Global Healthcare Cloud Computing Market Is Expected to Reach $ 148.19 Billion by 2028: Says BMRC

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Brandessence Market Research and Consulting Private Limited

17 Nov, 2022, 12:30 GMT

LONDON, Nov. 17, 2022 /PRNewswire/ -- The Global Healthcare Cloud Computing Market is anticipated to amass a valuation of USD 48.21 billion in 2021. It is further anticipated to amass a valuation of USD 148.19 billion by 2028, registering a CAGR of 17.5% over 2022-2028. 

Healthcare cloud computing is referred to as the process or practice of healthcare-related data management by using remote servers. These servers are obtained through the internet and are used to facilitate technologies such as electronic medical records, big data analytics, mobile apps, devices with IoT, and patient portals, among others. Cloud computing services also enable patients and healthcare professionals to access test and analysis results over the web. These solutions are further used to treat treatment elements and get the required notifications related to any sort of update. The integration of cloud computing solutions in the healthcare sector facilitates informed and hassle-free decision-making among medical professionals to provide enhanced clinical care to patients.

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Global Healthcare Cloud Computing Market Outlook (2022-2028)

The growing prevalence of various ailments, increasing healthcare expenditure globally, along with rising R&D investments in the field are primarily augmenting the outlook of this business sphere.

Furthermore, the rising adoption of technologies such as electronic health records, mHealth, telehealth, and e-prescribing, among others is adding traction to the expansion of this industry vertical.

Also, increasing government efforts to digitalize healthcare, rapidly evolving clinical infrastructure, along with growing digital literacy among the masses are stimulating the dynamics of the marketplace.

On the contrary, growing user data security concerns, high procurement costs pertaining to these technologies along with the prevalence of interoperability and portability issues are hindering the remuneration scope of this industry sphere.

Competitive Hierarchy

The prominent players characterizing the competitive terrain of global healthcare cloud computing market are IBM Corporation, Dell, Wipro, CareCloud Corporation, ClearDATA, NetDepot.com LLC, Iron Mountain Incorporated, IBM Watson Health, Cisco Systems Inc., L.P., Microsoft, VMware, Inc., Oracle, Carestream Health, and others.

These companies have been garnering a sizable revenue share due to their extensive efforts toward business expansion. They are investing in mergers & acquisitions, product launches, along with collaborations, among others to meet their required growth goals.

Segmental Outlook

By Service

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

By Deployment Model

  • Private
  • Public
  • Hybrid

By Application

  • Clinical Information System
  • Nonclinical Information System

By End-user

  • Healthcare Providers
  • Healthcare Payers

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Region-wise Insights

Which is the fastest-growing region in the global healthcare cloud computing market?

North America has been garnering significant returns over the stipulated timeline. This is attributable to the growing elderly populace, increasing healthcare expenditure, rising technological advancements in the field, along with the presence of potential players.

Also, the growing adoption of mHealth services, increasing disposable income of the masses, along with rising health cognizance among the citizens are creating an upsurge for this regional industry.

How is Asia Pacific faring in the market?

Asia Pacific is reckoned to generate a high revenue share over the forecast duration due to the rising pervasiveness of chronic ailments, technological innovations in this sector, widespread internet proliferation, and rapid population expansion.

Category-wise Outlook

Which service segment is leading the market?

The software-as-a-service segment currently dominates the industry ascribing to the increasing adoption of healthcare IT solutions in the wake of the COVID-19 pandemic.

 What is the fastest-growing deployment model segment?

The private segment is presently the fastest-growing segment owing to the elevating need to protect sensitive patient data from potential data breaches.

Define the application outlook of this industry

The clinical information system segment is amassing notable gains over the estimated timeline due to an increase in the number of healthcare-based research activities, a rise in the patient pool, and growing demand for an efficient patient management system.

Market growth comparison pertaining to the historical years and forecast timeline of 2022-2028

The global healthcare cloud computing market has been witnessing stellar growth over the forecast duration of 2022-2028.

There has been a growing pervasiveness of home healthcare across the globe. People are highly concerned about their health and are taking various efforts to monitor their health status regularly. This has led to the growing adoption of telehealth services along with other health-tracking applications and wearables. These factors have escalated the demand for healthcare cloud computing services worldwide.

The COVID-19 pandemic created lucrative growth prospects for this industry. Restrictive containment measures in the form of lockdowns travel bans, and social distancing, among others. This has resulted in the postponement and delay of various medical procedures. Moreover, these protocols also restrained people from visiting healthcare centers for checkups. Therefore, individuals started to opt for online medical consultation which comes in handy and enables both patients and physicians to establish proper communication.

Moreover, the progression of this market has been positively influenced by the surge in the geriatric population base. It is evident that the elderly individuals are disease prone and need constant medical attention. But it gets difficult for them to visit hospitals or healthcare centers frequently due to mobility issues, the busy schedules of their caregivers, coupled with other factors. Therefore, home healthcare proves as the most ideal option for them. Their caregivers opt for telehealth services and also invest in health monitoring or tracking devices that help them to get accurate insights on the health status of the geriatric individuals they are in charge of.

On Special Requirement Healthcare Cloud Computing Market Report is also available for below region:

North America

  • U.S, Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

Major Developments

In March 2022, GE Healthcare announced the launch of its Edison Digital Health Platform. It is integrated with an artificial intelligence engine equipped with the ability to enhance care delivery and another clinical work process across hospitals and other healthcare systems.

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