Healthcare Cloud Computing Market - Use of Blockchain in the Health Cloud

This study involved the four major activities in estimating the size of the healthcare cloud computing market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market.

The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. The bottom-up approach was employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.

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.

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Expected Growth in Revenue:

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%.

Global Growth 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.

The healthcare cloud computing market includes Tier I and II vendors like IBM, athenahealth, Siemens Healthineers, and Allscripts among others. The companies have a large market spread across various countries in North America, Europe, Asia Pacific and Rest of the World. The global COVID-19 outbreak has positively impacted the business to a certain extent. Companies are opting for cloud computing infrastructure to achieve higher operational efficiency, leading to shorter waiting times and enhanced patient access, especially in these times of pandemic. Cloud services help to eliminate the inconvenience of remote working and allows communication, collaboration, and monitoring of work while ensuring employee safety.

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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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.

Key Players:

The major players operating in the healthcare cloud computing market include IBM (US), CareCloud Corporation (US), athenahealth (US), Hyland Software (US), Siemens Healthineers (Germany), eClinicalWorks (US), Koninklijke Philips NV (Netherlands), NTT DATA (Japan), Allscripts Healthcare Solutions (US), Fujifilm Holdings (Japan), GE Healthcare (US), Dell Technologies (US) and EnSoftek (US).