Healthcare Cloud Computing Market - Use of Blockchain Will Majorly Fuel the Global Industry Growth
Major Growth Driving Factors:
The growth of the healthcare cloud computing market is mainly driven by factors such as the growing adoption of EHR, e-prescribing, telehealth, mHealth, and other healthcare IT solutions due to COVID-19; the increasing adoption of big data analytics, wearable devices, and IoT; increasing cloud deployment in the healthcare industry; better storage, flexibility, and scalability of data offered by cloud computing; the proliferation of new payment models and cost-efficiency of the cloud; and the dynamic nature of health benefit plan designs. On the other hand, data & security concerns and complex regulations governing cloud data centers are factors expected to restrain the market growth to a certain extent.
In this report, the healthcare cloud computing market is classified into seven segments product, component, deployment model, service model, pricing model, end user, and region.
Recent Developments:
# In February 2022, IBM (US) acquired Neudesic, LLC (US) which was aimed at expanding IBM's portfolio of hybrid multi-cloud services and further advance the company's hybrid cloud and AI strategy.
# In February 2022, Lyniate (US) acquired SAP SE (Germany) which was aimed at providing technology and consulting expertise to make it easier for clients to embrace a hybrid cloud approach and move mission-critical workloads from SAP solutions to the cloud for regulated and non-regulated industries.
# In January 2022 Francisco Partners (US) signed an agreement with IBM (US) to acquire healthcare data and analytics assets from IBM that are currently part of the Watson Health business, including Health Insights, MarketScan, Clinical Development, Social Program Management, Micromedex, and imaging software offerings.
# In January 2022, IBM (US) acquired ENVIZI (Australia) which was aimed at building on IBM's growing investments in AI-powered software.
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Market Size Estimation:
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
The size of the global Healthcare cloud computing market was obtained from annual reports, SEC filings, online publications, and extensive primary interviews. A percentage split was applied to arrive at the size of market segments. Further splits were applied to arrive at the size for each sub-segment. These percentage splits were validated by primary participants. The country-level market sizes obtained from the annual reports, SEC filings, online publications, and extensive primary interviews were added up to reach the total market size for regions. By adding up the market sizes for all the regions, the global Healthcare cloud computing market was derived.
Approach to derive the market size and estimate market growth
The market size and market growth were estimated through primary interviews on a regional and global level. All responses were collated, and a weighted average was taken to derive a probabilistic estimate of the market size and growth rate.
Expected Revenue Gains:
The global healthcare cloud computing market is projected to reach USD 89.4 billion by 2027 from USD 39.4 billion in 2022, at a CAGR of 17.8%.
Data Triangulation:
After arriving at the overall market size—using the market size estimation processes explained above—the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
COVID-19 Impact on the Healthcare Cloud Computing Market
Over the past few months, the COVID-19 pandemic has upended many lives and businesses on an unprecedented scale. However, if there is one sector that has emerged stronger from this event, it would be the cloud computing industry. While many organizations are finding it difficult to run smoothly, the companies that opted for cloud computing infrastructure are functioning well. Going for cloud services eliminates the inconvenience of remote working as one can communicate, collaborate, and monitor all the work while helping the employees stay safe in the confinement of their homes.
Especially in the healthcare industry, where data serves as the primary asset today, storage and management of data is cost-prohibitive, thereby increasing the additional expenditures related to the requirement of expensive servers. In such cases, cloud computing assists in hassle-free data storage and backup because of its scalability. Cloud also enables one to scale back during hectic days.
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Moreover, with many healthcare providers giving consultations over video conferencing and phone calls in place during this pandemic, the growth of this segment is likely to augment considerably over the forecast period. The social distancing measures have mandated patients with mild symptoms to opt for remote consultation.
Further, it greatly reduces the burden on hospitals experiencing high numbers of COVID-19 patients. The pandemic has led to major resource constraints. This will lead to the development of alternate pricing models and value-based pricing.
Geographical Growth Dynamics:
“North America was the largest regional market for healthcare cloud computing market in 2021“
In 2021, North America accounted for the largest share of the healthcare cloud computing market. Factors like technological advancements, EHR incentive programs by Medicaid & Medicare, and high healthcare expenditure contribute to the growth of this region.
Additionally, the fastest growing region in the healthcare cloud computing market is the Asia Pacific with a CAGR of 22.4% during the forecast period. This growth is driven by factors such as the increased adoption of digital health solutions in Asia, modernization of Chinese healthcare infrastructure, and the rapidly growing healthcare industry in India.