The global healthcare cloud computing market accounted for a value of USD 24.4 billion in 2019 and is projected to register growth at a CAGR of 15.7% during forecast period.
COVID-19 has impacted the healthcare cloud computing market. All the organizations have to shift its operation to work from home due to lockdown and to run smoothly they need to adopt cloud computing infrastructure. Cloud computing helps in hassle free data storage and backup. Many hospital staff are getting affected due to corona virus and in order to maintain social distancing norms and to provide safety to the staff members many hospitals are adopting cloud computing. Cloud computing infrastructure helps patients opt for remote consultation using video conferencing and phone calls with healthcare staff. The pandemic leads to huge market growth in cloud computing.
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Healthcare providers collect and generate data from vast internal sources such as lab test, radiology images, pharmacy sales and electronic health records. This data grows exponentially every year and hospitals need cloud computing to store this data and backup. The cloud computing is extremely beneficial for healthcare units to manage patients record and data. This leads to wide adoption of cloud computing healthcare infrastructure and drives growth in healthcare cloud computing market during forecast period.
On the basis of component, the healthcare cloud computing market is segmented into software and services. The services segment is estimated to register growth at highest CAGR during forecast period. The services segment has a recurring nature such as consulting, maintenance, software upgrades and installation. The adoption of software segment is increasing rapidly around the globe and this drives growth in software segment during forecast period.
On the basis of application, the healthcare cloud computing market is segmented into clinical information systems and non-clinical information system. The clinical information systems segment accounted for a value of USD XX billion in 2019. The demand for maintain data was high in 2019. However, the non-clinical segment is estimated to lead the market and register growth at XX% CAGR during forecast period. The non-clinical information systems are widely adopted to manage administrative data generated by hospitals and this data is difficult to manage. It is also used to track payment data of patients and revenue generated through reimbursements policies. It helps in integrating data and this increases its adoption. This drives growth in the non-clinical information systems segment during forecast period.
On the basis of end-users, the healthcare cloud computing market is segmented into public payers, private payers, ambulatory centers, diagnostic & imaging centers, pharmacies and hospitals. Hospitals segment accounted for largest market share during forecast period. However, the pharmacies segment is estimated to grow at CAGR of XX% during forecast period. The demand and adoption of healthcare cloud computing infrastructure is increasing in pharmacies segment. It helps in maintaining the data of medical prescriptions. This helps pharmacist in tracking historical data of medicine sold and payment received from patients. The technological advancement has made pharmacies dependent on software. This drives growth in pharmacies segment during forecast period.
Asia-Pacific region is estimated to register growth at highest CAGR during forecast period. The population is very high in this region which leads to high volume of generated data of patients as the disease are growing immensely in this region. The governments of various countries in Asia-Pacific region are adopting many initiatives to support digitization in healthcare segment which contributes in rapid growth of healthcare cloud computing market. The corona virus outbreak also increased market growth of virtual care and telehealth market. This drives growth in Asia-Pacific region during forecast period.
The key market players in healthcare cloud computing market are IBM, Carestream Health Inc., Athenaheal Inc., Carecloud Corporation, Siemens Healthineers AG, eClinical Works, Koninklijke Philips, Allscripts Healthcare solutions, NTT Data Corporation, Sectra AB, GE Healthcare, Nextgen Healthcare, DXC Tecchnology, Infinitt Healthcare, Hyland Software Inc., Fujifilm Holdings Corporation and Orion Health Group.
- What are the expected industry trends over the next three to five years?
- Which of the healthcare cloud computing type is likely to lead by 2025?
- Which of the form segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?