Thursday, December 3, 2020

Healthcare Cloud Computing Market - Emerging Trends to Boost the Global Revenue

Research Methodologies Followed:


Primary Research

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations operating in the healthcare cloud computing market. 

The primary sources from the demand side included industry experts, consultants, healthcare providers, healthcare payers, hospital administration, and government bodies. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends and key market dynamics.

Secondary Research:

Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the healthcare cloud computing market. It was also used to obtain important information about the key players and market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.

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Expected Revenue Growth:

The global Healthcare Cloud Computing Market is expected to reach USD 64.7 billion by 2025 from USD 28.1 billion in 2020, at a CAGR of 18.1%. 

Market Size Estimation:

For the calculation of the market value, the revenue from providers was arrived at, based on the adoption rate and average expenditure on software and services in the healthcare cloud computing market. This process involved the following steps:

Generating a list of the number of providers (hospitals, small group practices, and independent PCPs, etc.) adopting healthcare cloud computing solutions in the given year.

Understanding the yearly average of expenditure undertaken by the various types of providers for these solutions.

Totaling the yearly revenue to arrive at the overall market size.

Major Revenue Boosters:

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, technological advancements in healthcare infrastructure, and increasing cloud deployments in the healthcare industry are the key drivers of the healthcare cloud computing market growth. Rising patient population worldwide and subsequent increase in the burden on healthcare systems will further upsurge the demand for healthcare cloud computing solutions. 

Global Geographical Growth:

The Asia Pacific healthcare cloud computing market to grow at the highest CAGR during the forecast period

While North America is expected to dominate the global healthcare cloud computing market in 2020, followed by Europe, the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high regional growth is attributed to the various initiatives undertaken in the APAC countries to implement new policies and to rework existing policies with public and private healthcare organizations to digitalize healthcare and increase operational efficiency. The technological revolution is thus expected to boost the healthcare cloud computing market growth in this region.

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Key Players:

IBM (US), Carestream Health (US), athenahealth (US), CareCloud Corporation (US), Hyland Software (US), Siemens Healthineers (Germany), DXC Technology (US), eClinicalWorks (US), Orion Health (New Zealand), Koninklijke Philips NV (Netherlands), VEPRO Health Solutions (Germany), NTT DATA (Japan), Allscripts Healthcare Solutions (US), INFINITT Healthcare (South Korea), Fujifilm Holdings (Japan), GE Healthcare (US), EnSoftek (US), Sectra AB (Sweden), Dell Technologies (US), and NextGen Healthcare (US) are considered to be the leading players in the healthcare cloud computing market.

COVID-19 Impact on the Healthcare Cloud Computing Market

The COVID-19 outbreak, has upended many lives and businesses on an unprecedented scale. However, if there is one sector that has emerged stronger from this event, it would be the cloud computing industry. While many organizations are finding it difficult to run smoothly, the companies that opted for cloud computing infrastructure are functioning well. Cloud computing assists in hassle-free data storage and backup because of its scalability, and also enables one to scale back during hectic days.

Moreover, the social distancing measures have mandated patients with mild symptoms to opt for remote consultation. With many healthcare providers giving consultation over video conferencing and phone calls, in place of this pandemic, the growth of healthcare cloud computing market is likely to augment considerably over the forecast period.

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