Siemens Healthineers AG (Germany), eClinicalWorks (US), Koninklijke Philips N.V. (Netherlands), and Allscripts Healthcare Solutions, Inc. (US).
These companies adopted strategies such as service launches, business expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their presence in the Healthcare cloud computing market.
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