Overview of This Study:
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.
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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.
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%.
Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and sub-segments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and sub-segment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both, the demand and supply sides, in the provider, payer, and other industries.
Major Growth Boosting Factors:
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.
Recent Developments:
# In 2020, Allscripts (US) and Microsoft (US) extended their strategic alliance for five years to transform its cloud-based health IT solutions.
# In 2020, British SWASH consortium of NHS Trusts (UK) has prolonged its radiology imaging contract with Sectra (Sweden) to consolidate its four existing solutions into one, for efficient access and collaboration around patient imaging and improved enterprise-wide access.
# In 2020, NextGen Healthcare (US) partnered with Doctible (US) to offer a fully automated and integrated cloud-based system to support clinicians retain patients and boost the growth of small practices.
# In 2019, IBM (US) acquired Red Hat (US) that enhanced IBM’s hybrid cloud portfolio and enabled the development of a next-generation multicloud hybrid platform.
Restrains: Data security and privacy concerns
A major concern related to cloud solutions is that the data hosted by vendors is not as secure as data stored on-premise. Patient information is considered sensitive, and a high degree of privacy needs to be maintained so that this information is accessible to authorized users only. Though the cloud offers various benefits and security measures, the data stored on the cloud is still prone to cyber-attacks.
With the increasing volume of patient data and rising initiatives towards digital transformation in healthcare, data security and privacy concerns are increasing rapidly. Moreover, patients themselves are concerned about the security of their data, which adds to the necessity of maintaining security standards for data protection. Public clouds face similar security issues as traditional IT systems and are thus not preferred. Although private clouds offer more secure access protocols and systems, the healthcare industry is still skeptical about the data security of a private cloud.
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Opportunities: Emergence of the telecloud
The convergence of wireless technology and the cloud is proving to be a very strong mechanism for patient care delivery to remote locations. In several countries, most physicians and specialists work in metros and cities. Hence, advanced care facilities are only available in such places, leaving patients in rural areas unattended. This problem can be addressed through the use of a telecloud, as it enables physicians and healthcare specialists to diagnose and treat patients over large distances in real-time and at affordable costs.
With the rising awareness of telehealth among healthcare providers, the adoption of the telecloud is expected to increase in several countries and thereby offer potential growth opportunities to players operating in the healthcare cloud computing market.
Challenges: Interoperability and portability issues
One of the major requirements of any hospital or healthcare organization is easy and rapid access to patient data. When data is migrated to the cloud by a hospital, it is stored on systems and platforms maintained by the service vendor who can create certain interoperability challenges. Cloud APIs and interfaces pose the main challenge to organizations attempting cloud computing interoperability. The lack of standardization among the cloud service providers limits the data sharing between different cloud tools leading to portability issues.
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