Global Healthcare Cloud Computing Market Size, Trends & Analysis - Forecasts to 2026 By-Product (Healthcare Provider Solutions, Healthcare Payer Solutions), By Deployment Model (Private Cloud, Hybrid Cloud, Public Cloud), By Component (Software, Services), By Pricing Model (Pay-As-You-Go, Spot Pricing), By Service Model (Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS)Payers), By Region (North America, Asia Pacific, Europe, Central & South America, Middle East & Africa); End-User Landscape, Company Market Share Analysis, and Competitor Analysis
Healthcare Cloud Computing Market Insights
The inclusivity of digital health is transforming the healthcare sector. As healthcare data becomes more complex, the need for services like cloud computing also becomes indispensable for the sector. Cloud computing allows for easy access to data and health records. The growing need of the healthcare sector to maintain records, to collaborate among teams and departments can be handled by cloud computing at a much-reduced cost. In the healthcare sphere, cloud computing provides maximum data security, curb the incidence of the data breach and unauthorized access to the sensitive data. The data breach is a major challenge faced by health providers and costs a huge amount of dollars. In 2017, the cost of stealing one record amounted to $380 as per the study provided by the Ponemon Institute. Also, unauthorized access in 2019 reached the peak with 52 incidents recorded as per the HIPPA Journal. All such challenges are addressed by the cloud services in an efficient way of securing data.
With the coming of age technologies and healthcare’s need to optimally utilize the stored data, the infusion of cloud computing by the top players and hospitals is drastically transforming the healthcare unit.
Many perceived benefits of cloud services include the reduced need for infrastructure and its maintenance. Data centers and outsourcing partners enable the securing of data and data recovery in case of damage to any office equipment.
The large-scale penetration of mobile apps, telehealth, and EHR creates a burden and extra responsibility on the providers of healthcare. But the subtle storage and handling of data on the cloud lead to a reduction in maintenance costs of the physical servers.
Moreover, the providers can reap the benefits of the cloud services by expanding and scaling up or down their data requirements/storage in peak season. Dengue, viral, and flu seasons lead to intense patient flow and also increased need for data storing. Cloud enables the providers to scale up operations without any hassle or extra investment in other complex software.
The market’s enhanced performance has also been influenced by the various acts (HITECH &AARA) that enforce the mandated use of EHR. The HIPPA regulation also allows health providers to collaborate with reliable vendors offering cloud services. The deployment of the cloud is rapidly increasing and startups are emerging as the biggest user of cloud computing. Healthcare startups are developing innovative models to infuse the cloud software in performing the diagnosis.
The advances in the SaaS model would also have a positive dramatic shift in the market. Various trends that were predicted to gain momentum in 2020 were vertical SaaS, use of the PaaS structure and edge computing. Better and high use of Saas will amp up the market valuation and for companies to rapidly deploy advanced features.
Small and private health practices are picking up pace across developing countries creating a huge pool of resources and opportunities for the cloud services to handle data flow and manage the patients’ records. COVID-19 created a foundation and pushed the market to record path-breaking profits. As the need for remote monitoring and data management increased in 2020, cloud services topped the market demand to better serve the industry.
As the market grows, investment in the product also rises. The year 2018 saw heavy funds being poured into the ClearData solutions. The company raised $26 million to secure the importance of Healthcare IT. Big players like Humana also supported the company’s vision to expand and innovate with cloud solutions.
Healthcare Cloud Computing Market: By Product
Healthcare Provider Solutions’ dominant share is attributed to the top vendors operating in this segment space. Solutions by IBM and OSP Labs are helping medical professionals to optimize the workflow with the help of data tools and flexible infrastructure. The solution providers also enable payment accuracy and fasten the revenue performance.
Healthcare Cloud Computing Market: By Deployment Model
Hybrid Cloud’s rising dominance in the healthcare domain is attributed to their large-scale use by modern pharmaceutical companies. Hybrid cloud enables the providers to use the dynamic model of public and private cloud. NHS space is restructured by partnerships and alliances to infuse hybrid technology in the modern healthcare domain. Trustco is helping NHS to fast approach the hybrid technology by allying with the HPE.
Healthcare Cloud Computing Market: By Component
Services unit would be rapidly pacing in the healthcare field. The advantages of the services are multifold as they allow the providers of healthcare to achieve economies of scale and helps to track payment and usage of services as per the needs.
Healthcare Cloud Computing Market: By Pricing Model
The Pay-as-you-go category’s rising importance in the market is owed to the flexibility of the cost structure it offers. The category rids the providers of complex licensing and contracts. With such a model the provider only pays for the services it uses and also helps in calculating the cost of services in advance.
Healthcare Cloud Computing Market: By Service Model
The SaaS model would have a commanding presence as the model inculcates both the medical as well non-medical nature of the job in the healthcare domain. Studies conducted reveal that practitioners are deploying the model at a 100% rate. The SaaS solutions are exploited in a hospital surrounding for telemedicine, and to access the patient portals.
IaaS is steadily rising to popularity attributed to the accessibility of data despite the power outages. The organization in question can easily access APIs through the use of IaaS.
Healthcare Cloud Computing Market: By Region
North America’s assertive position in this market is due to the establishment of strict regulations in the healthcare domain. The manufacturers in the region are engaging in collaborations with the medical associations to deploy the cloud models. Rising data breach in the US healthcare sector also increases the market’s value.
Asia Pacific’s strong foundation in the market can be attributed to the rising need to amp the healthcare infrastructure space and the government’s increasing support for digital health.
Market Share and Competitive Analysis
Forrester, CloudMine, Salesforce, IBM, Microsoft, Azure, Trustco, NetApp, GE Healthcare, AWS, Euris, Accenture, Cardinal Health, ClearData, and CareCloud are prominent players operating in this market.
Please note: This is not an exhaustive list of companies profiled in the report.
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The Global Healthcare Cloud Computing Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Healthcare Cloud Computing Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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