Healthcare Cloud Computing Market to Hit $55 Billion by 2025: Global Market Insights Inc.
Europe healthcare cloud computing market is expected to register 15.5 percent CAGR from 2019 to 2025, supported by increasing awareness regarding availability of superior quality healthcare cloud computing solutions
Apr 29, 2019, 01:15 ET
SELBYVILLE, Del., April 29, 2019 /PRNewswire/ -- The North America healthcare cloud computing market accounted for over USD 8.5 billion in 2018 and is estimated to show a similar trend in upcoming years. Increasing healthcare expenditure in the region coupled with the adoption of technologically advanced solutions will drive regional growth. Moreover, growing demand for EHRs among medical professionals as well as the active involvement of private sector players in the development of the healthcare industry will boost the North America healthcare cloud computing industry growth over the forecast period.
Global Healthcare Cloud Computing Market is set to surpass USD 55 billion By 2025, according to a new research report by Global Market Insights Inc. Rising adoption of information technology (IT) in the healthcare sector is the key factor driving healthcare cloud computing market growth during the forecast period. Usage of the cloud computing technique allows IT facilities to retrieve assets from the internet by using web-based tools and applications. It offers easy access to servers, storage and databases as well as a wide array of applications. Healthcare cloud computing offers flexibility to control data scalability, massive storage of clinical statistics in hospitals and clinics and quicker accessibility to digital medical records. Moreover, increasing demand for cloud computing in patient billing to reduce capital expenditure pertaining to the conventional mode of billing practices will further spur the revenue size.
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Services segment was valued more than USD 15 billion in 2018, owing to development in healthcare cloud computing software that can address a wide array of issues ranging from data storage to data management. Continuous demand for services such as installation, maintenance, training, education and consulting will propel segmental business. Additionally, growing adoption of e-prescribing, EHR systems and EMR systems for analyzing patient information, managing big data and providing accurate outcomes will substantially spur revenue size during the forthcoming years.
Clinical information systems segment of healthcare cloud computing market accounted for over 62 percent revenue share in 2018. Segment growth is attributed to the growing disease burden worldwide. Rapidly aging population susceptible to various diseases will further increase the volume of patient data, thus, will surge demand for clinical information systems. Moreover, high adoption of these systems in critical care such as ICUs for efficient management of patient data will positively impact segmental growth. Huge demand for clinical information systems from hospitals and healthcare providers will accelerate segment growth over the analysis period.
Browse key industry insights spread across 175 pages with 139 market data tables and nine figures and charts from the report, "Healthcare Cloud Computing Market Size By Application (Clinical Information Systems {Health Information System, Telehealth, Picture Archiving & Communication System [PACS], Pharmacy Information Systems, Laboratory Information Management System, Radiology Information Systems, Computerized Physician Order Entry, Ambulatory or Outpatient CIS}, Nonclinical Information Systems {Revenue Cycle Management, Supply Chain Management Solutions}), By Component (Services { Software as a Service [SaaS], Infrastructure as a Service [IaaS], Platform as a Service [PaaS]}, Software), By Deployment (Public Cloud, Private Cloud), End-use (Hospitals, Pharmacies, Diagnostic & Imaging Centers, Ambulatory Centers, Private Payers, Private Payers) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, Australia, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Application Potential, Competitive Market Share & Forecast, 2019 – 2025," in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/healthcare-cloud-computing-market
Private cloud segment of healthcare cloud computing market is anticipated to witness around 15.7 percent CAGR over the forecast timeline. Segment growth is attributed to inclination towards private cloud due to its benefits such as data protection and customization of the cloud environment. Private cloud models are owned by a single organization and offer more control over data storage and its accessibility to users, thus, should boost business growth. However, high cost associated with private cloud may impede segment growth in developing as well as in under-developed economies.
Hospitals segment held more than 22 percent revenue share in 2018, owing to the increasing number of patient visits in hospital. Rising prevalence of chronic diseases and a growing number of surgeries being performed in hospital settings will surge the demand for patient data storage. Such factors should foster the adoption of cloud computing in hospitals, thereby augmenting segmental growth.
Some of the prominent industry players operating in the healthcare cloud computing market include CareCloud, Cisco, Athenahealth, Carestream Health, IBM, Oracle, EMC, GNAX Health, Cleardata and Merge Healthcare. The market players focus on inorganic strategies such as acquisition and merger as well as new product launch to sustain market competition. For instance, in April 2015, MCIS (Marshfield Clinic) partnered with CareCloud to deliver a complete health information solution to improve financial, clinical and administrative outcomes of large ambulatory medical practices. This partnership enabled the company to strengthen its market position and gain more revenue.
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Healthcare Cloud Computing Market Forecast to 2025
The worldwide Healthcare Cloud Computing Market is set to achieve over 15 percent CAGR up to 2025, owing to the growing adoption of cloud computing software by healthcare professionals.
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Healthcare Cloud Computing Market
SOURCE Global Market Insights Inc.
