Major Growth Driving Factors:
The growth of the Healthcare Cloud Computing Market is mainly 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, and 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 & security concerns and complex regulations governing cloud data centers are factors expected to restrain the market growth to a certain extent.
Projected Gain in Revenue Generation:
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%.
Global Industry Segmentation:
In this report, the healthcare cloud computing market is classified into seven segments product, component, deployment model, service model, pricing model, end user, and region.
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Recent Developments:
# In February 2022, IBM (US) acquired Neudesic, LLC (US) which was aimed at expanding IBM's portfolio of hybrid multi-cloud services and further advance the company's hybrid cloud and AI strategy.
# In February 2022, Lyniate (US) acquired SAP SE (Germany) which was aimed at providing technology and consulting expertise to make it easier for clients to embrace a hybrid cloud approach and move mission-critical workloads from SAP solutions to the cloud for regulated and non-regulated industries.
# In January 2022 Francisco Partners (US) signed an agreement with IBM (US) to acquire healthcare data and analytics assets from IBM that are currently part of the Watson Health business, including Health Insights, MarketScan, Clinical Development, Social Program Management, Micromedex, and imaging software offerings.
# In January 2022, IBM (US) acquired ENVIZI (Australia) which was aimed at building on IBM's growing investments in AI-powered software.
COVID-19 Impact on the Healthcare Cloud Computing Market
Over the past few months, the COVID-19 pandemic 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. Going for cloud services eliminates the inconvenience of remote working as one can communicate, collaborate, and monitor all the work while helping the employees stay safe in the confinement of their homes.
Especially in the healthcare industry, where data serves as the primary asset today, storage and management of data is cost-prohibitive, thereby increasing the additional expenditures related to the requirement of expensive servers. In such cases, cloud computing assists in hassle-free data storage and backup because of its scalability. Cloud also enables one to scale back during hectic days.
“North America was the largest regional market for healthcare cloud computing market in 2021“
In 2021, North America accounted for the largest share of the healthcare cloud computing market. Factors like technological advancements, EHR incentive programs by Medicaid & Medicare, and high healthcare expenditure contribute to the growth of this region.
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Opportunities: Emergence of telecloud and telehealth consultations
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.
Clinicians have been focusing on remote monitoring of affected patients due to the COVID-19 pandemic and the contagiousness of the disease. Physical assistance is taking a toll as there are increasing cases of doctors getting infected with the pandemic despite proper protection and care. The Italian Doctors Association stated that in March 2020, at least 50 doctors lost their lives treating COVID-19. It is, therefore, essential to minimize physical assistance and encourage telehealth. Thus, telehealth that includes remote monitoring of patients and the use of interactive medicines is expected to gain traction in the coming years.
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