Healthcare Cloud Computing Market size is set to grow by USD 42.21 billion from 2022 to 2027, North America is estimated to account for 39% of the market growth - Technavio

NEW YORK, Dec. 4, 2023 /PRNewswire/ -- According to Technavio, the global healthcare cloud computing market size is projected to grow by USD 42.21 billion from 2022 to 2027. The market is estimated to decrease at a CAGR of 20.55% during the forecast period. However, the growth momentum will decelerate. By geography, the global healthcare cloud computing market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global healthcare cloud computing market. North America is estimated to account for 39% of the growth of the global healthcare cloud computing market during the forecast period. The US, Canada, and Mexico are the major adopters of healthcare cloud computing solutions in the region. Many healthcare institutions in the US are adopting cloud computing. For instance, LifePoint Health signed a multiyear strategic partnership with Google LLC to implement Google Cloud's healthcare data engine in its hospitals across the US. Such collaborations are expected to drive the growth of the market in the region during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

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Healthcare Cloud Computing Market - Segmentation Assessment
Segment Overview
This report extensively covers market segmentation by product (SaaS, IaaS, and PaaS), component (hardware and services), and geography (APAC, North America, Europe, Middle East and Africa, and South America). 

• The market share growth by the SaaS segment will be significant during the forecast period. The growth of this segment will be driven by factors such as the increasing migration of healthcare organizations toward cloud service and the high popularity of SaaS solutions. Various vendors are providing SaaS-based products for healthcare organizations owing to the high potential for cloud computing in healthcare.

Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

Healthcare Cloud Computing Market – Market Dynamics

Key factors driving market growth

• The increased number of cloud vendors is driving the healthcare cloud computing market growth.
• Several vendors have entered the market to provide services such as EHR and EMR facilities. For instance, Alibaba has launched ET Medical Brain, an AI-assisted solution suite that acts as a virtual assistant in medical imaging, drug development, and hospital management.
• The market is dominated by a few players. However, other companies are providing cloud services by partnering with existing vendors. For instance, Rackspace offers cloud services in collaboration with Amazon.com.
• Thus, with a rise in the number of cloud service providers, the market is expected to grow rapidly during the forecast period.

Recent trends influencing the market

• The introduction of edge computing is a trend in the healthcare cloud computing market.
• Edge computing is a method of optimizing cloud computing systems. It can help speed up data collection and analysis, thus improving the overall process speed.
• Vendors such as BioLert are providing software that uses edge computing for monitoring patients. For example, it can be used for detecting and notifying about the occurrence of epilepsy episodes in patients to their family members or caretakers.
• Such factors will support the growth of the market during the forecast period.

Major challenges hindering market growth

• The shortage of cloud professionals in the healthcare industry is challenging the healthcare cloud computing market growth.
• There is a high demand for trained cloud computing professionals. However, there is a shortage of qualified and trained cloud computing professionals in the industry.
• Healthcare organizations employing cloud computing will need to hire trained specialists for application development, data security, and management. The cost of hiring these specialists is high due to their demand.
• Therefore, a shortage of trained professionals will hamper the growth of the market.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this healthcare cloud computing market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the healthcare cloud computing market between 2023 and 2027
• Precise estimation of the size of the healthcare cloud computing market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the healthcare cloud computing market  across APAC, North America, Europe, Middle East and Africa, and South America
• Thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of healthcare cloud computing market vendors

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SOURCE Technavio