Healthcare Cloud Computing Market to Cross US$ 40 Bn by 2026

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Acumen Research and Consulting

Feb 19, 2020, 09:30 ET

LOS ANGELES, Feb. 19, 2020 /PRNewswire/ -- Acumen Research and Consulting Released, the report, "Healthcare Cloud Computing Market 2019-2026," highlights how increased pressure within healthcare settings to manage the sheer volume of health data is the main driver towards the cloud uptake trend.

The Healthcare Cloud Computing Market is poised to reach value around US$ 40 bn by 2026, growing at noteworthy CAGR of 14 % over forecast period 2019 to 2026.

Cloud computing in healthcare increases the efficiency of the industry, while decreasing costs. Cloud computing makes medical record-sharing easier and safer, automates backend operations and even facilitates the creation, and maintenance of, telehealth apps.

The growing demand-supply gap in the healthcare industry has led to increased need for IT, boosting the adoption of cloud computing in this industry. Moreover, technologically advanced healthcare infrastructure, especially the hospitals in developed economies, is one of the key factors impelling market demand. With rising population and volume of patient information, integration of data and having real-time access has become the need of the hour. Increase in investments by several private and public organizations in healthcare IT infrastructure is also one of the factors expected to positively impact growth in the near future.

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Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled "Healthcare Cloud Computing Market (By Application: Clinical Information Systems [Health Information System, Radiology Information Systems, Telehealth, Picture Archiving & Communication System [PACS], Pharmacy Information Systems, Computerized Physician Order Entry, Laboratory Information Management System, Ambulatory or Outpatient CI], Nonclinical Information Systems [Revenue Cycle Management, Supply Chain Management Solutions]; By Component: Services [Software as a Service [SaaS], Platform as a Service [PaaS], Infrastructure as a Service [IaaS]], Software; By Deployment: Private Cloud, Public Cloud; By End Use: Hospitals, Diagnostic & Imaging Centers, Ambulatory Centers, Pharmacies, Public Payers, Private Payers) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026".

Market Insights

  • Due to increasing demand for raw data from doctors and physicians, the clinical information systems segment was valued at more than USD 12.3 billion in 2018.
  • In 2018, the segment of public cloud computing was estimated to be over $10.3 billion and is expected to have similar growth trends over time.
  • In 2018, the software segment accounted for over 23.2% of revenue and is expected to grow substantially in the future.
  •  In the 2018 hospital segment, the value of more than USD 4 billion was estimated and significant growth in sales can be linked to the increasing use of patient data.
  • The cloud computing market in North America rose above USD 8.4 billion in 2018, and is expected to experience a similar trend over the forecast period.

MANAGING PATIENT CARE, NOT PATIENT DATA

"Cloud adoption is going to increase very rapidly," Joy says. "One reason is because all the big players like Microsoft, Google and Amazon have very quickly come to the realization that not many hospitals will be able to continue to work with on-premises data centers. And they're certifying their data centers for HIPAA (Health Insurance Portability and Accountability Act of 1996) and safe harbor compliance controls. If we are able to get assurances from our partners that they're high-tech and HIPAA-certified, that makes our job easier. We don't have to manage infrastructure. And we don't have to have an extensive security program in place to be able to manage it."

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Market Dynamics

Drivers

  • Increasing Adoption of Big Data Analytics, Wearable Devices, and IoT in Healthcare
  • Better Storage, Flexibility, and Scalability of Data Offered By Cloud Computing
  • Proliferation of New Payment Models and Cost-Efficiency of the Cloud
  • Dynamic Nature of Health Benefit Plan Designs

Restraints

  • Data Security and Privacy Concerns
  • Migration From Legacy Systems
  • Complex Regulations Governing Cloud Data Centers

Opportunities

  • Emergence of the Telecloud
  • Use of Blockchain in the Health Cloud
  • Formation of Accountable Care Organizations

Challenges

  • Interoperability Issues
  • Increased Dependence of Users on the Internet and Provider Renting Policies

A SNAPSHOT OF THE COMPANIES DRIVING A MULTI-BILLION DOLLAR INDUSTRY

Here's a quick look at several companies helping hospitals and other health-related organizations streamline operations and improve patient care through the cloud.

NETAPP

REAL-TIME CLINICAL DATA

NetApp is a hybrid cloud data services company. Its management platform delivers data in real time to help make clinical operations faster and more efficient through reduced EHR latency, quicker backup and restoration, easier accommodation of data/workload expansion and the streamlining of data management.

MEDSPHERE

HEALTHCARE IT SERVICES

Medsphere offers a variety of cloud-based solutions for healthcare institutions. It's electronic health record platform provides services to multiple sectors, including clinical, financial, accounting, nursing and many others. Employing Microsoft's secure Azure® cloud platform, the company also helps providers deal with scheduling, registration, medical records, billing, claims and more.

CLEARDATA

DATA PROTECTION

Designed to play well with other public clouds, ClearDATA's HIPAA-compliant cloud protects sensitive patient data via compliance safeguards, devops automation and healthcare expertise. The platform also powers critical applications and automatically detects changes in cloud accounts so the company can quickly respond to those changes in a variety of ways.

NINTEX

AUTOMATED OPERATIONS

Nintex eliminates paper documents, streamlines manual processes and drags important data out of its silos, consequently enhancing the overall patient experience. The company provides its automation services to an array of healthcare industry professionals, from doctors and nurses to the makers of pharmaceuticals and medical devices.

MEDABLE

TEAMWORK THROUGH TECHNOLOGY

Medable's medical-grade platform facilitates direct-to-patient healthcare by supporting clinical applications and storing personal health information for clinical providers and researchers. In addition, the platform can be used by developers to expand or create apps for mobile, tablet and desktop.

Related Reports

CARECLOUD

PRACTICE MANAGEMENT AND EHR SOFTWARE

Carecloud's open platform helps healthcare providers improve their efficiency and effectiveness. It also lets them connect directly with patients to provide better care. Applications include revenue cycle management, practice management, electronic health records, patient experience, mobile app, healthcare analytics and more.

Market Segmentation

Global Healthcare Cloud Computing Market, by Application

    • Clinical Information Systems
      • Health Information System
      • Radiology Information Systems
      • Telehealth
      • Picture Archiving & Communication System [PACS]
      • Pharmacy Information Systems
      • Computerized Physician Order Entry
      • Laboratory Information Management System
      • Ambulatory or Outpatient CI
    • Nonclinical Information Systems
      • Revenue Cycle Management
      • Supply Chain Management Solutions

Global Healthcare Cloud Computing Market, by Component

    • Services
      • Software as a Service [SaaS]
      • Platform as a Service [PaaS]
      • Infrastructure as a Service [IaaS]
    • Software

Global Healthcare Cloud Computing Market, by Deployment

  • Private Cloud
  • Public Cloud

Global Healthcare Cloud Computing Market, by End Use

  • Hospitals
  • Diagnostic & Imaging Centers
  • Ambulatory Centers
  • Pharmacies

Global Healthcare Cloud Computing Market, by Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Chile
    • Rest of Latin America
  • Middle East and Africa (MEA)
    • South Africa
    • Saudi Arabia
    • Rest of MEA

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