Healthcare Cloud Computing Market Worth $89.4 Billion by 2027 – Global Trends, Share & Top Key Players
“Major players offering healthcare cloud computing products in this market include Amazon Web Services, Inc. (US), Microsoft Corporation (US), International Business Machines Corporation (US).”
In January 2022, IBM (US) acquired ENVIZI (Australia) which aimed to leverage IBM’s growing investment in AI-based software.
According to the new market research report “Cloud Computing for Healthcare Market by Product (EMR/EHR, VNA, RIS, LIS, PIS), Deployment (Private Cloud, Hybrid Cloud, Public Cloud), Component (Software, Services), Pricing (One-Time Pricing), Service (SaaS, IaaS, PaaS), End User – Global Forecast to 2027″, published by MarketsandMarkets™, the global healthcare cloud computing market is expected to reach USD 89.4 billion by 2027, from USD 39.4 billion in 2022, at a CAGR of 17.8%.
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The cloud computing for healthcare market is primarily driven by factors such as increasing adoption of EHR, e-prescribing, telehealth, mobile health and other healthcare IT solutions owing to COVID-19; growing adoption of big data analytics, wearables and IoT; increasing cloud deployment in healthcare; better storage, flexibility and scalability of data offered by cloud computing; the proliferation of new payment models and cloud profitability; and the dynamic nature of health insurance plan design. On the other hand, data and security issues and complex regulations governing cloud data centers are factors that are expected to limit the market growth to some extent. In this report, the healthcare cloud computing market is categorized into seven segments: product, component, deployment model, pricing model, service model, end user, and region.
“In 2021, the healthcare provider solutions segment accounted for the largest market share.”
The healthcare provider segment occupied a larger share of 79.2% of the healthcare cloud computing market in 2021. The segment is expected to show the highest CAGR of 19.2% during the forecast period. The large share of this segment can be attributed to the increasing adoption of big data analytics as well as various healthcare IT solutions due to COVID-19.
“By component, the service segment accounted for the largest market share in 2021.”
The services segment accounted for the largest share of the healthcare cloud computing market in 2021. The introduction of complex software and the need to ensure software integration and interoperability, which requires training and updates in-depth level, are key factors driving the growth of this segment.
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“The SaaS segment accounted for the largest market share in 2021.”
Software as a service segment accounted for the largest share of 71.2% of the healthcare cloud computing market in 2021. This segment is expected to reach USD 56.6 billion by 2027, from 26 USD .4 billion in 2022, at a CAGR of 16.4% during the forecast period. Security, lower total cost of ownership, faster deployment time and limited initial capital expenditure associated with the SaaS model are key factors leading to the growth of this segment.
“In 2021, North America was the region with the largest market share in the healthcare cloud computing market”
Healthcare cloud computing market is segmented into five major regions, namely North America, Europe, Asia-Pacific (APAC), Latin America, Middle East and Africa.
North America accounted for the largest healthcare cloud computing market share in 2021, followed by Europe and Asia-Pacific. North America’s large share can be attributed to several factors, including supportive government initiatives and high healthcare spending in North America, among others. Additionally, many healthcare cloud computing companies are headquartered in the region, which adds to the lucrative atmosphere.
Asia-Pacific has been the fastest growing region, which can be attributed to the growing adoption of digital health solutions in the region, health infrastructure reforms in China, rapid growth of the health industry in India and the implementation of health informatics programs in Australia and New Zealand.
The major players offering healthcare cloud computing products in this market are Amazon Web Services, Inc. (US), Microsoft Corporation (US), International Business Machines Corporation (US), athenahealth. Inc. (USA), CareCloud, Inc. (USA), Siemens Healthineers AG (Germany), eClinicalWorks (USA), Koninklijke Philips NV (Netherlands) and Allscripts Healthcare Solutions, Inc. (USA). United).
These companies have adopted strategies such as service launches, business expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their presence in the healthcare cloud computing market.
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