Healthcare cloud computing market to reach $157.75 billion by 2030; Widespread use of wearable technology, big data analytics and IoT in healthcare to support growth, according to The Brainy Insights
Leading companies like Iron Mountain Inc., Athenahealth Inc., Dell Inc. and IBM Corp. have introduced software and services that enable the collection and assimilation of huge amounts of health data which is beneficial for the development of the market. North America has emerged as the largest market in the global healthcare cloud computing market, with a 34.02% market revenue share in 2022.
Newark, Nov. 11, 2022 (GLOBE NEWSWIRE) — Healthcare Cloud Computing Market Size Grows from $38.55 Billion to $157.75 Billion in 8 Years: The Evolution from a niche topic to a high ROI application
Brainy Insights estimates that the $38.55 billion healthcare cloud computing market in 2022 will grow to $157.75 billion by 2030. In just eight years, healthcare cloud computing has grown from a case from uncertain and standalone niche use to a high return on investment and fast growing (ROI) application that delivers value to the user. These developments indicate the power of the Internet of Things (IoT) and Artificial Intelligence (AI), and the market is still in its infancy.
Key overview of the healthcare cloud computing market
Europe will represent the fastest CAGR of 22.74% during the forecast period
Europe is expected to have the fastest CAGR of 22.74% in the healthcare cloud computing market. The major factors promoting the growth of the cloud computing for healthcare market in Europe are that more and more people are becoming aware of the accessibility of better cloud computing solutions for the healthcare sector. In addition, the number of hospital admissions is increasing due to the aging population, which is more susceptible to several conditions. The combined effect of all these factors is considered to be supportive of the healthcare cloud computing market demand in Europe.
However, in 2022, the healthcare cloud computing market was dominated by North America. Due to the widespread use of healthcare IT services and continued financial and legislative support from government organizations, the United States is a global leader in healthcare cloud computing. . The implementation of the Health Information Technology for Economic and Clinical Health Act (HITECH Act) has accelerated and accelerated the deployment of EHRs and related technologies nationwide. The terms of the law provide that until a specified time; healthcare providers will receive financial incentives for showing meaningful use of EHRs. Nevertheless, beyond this point, fines can be imposed for not having justified such use. Additionally, in May 2020, Microsoft unveiled a cloud service designed exclusively for the healthcare industry to better serve doctors and patients. Healthcare organizations can use this industry-specific cloud service to schedule telehealth appointments, manage patient data, and comply with Health Insurance Portability and Accountability Act (HIPAA).
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The private segment accounted for the largest market share of 39.81% in 2022
In 2022, the private segment held a significant market share of 39.81%, dominating the market. Safe keeping of highly sensitive patient data is essential to avoid a data privacy breach that could lead to legal ramifications. Many reasons have contributed to the growth of the private cloud market including growing acceptability due to its enhanced security and increasing adoption rate over public clouds and hybrid clouds.
Healthcare payers represent the fastest CAGR of 23.06% over the forecast period.
During the forecast period, the healthcare payer segment is expected to grow at the highest CAGR of 23.06%. Insurance companies, organizations that sponsor health plans (such as unions and employers), and third parties are health care payers. Payers quickly use cloud computing solutions to securely collect and store data, resolve insurance claims, assess risk and prevent fraud. Payers have traditionally struggled to manage high-risk patient groups and high utilization. Payers are implementing these advanced technical methods and remedies to reduce escalating healthcare costs. Moreover, cloud computing helps payers to grow their business, improve their services, improve their quality and reduce their costs.
To increase patient engagement, foster teamwork among healthcare professionals, and improve clinical and operational insights, Microsoft launched its Microsoft Cloud for Healthcare suite in November 2020.
The collaboration between CVS Health and Microsoft to advance digital healthcare using AI and cloud computing began in December 2021.
To support research and innovation, life science software company, MetaCell, unveiled a new product in September 2021 called “MetaCell Cloud Hosting”, which offers state-of-the-art cloud computing solutions primarily created for life science and healthcare companies.
Driver: Advances in Technology
Due to recent technological developments and increased security, many healthcare institutions are utilizing the benefits of the cloud more than ever. Due to technological developments such as telemedicine, remote monitoring, and natural language processing APIs, cloud technology will continue to expand in the coming years to better suit specific digital health settings in several important ways. . Several healthcare organizations aspire to develop these cloud computing solutions by combining advanced technologies. Instead of collecting data and sending it to the cloud, the system analyzes and processes the data where it is collected. Due to the adoption of appropriate regulatory measures and the development of high-speed internet, the global healthcare cloud computing market is also expected to grow. One of the significant factors fueling the growth of the healthcare cloud computing market is the increasing availability of high-speed internet across the globe.
Constraint: Data technology concerns
The global healthcare cloud computing market is constrained by data privacy concerns, barriers to data transfer, and an increase in cloud data breaches. The lack of skilled IT professionals has also hindered the adoption of this technology. Skilled professionals are in high demand due to the challenge of finding expertise in HIPAA. The skills gap is expected to slow the shift to cloud computing platforms.
Opportunity: Increase adoption of data analytics in healthcare
The growing adoption of wearable technologies, big data analytics and the Internet of Things (IoT) in the healthcare industry, along with the introduction of new payment methods and cloud affordability, will drive the market growth. The market is also affected by the increase in the use of technology owing to its numerous advantages, such as flexibility, enhanced data storage and scalability offered by cloud computing, as well as accessibility to flexible health insurance plan designs.
Challenge: Strict data regulations
Industry growth is expected to be hampered by complex regulations governing cloud data centers, data security, and privacy issues, among other factors. The healthcare cloud computing market is expected to struggle throughout the forecast period due to vendor leasing rules, concerns over interoperability and portability, and growing reliance on Internet users.
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Some of the Major Players Operating in the Healthcare Cloud Computing Market are:
• Allscripts Healthcare Solutions Inc.
• Iron Mountain Inc.
• Athenasanté inc.
• Dell Inc.
• IBM Corp.
• Oracle Corp.
• Cisco Systems Inc.
• Qualcomm Inc.
• VMware Inc.
• Microsoft Corp.
• EMC Corp.
• GNAX Health
Coverage of key segments in the market:
Per cloud deployment:
Per end user:
• Healthcare payers
• Health care providers
• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed on the basis of value (USD billion). All segments have been analyzed at global, regional and country level. The study includes analysis of more than 30 countries for each part. The report analyzes the drivers, opportunities, restraints and challenges to gain a critical overview of the market. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, analysis of distribution and marketing channels.
About The Brainy Insights:
The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our union reporting repository is diverse across all domain categories and subcategories. Our customized solutions are designed to meet customer needs, whether they are looking to expand or planning to launch a new product in the global market.
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