Healthcare Cloud Computing Market– Statistics And Analysis & Forecast To 2026
Posted by Mrudula Anil Karmarkar on April 19th, 2021
According to the report published by Grand View Research, Inc., factors such as the rising demand-supply gap in the healthcare industry, mainly after COVID-19, growing awareness about the benefits of employing cloud computing, and increasing investments by major key players are expected to keep the healthcare cloud computing market growing in the upcoming years.
The global healthcare cloud computing market size is expected to reach USD 27.8 billion by 2026, exhibiting a CAGR of 11.8% over the forecast period. The associated benefits of data analytics and increase in demand for flexible & scalable data storage by healthcare professionals is expected to drive the demand for these services over the forecast period. In addition to this, growing need for digitalization in healthcare organizations and cloud computing’s multiple benefits such as efficiency in working process, reduction in infrastructure costs and interoperability issues are some of the other reasons boosting the market. Also, rising demand from health professionals to curb IT infrastructure costs and limit space usage are anticipated to boost market growth over the forecast period.
Recently, there have been major changes in the healthcare industry as several innovative measures such as telemedicine technologies such as teleradiology, video/audio conferencing, and telesurgery took center stage. These innovative technologies are set to influence the industry in the longer run, boosting the case of healthcare cloud computing in the coming years. Also, increase in government initiatives undertaken to develop and deploy IT systems in this industry is one of the key drivers of this market. Moreover, increase in partnerships between private & public players and presence of a large number of players offering customized solutions are some of the factors anticipated to drive demand in the coming years.
Healthcare organizations are digitalizing their IT infrastructure and deploying cloud servers to improve features of systems. These solutions help organizations in reducing infrastructure cost & interoperability issues and aid in complying with regulatory standards. Hence, rising demand from health professionals to curb IT infrastructure costs and limit space usage are anticipated to boost market growth over the forecast period.
Healthcare Cloud Computing Market Report Highlights
The growing demand-supply gap in the healthcare industry has led to an increased need for IT, boosting the adoption of cloud computing in this industry. The rising demand for cloud-based information systems is expected to boost the market. Moreover, technologically advanced healthcare infrastructure, especially the hospitals in developed economies, is one of the key factors impelling market demand. With the rising population and volume of patient information, integration of data and having real-time access have become the need of the hour. An increase in investments by several private and public organizations in healthcare IT infrastructure is also one of the factors expected to positively impact growth in the near future.
For instance, the University of Pittsburgh Medical Center (UPMC) in the last quarter of 2017 invested USD 2.0 billion to transform its hospitals digitally across all its locations. UPMC is focused on its three digital specialty hospitals, namely, UPMC Hillman Cancer Hospital, UPMC Vision and Rehabilitation Hospital, and UPMC Heart and Transplant Hospital. UPMC has also announced that it will work with Microsoft to enhance digital hospitals.
Recent advancements in the field are telemedicine technologies such as teleradiology, video/audio conferencing, and telesurgery. These services not only allow patients to get clinical treatment without going to healthcare professionals but also help medical specialists share opinions & consult others on complex cases.
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The market is fragmented in nature. Some of the major companies are CareCloud Corporation; Athenahealth; ClearData Networks, Inc.; Cerner Corporation; Epic Systems Corporation; NextGen Healthcare; Carestream Corporation; Dell, Inc.; DICOM Grid, Inc.; INFINITT Healthcare; Sectra AB; Merge Healthcare, Inc.; Siemens Healthineers; iTelagen, Inc.; NTT DATA Corporation; Nuance Communications; and Ambra Health. Companies are adopting strategies such as mergers and acquisitions, collaborative agreements, regional expansion, and new product launches to gain competitive advantage. For instance, Ambra Health in November 2018 announced that the company has collaborated with the Google Cloud to advance research on medical imaging data. Initiatives like this are anticipated to boost growth.
Healthcare Cloud Computing Market Segmentation
Grand View Research has segmented the healthcare cloud computing market on the basis of the application, deployment model, pricing model, service model, end use:
Healthcare Cloud Computing Application Outlook (Revenue, USD Million, 2014 - 2026)
o Electronic Medical Records
o PACS, VNA, and Image Sharing Solutions
o Population Health Management
o Laboratory Information Management Systems
o Pharmacy Information Systems
o Radiology Information Systems
o Other CIS
o Revenue Cycle Management
o Billing and Accounts Management
o Financial Management
o Healthcare Information Exchange
o Fraud Management
o Supply Chain Management
o Other NCIS
Healthcare Cloud Computing Deployment Model Outlook (Revenue, USD Million, 2014 - 2026)
Healthcare Cloud Computing Service Model Outlook (Revenue, USD Million, 2014 - 2026)
Healthcare Cloud Computing Pricing Model Outlook (Revenue, USD Million, 2014 - 2026)
Healthcare Cloud Computing End-use Outlook (Revenue, USD Million, 2014 - 2026)
Grand View Research is an India & U.S. based market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services. The company's rich database includes in-depth analysis across a range of industries including chemicals, materials, energy, healthcare, and technology, among others.
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 1,093
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