Healthcare Cloud Computing Market worth $64.7 billion by 2025

 Overview:

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 Revenue Surge:

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%.

Major Growth Influencing 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.

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.

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.

Healthcare provider solutions segment is anticipated to be the fastest growing segment during the forecast period

The market is segmented into healthcare provider solutions and healthcare payer solutions, based on the product. The healthcare provider solutions segment is estimated to command the largest share of the market in 2020, and is projected to register the highest CAGR during the forecast period. Increasing adoption of clinical as well as non-clinical information systems among the healthcare providers to meet the changing regulatory standards, gaining data control, and managing costs while delivering higher customer satisfaction and service quality is expected to boost the segment growth during the forecast period.

Hybrid cloud deployment model is projected to grow at the highest CAGR during the forecast period

The healthcare cloud computing deployment model is broadly segmented into private cloud, public cloud and hybrid cloud. The hybrid cloud deployment model is expected to show high growth rate during the forecast period owing to its benefits such as multiple environments offering flexibility and ability to avoid vendor lock-in. Hybrid cloud models allow organizations to choose a combination of services among the available cloud services to provide the complete range of IT services needed by healthcare providers.

Services component, owing to its increasing demand, is expected to occupy the largest market share in 2020

The healthcare cloud computing market is segmented on the basis of component into software and services. The services component is expected to hold the largest share of the market in 2020 owing to the increasing reliance of HCIT industry on service providers for consulting, storage, implementation, training, maintenance, and regular technology upgrades. The demand for services is expected to grow rapidly in the coming years due to the introduction of complex software and the need to ensure the integration and interoperability of software, which requires extensive training and upgrades.

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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.

Global Leading Companies:

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).