Cloud Computing Market in Healthcare Industry Value to Reach US$ 911.6 Billion by 2028, Transparency Market Research, Inc.

Posted on 2024-03-21 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-21 — /EPR Network/ — Transparency Market Research Inc. –

The global healthcare industry, valued at US$ 383 billion in 2020, is projected to grow at a CAGR of 10.8% from 2021 to 2028, reaching US$ 911.6 billion by 2028. Amidst the coronavirus pandemic, the medical sector’s rapid expansion presents revenue opportunities for industry players. However, healthcare organizations (HCOs) often face limited control over software or platforms compared to service providers.

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To address this, service providers are increasingly signing multiple contracts, granting HCOs greater control over software or platforms. Private cloud solutions are gaining traction in the healthcare industry due to their ability to securely manage patient data while enabling virtual access to digital patient records.

Cloud systems offer healthcare organizations (HCOs) the flexibility to adjust their IT infrastructure, including user count, upgrades, capacity, and networking, as needed. This instant scalability allows HCOs to adapt to process changes without the need for extensive planning or upfront investments. Cloud services are readily available to healthcare organizations on demand.

Research indicates that the adoption of public cloud in the healthcare industry is driven by artificial intelligence and machine learning technologies. With the proliferation of hospitals, growth in the biopharmaceutical sector, and expansion of other healthcare agencies, there’s a surge in IT applications and data transactions. Consequently, healthcare organizations are increasingly turning to cost-effective and efficient IT delivery models like cloud computing.

The global healthcare industry is expected to witness rapid growth, driven by the necessity for healthcare organizations to manage and optimize complex IT systems, facilitate faster and more flexible healthcare delivery through mobile and other accessible systems, adhere to regulatory standards, and ensure the confidentiality of patient data.

Key Drivers:

Technological advancements, disaster recovery, pay-as-you-go pricing model, secured information access, and overcoming limited rack space in data centers are poised to drive the global cloud computing market in healthcare.
Healthcare IT reforms, data flexibility & scalability, and the demand for electronic health records (EHR) to ensure safe patient records are expected to further boost the cloud computing market in the healthcare sector.
Cloud computing in healthcare leverages advanced software and technologies, revolutionizing the healthcare IT market by enabling organizations to deliver more while reducing costs.
A significant number of healthcare organizations (HCOs) are earmarking funds for migrating to cloud computing in the next five years, indicating a growing adoption trend.
The pay-as-you-go pricing model of cloud computing offers cost-effectiveness to HCOs, reducing capital lock-ins and allowing funds to be redirected towards patient care.
This pricing model also enables HCOs to estimate IT support costs and plan them within their budget, providing greater financial predictability and control.

Leading players:

CareCloud Corporation,ClearDATA Networks,Carestream Health, Inc.,AGFA Healthcare,Cisco Systems, Inc.,Merge Healthcare, Inc.,IBM Corporation,Intel Corporation,Microsoft Corporation,Oracle Corporation,Amazon Web Services,e-Zest,Kinvey,Salesforce

Market Segmentation:

By Service Model
- Infrastructure-as-a-Service (IaaS)
- Platform-as-a-Service (PaaS)
- Software-as-a-Service (SaaS)

By Pricing Model
- Spot Pricing or Subscription Model
- Pay-as-you-go Model

By Cloud Type
- Public
- Private
- Hybrid

By End-user
- Clinical Information Systems (CIS)
  - EMR
  - PACS
  - RIS
  - Others
- Non-clinical Information Systems (NCIS)
  - RCM
  - Claims Management
  - APB
  - Others

Market Drivers and Challenges:

Drivers:

Demand for scalable and cost-effective IT solutions, need for interoperability and data accessibility, rapid advancements in healthcare technology, increasing focus on patient-centric care.

Challenges:

Data security and privacy concerns, regulatory compliance issues, interoperability challenges, integration complexities.

Market Trends:

Several trends are shaping the trajectory of the cloud computing market in healthcare, including the adoption of hybrid cloud models, the rise of edge computing for faster data processing, the integration of artificial intelligence (AI) and machine learning (ML) for predictive analytics, and the emergence of blockchain for secure data exchange.

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Regional Overview:

North America dominated the cloud computing market in healthcare in 2020, a trend expected to persist in the forecast period due to its rapid growth rate.

The region’s prominence is fueled by the presence of numerous biopharmaceutical firms engaging in R&D, relying on IT support to streamline operations, alongside increased IT spending in the healthcare sector.

North America’s attractiveness is set to remain high as healthcare organizations seek to reduce IT expenditures, driving adoption of cloud computing solutions. Technological advancements, virtualization of IT infrastructure, and implementation of hospital information systems contribute to market growth.

The U.S., with its substantial healthcare spending, leads the adoption of cloud computing solutions, bolstered by incentives for digitizing patient records and optimizing service delivery costs.

Asia Pacific is poised for rapid growth in cloud computing adoption in healthcare, driven by increasing demand for technology to revolutionize the industry. Cloud-based solutions offer cost-effective management of healthcare expenses, aligning with the region’s focus on advanced healthcare offerings catering to both companies and patients.

Key Market Study Points:

Adoption trends across different service and sourcing types
Impact of regulatory frameworks on market dynamics
Competitive landscape analysis and market consolidation trends
Emerging technologies shaping the future of healthcare cloud computing

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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