Global Healthcare Cloud Computing Industry: Major Revenue Gains are Predicted by 2027
Future Growth Driving Factors:
The global healthcare cloud computing market is expected to grow due to a number of factors, including the COVID-19-related increase in the use of EHRs, e-prescribing, telehealth, mHealth, and other healthcare IT solutions; the growing use of wearable technology, big data analytics, and the Internet of Things; the growing use of cloud computing in the healthcare sector; the improved scalability, flexibility, and storage of data it offers; the emergence of new payment models and the cost-effectiveness of the cloud; and the dynamic nature of health benefit plan designs.
However, issues with data and security as well as the intricate laws that control cloud data centers are factors that are anticipated to limit market growth to some degree.
Market Size Estimation Methodologies Used:
The total size of the Healthcare cloud computing market was arrived at after data triangulation from two different approaches, as mentioned below.
Approach to calculate the revenue of different players in the Healthcare cloud computing market
An extensive primary interviewing process, online publications, SEC filings, annual reports, and other sources were used to determine the size of the global healthcare cloud computing market. The market segments' sizes were determined by applying a percentage split. Additional divisions were utilized to determine the dimensions for every sub-segment. Primary participants validated these percentage splits. The overall market size for regions was calculated by adding the country-level market sizes derived from SEC filings, online publications, annual reports, and in-depth primary interviews. The global market for cloud computing in healthcare was calculated by summing the market sizes for each region.
Approach to derive the market size and estimate market growth
Primary interviews were used to estimate the market's size and growth on a regional and worldwide scale. A weighted average of all the responses was calculated to get a probabilistic estimate of the market size and growth rate.
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Revenue Growth Predictions, Globally:
According to revenue estimates, the global healthcare cloud computing market was valued at $39.4 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 17.8% to reach $89.4 billion by 2027.
Data Triangulation:
The market was divided into a number of segments and sub-segments after the overall market size was determined using the methods for estimating market size previously discussed. Data triangulation and market breakdown procedures were used where appropriate to finish the overall market engineering process and obtain the precise statistics of each market segment and subsegment. Through an analysis of numerous variables and patterns from the supply and demand sides, the data was triangulated.
Geographical Growth Dynamics:
North America led the healthcare cloud computing market in 2021, with Europe and Asia Pacific following closely behind. The government's EHR incentive programs, the number of cloud computing companies operating in the area, and technological developments are some of the factors propelling the healthcare cloud computing market in the region.
Over the course of the forecast period, the Asia Pacific healthcare cloud computing market is anticipated to grow at the fastest rate. This can be linked to a number of things, including the adoption of IT initiatives in Australia and New Zealand, the rapidly expanding healthcare sector in India, and rising investments and reforms to modernize China's healthcare infrastructure.
Opportunities: Emergence of telecloud and telehealth consultations
Delivering patient care to remote areas is becoming much easier thanks to the convergence of wireless technology and cloud computing. Most doctors and specialists are employed in major cities in a number of different countries. As a result, only these locations offer advanced care facilities, leaving patients in rural areas unattended. A telecloud can help with this issue since it allows medical professionals to diagnose and treat patients at reasonable prices and over long distances in real time.
Because of the COVID-19 pandemic and the disease's contagiousness, clinicians have been concentrating on remote monitoring of afflicted patients. The cost of providing physical assistance is rising as more and more doctors are contracting the pandemic in spite of receiving the right care and protection. According to the Italian Doctors Association, while treating COVID-19 in March 2020, at least 50 doctors died. Thus, it is imperative to promote telehealth and reduce the need for in-person assistance. Thus, it is anticipated that telehealth, which includes interactive medication and remote patient monitoring, will become more popular in the years to come.
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Global Key Players:
Key players offering healthcare cloud computing products in this market include Amazon Web Services, Inc. (US), Microsoft Corporation (US), International Business Machines Corporation (US), athenahealth. Inc. (US), CareCloud, Inc. (US), Siemens Healthineers AG (Germany), eClinicalWorks (US), Koninklijke Philips N.V. (Netherlands), and Allscripts Healthcare Solutions, Inc. (US).