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Global Healthcare Cloud Computing Market Size was valued at USD 22.1 Billion in 2022. The Healthcare Cloud Computing market industry is projected to grow from USD 24.85 Billion in 2023 to USD 69.83 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.40% during the forecast period (2023 - 2032). Cost-effectiveness, storing and managing data, Scalability and adaptability more effective cooperation and communication, data insights and analytics, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, Research Layer Database and Analyst Review
In recent years, there has been a significant expansion and shift in the healthcare cloud computing business. Cloud computing has emerged as a key technology in the healthcare industry thanks to its numerous benefits and opportunities for providers, organisations, and patients. In healthcare cloud computing, programmes and data are managed, processed, and stored on remote servers that are accessed online. The transition from conventional on-premises infrastructure to cloud-based solutions has transformed the healthcare industry and improved patient care, productivity, and teamwork. One of the primary reasons influencing the market for cloud computing in healthcare is cost-effectiveness. Cloud computing has made it possible for healthcare companies to pay for computer resources on a pay-as-you-go basis, doing away with the need for substantial upfront investments in hardware and infrastructure. Organisations of all sizes find this method appealing since it reduces operational and maintenance expenses. Data management and storage in the healthcare industry have been severely hampered by the exponential growth of digital healthcare data. Cloud computing provides scalable and secure storage options to handle the enormous volumes of data generated by wearable technology, medical imaging, genetic sequencing, and electronic health records. Additionally, cloud platforms offer efficient data access and management, encouraging collaboration and interoperability across healthcare providers. The flexibility and scalability of cloud computing are significant advantages. Healthcare organisations may easily increase their computer power, storage, and applications in response to their increasing demands. Because of their agility, they can swiftly roll out new services and apps and respond to shifting demand. An important additional component is the enhanced collaboration and communication made available by cloud-based technology. Healthcare workers can securely communicate patient information, research data, and best practises to enhance care coordination and patient outcomes. Cloud-based collaboration solutions provide real-time communication, enabling telemedicine and remote consultations.
The cloud computing industry in healthcare benefits from advanced data analytics and insights. Utilising cloud-based solutions, healthcare firms may utilise machine learning algorithms and analytics tools to glean valuable insights from their data. These insights can help with population health management, personalised medicine, disease surveillance, predictive analytics, and other areas that improve decision-making and patient care. Security and privacy are highly valued by healthcare businesses, hence cloud service providers substantially invest in strong security measures. Cloud systems enable advanced encryption, access controls, and ongoing security audits to ensure the confidentiality and integrity of healthcare data. The fact that many cloud providers follow standards particular to their industry, including HIPAA, lessens the challenge of regulatory compliance for healthcare enterprises. Thanks to cloud-based backup and recovery solutions, vital healthcare data and apps are protected and may be quickly restored in the case of a natural disaster or system breakdown. Thus, driving the Healthcare Cloud Computing market revenue.
The global Healthcare Cloud Computing market segmentation, based on Application includes Non-Clinical Information Systems and Clinical Information Systems. The Clinical Information Systems segment dominated the market, accounting for 67.5% of market revenue. The major objectives of clinical information systems are the management and integration of patient-related data and clinical operations.
The global Healthcare Cloud Computing market segmentation, based on Deployment, includes Private Cloud, Public Cloud, and Hybrid Cloud. The Private Cloud category generated the most income (42.3%). It offers better security, control, and customization options than other deployment strategies.
The global Healthcare Cloud Computing market segmentation, based on End User includes Healthcare Providers and Healthcare Players. The Healthcare Providers segment dominated the market, accounting for 69.5% of market revenue. Healthcare providers include hospitals, clinics, ambulatory care centres, nursing homes, and other healthcare facilities that offer direct patient care services.
The global Healthcare Cloud Computing market segmentation, based on Service includes IaaS, SaaS, and PaaS. The SaaS segment dominated the market, accounting for 41.4% of market revenue. SaaS solutions provide healthcare organisations with ready-to-use software for many different functions, including electronic health records (EHR), practise management, revenue cycle management, and patient contact.
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Source: Secondary Research, Primary Research, Research Layer Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Healthcare Cloud Computing Market dominated this market in 2022 (45.80%). This is as a result of a rise in the number of modern hospitals, significant financial investments in healthcare IT, and early adoption of cloud technology. Further, the U.S. Healthcare Cloud Computing market held the largest market share, and the Canada Healthcare Cloud Computing market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, Research Layer Database and Analyst Review
Europe Healthcare Cloud Computing market accounts for the second-largest market share. Increase digitalization efforts while supporting government initiatives and placing a focus on interoperability and data security. Further, the German Healthcare Cloud Computing market held the largest market share, and the UK Healthcare Cloud Computing market was the fastest growing market in the European region
The Asia-Pacific Healthcare Cloud Computing Market is expected to grow at the fastest CAGR from 2023 to 2032. This is brought on by an increase in systemic digitization in healthcare, rising healthcare costs, and expanding healthcare infrastructure. Moreover, China’s Healthcare Cloud Computing market held the largest market share, and the Indian Healthcare Cloud Computing market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Healthcare Cloud Computing market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Healthcare Cloud Computing industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Healthcare Cloud Computing industry to benefit clients and increase the market sector. In recent years, the Healthcare Cloud Computing industry has offered some of the most significant advantages to medicine. Major players in the Healthcare Cloud Computing market, including Nuance Communications, Cerner Corporation, Merge Healthcare Inc., Carestream Corporation, Oracle Corporation, Clear Data Networks Inc., Sectra AB, GE Healthcare, Microsoft Corporation, and Siemens Healthineers, and others, are attempting to increase market demand by investing in research and development operations.
A well-known technology firm, Nuance Communications, provides cutting-edge solutions for the cloud computing sector in healthcare. With a focus on the healthcare sector, Nuance provides cutting-edge cloud-based solutions that aim to improve clinical documentation, accelerate workflows, and improve patient outcomes. Artificial intelligence (AI) and natural language processing (NLP) technology are used in Nuance's cloud computing solutions for the healthcare sector to offer speech recognition, voice-activated virtual assistants, transcription services, and improved clinical documentation. These technologies help healthcare companies reduce administrative strain and free up doctors to spend more time on patient care by automating and streamlining documentation processes. With security and scalability, the company's cloud-based solutions, including the Nuance Dragon Medical One, provide for flexibility and mobility for healthcare providers to access them from any device. The integration of the electronic health records (EHR) systems with Nuance's solutions allows for easy data exchange and interoperability.
The industry for healthcare cloud computing is dominated by Merge Healthcare Inc, a division of IBM Watson Health. The company specialises in providing state-of-the-art cloud-based healthcare solutions, with an emphasis on clinical and medical imaging technology. Merge Healthcare offers a comprehensive selection of cloud-based imaging and interoperability solutions. By enabling healthcare professionals to safely store, manage, and share medical images online, their cloud-based imaging solutions improve accessibility and collaboration. These products support improving diagnostic and patient care capabilities while optimising radiology workflows. Along with helping healthcare companies manage imaging technologies, Merge Healthcare also provides cloud-based clinical tools for managing electronic health records (EHR), clinical analytics, and population health management. By integrating their cloud solutions with existing healthcare systems, they make it possible for data to be exchanged and systems to work together seamlessly across the entire care continuum.
· Nuance Communications
· Cerner Corporation
· Merge Healthcare Inc
· Carestream Corporation
· Oracle Corporation
· Clear Data Networks Inc.
· Sectra AB
· GE Healthcare
· Microsoft Corporation
· Siemens Healthineers
October 2022: Oracle offered healthcare businesses industry-specific supply chain solutions to aid in the development of a more connected patient experience. The most recent sector-specific solutions that are a part of Oracle Fusion Cloud SCM satisfy the special demands of healthcare organisations and assist them in providing better care to patients by streamlining planning, enhancing accessibility throughout the supply chain, and automating procedures.
· Non-Clinical Information Systems
· Clinical Information Systems
· Private Cloud
· Public Cloud
· Hybrid Cloud
· Healthcare Providers
· Healthcare Players
· IaaS
· SaaS
· PaaS
· North America
- U.S.
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 22.1 Billion |
|
Market Size 2023 |
USD 24.85 Billion |
|
Market Size 2032 |
USD 69.83 Billion |
|
Compound Annual Growth Rate (CAGR) |
13.40% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Application, Deployment, End User, Service, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Nuance Communications, Cerner Corporation, Merge Healthcare Inc., Carestream Corporation, Oracle Corporation, Clear Data Networks Inc., Sectra AB, GE Healthcare, Microsoft Corporation, and Siemens Healthineers |
|
Key Market Opportunities |
Accessibility to Big Data Applications is Made More Available by Growing Use in Healthcare. |
|
Key Market Dynamics |
Increase in the Sector's Emergency Medical Service Delivery |
The global Healthcare Cloud Computing Market was valued at USD 22.1 billion in 2022, and it is estimated to reach USD 69.83 billion by 2032.
The global market is projected to grow at a CAGR of 13.40% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Nuance Communications, Cerner Corporation, Merge Healthcare Inc., Carestream Corporation, Oracle Corporation, Clear Data Networks Inc., Sectra AB, GE Healthcare, Microsoft Corporation, and Siemens Healthineers.
The Clinical Information Systems category dominated the market in 2022.
The Private Cloud had the largest share in the global market.
Report Code :
RL6550
Published on :
Aug 2023
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