Healthcare Cloud Computing Market
The Healthcare Cloud Computing Market was worth over USD 29 billion in 2021, and it is predicted to grow at a CAGR of roughly 13.4% from 2022 to 2028. The market is expected to develop due to rising usage of digital technology among healthcare practitioners. As the number of patients suffering from various ailments grows, so does the requirement for effective data management technologies. Cloud computing in healthcare allows quick access to patient data through secure networks, removing data privacy concerns. As a result of the growing popularity of these technologies, safer data exchange and remote collaborations are encouraged, allowing for more treatment accessibility. Similarly, the healthcare industry’s shift to an information-centric approach allows for more efficient data sharing and collaborative operations. Benefits like IoT support, data automation, and storage that ease the treatment process give cloud computing solutions in the healthcare business a lot of room to develop.
Due to increased use of digital platforms in the healthcare business and government assistance, the current COVID-19 epidemic has had a beneficial impact on the market value. During the pandemic, numerous applications in patient data management related to COVID-19, as well as the integration of cloud computing services in the healthcare industry, have continued to fuel market growth.
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Preference and adoption for healthcare have increased dramatically. The demand for cloud computing will grow.
The increased popularity of cloud computing among healthcare professionals can be attributed to a number of factors, including ease of interoperability, access to high-powered analytics, patient ownership of data, telemedicine possibilities, and cost savings. Healthcare cloud computing has been shown to benefit both patients and healthcare professionals, ensuring market income. The healthcare market has undergone a tremendous transition in the generation, storage, consumption, and sharing of healthcare data, from traditional storage to digitalization. The increased adoption of healthcare cloud computing has prompted providers to use it to improve workflows, achieve efficiency, and deliver tailored treatment plans in order to improve results.
The value of the healthcare cloud computing market will be boosted by rising demand for clinical information systems.
The demand for sophisticated tools in digitization of clinical functions data management among healthcare organisations and healthcare facilities will drive the clinical information systems market to grow at a rate of 13% until 2027. In addition, the industry’s growth will be fueled by a growing focus on digitization and increased usage of technology to store and integrate massive amounts of healthcare data over the projected period.
Growing consumer acceptance of digital health services will open up new industry opportunities.
In 2020, the software as a service (SaaS) market will be worth more than USD 21 billion, thanks to an increase in digital health services provided by various vendors. Wearable device adoption, big data analytics, and the Internet of Things are all factors that will contribute to category growth. Furthermore, factors such as a faster deployment rate, cheaper cost of ownership, and security, among others, are responsible for the market’s overall growth.
The industry’s success will be aided by the unique qualities of private cloud.
Through 2027, the private cloud segment of the healthcare cloud computing market is expected to grow at a CAGR of 13.5 percent. Healthcare workers have direct control over stored data in the cloud, allowing them to install their own apps while also adhering to compliance requirements. Furthermore, different elements such as improved computation control, patient data, and infrastructure all help to boost market revenue. The market value will be positively impacted by developing IT infrastructure in emerging countries and the growing need to integrate healthcare IT technologies in healthcare settings.
Eminent industry leaders have used product releases to help them maintain a strong market position.
Some of the prominent companies operating in the healthcare cloud computing market include Cisco Systems, Amazon, Allscripts Healthcare Solutions, PLEXIS Healthcare Systems, CareCloud, Siemens Healthineers, Oracle, ClearDATA, Cerner, Microsoft and Dell. These industry participants operating in healthcare cloud computing are undertaking different growth strategies to sustain the market position.
The healthcare cloud computing market research study covers the industry in depth, with revenue estimates and forecasts in USD for the following segments from 2022 to 2028:
By Product Type
● Healthcare Provider Solutions
● Healthcare Payer Solutions
By Application
● Clinical Information System
● Non-clinical Information System
Here are a few examples of recent industry developments:
● CareCloud was purchased by MTBC Inc, a healthcare IT business, in January 2020. This purchase provided clients with a number of options for improving patient outcomes, increasing practise profitability, and streamlining physician operations. The company was able to attract a wider consumer base as a result of this strategy.
● Cisco ACI was adopted by healthcare providers around the world in April 2019 as their prescription for IT excellence. This advancement has aided in the expansion of the company’s operations.
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