Healthcare Cloud Computing Market Size to Hit USD 64.1 Billion by 2027 at 13.6% CAGR – Report by Market Research Future (MRFR)

New York, USA, Dec. 15, 2022 (GLOBE NEWSWIRE) — Healthcare Cloud Computing Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR),  “Healthcare Cloud Computing Market Information by Technology, Component, End Market, and Region – Forecast till 2027“, the market is expected to rise at a CAGR of 13.6%, with a value of USD 64.1 billion during the estimated the forecasting year of 2020-2027.

Market Synopsis

Due to technological advancements, pharmacists can now choose data management solutions to track previous data on payments and drugs sold to patients. These elements are projected to contribute to increased demand from healthcare providers in the coming years. The widening demand-supply gap in the healthcare sector has resulted in a higher demand for IT, promoting cloud computing adoption. The market is likely to grow as interest in cloud-based information systems grows.

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Report Scope:

Healthcare Cloud Computing Market Competitive Landscape:

The well-known players in the healthcare cloud computing market are:

• Oracle Corporation
• Clear Data Networks Inc.
• International Business Machines (IBM) Corporation
• Care Cloud Corporation
• Microsoft Corporation
• Siemens Healthineers
• Agfa-Gevaert N.V.
• Nuance Communications
• Cerner Corporation
• Merge Healthcare Inc.
• Carestream Corporation
• Sectra AB
• GE Healthcare
• Athenahealth Inc.
• Next  Gen Healthcare
• Dell Inc.

Healthcare Cloud Computing Market Dynamics:

Market Drivers:

In the healthcare cloud computing market, the introduction of the tele-cloud is seen as a key opportunity. The combination of remote innovation and the cloud has shown to be a very reliable technique for delivering patient information to faraway locations. Most doctors and professionals work in metropolises and urban areas in a few countries.

Medical care providers create and collect data from various internal sources, including electronic health records, radiology images, pharmacy shop deals, solution data, lab tests, and insurance claims data. Due to changes in the payer climate, the volume of advanced information is steadily increasing. With growing awareness of telehealth among medical care providers, the telecloud’s acceptance is expected to grow in a few countries, providing significant growth opportunities for companies in the healthcare cloud computing market.

Market Restraints:

The main restriction in the Healthcare Cloud Computing Market is data security and protection concerns. The information provided by merchants isn’t nearly as safe as information kept on-premise and is a key worry with cloud agreements. Patient information is considered sensitive, and a high level of security must be maintained to protect this information so that it is only accessible to authorized clients. However, the cloud has its benefits and security measures, and data stored in the cloud is still vulnerable to cyber-attacks. Information security and protection concerns are rapidly growing as the volume of patient data grows, and the demand for technological transformation in medical services grows.

Data maintained by suppliers is not as safe as on-premise data, which is a big worry with cloud solutions. Patient information is deemed sensitive, and strict confidentiality must be maintained so that only authorized users can access it.

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COVID 19 Analysis

The COVID-19 epidemic has thrown many lives and organizations into disarray on a massive scale. In any case, the distributed computing business is one field that has grown more solidly as a result of this event. While many firms believe it is difficult to run as expected, those who have chosen the cloud computing basis are performing brilliantly. Because of its flexibility, cloud computing allows for hassle-free information storage and reinforcement and the ability to downsize during busy days.

The COVID-19 pandemic has wreaked havoc on countless lives and businesses. On the other hand, the cloud computing industry has emerged stronger as a result of this incident. While many businesses have difficulty running efficiently, those chosen cloud computing infrastructures are doing well. Using cloud services reduces the problematic aspects of remote working by allowing staff to interact, collaborate, and monitor their work while remaining safe in their homes. Storage and management of data, particularly in the healthcare sector, where data is today’s major asset, is prohibitively expensive, resulting in additional costs associated with the need for expensive servers.

Because of its scalability, cloud computing makes data storage and backup easier in certain situations. Using the cloud also allows you to reduce your workload on busy days. Furthermore, with many healthcare professionals offering consultations via video conferencing and phone calls during this pandemic, this segment’s growth is expected to accelerate significantly during the projection period. Patients with moderate symptoms must choose remote consultation due to the social distancing measures.

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Healthcare Cloud Computing Market Segmentation

By Applications

The clinical information system is relied upon to hold the biggest piece of the market.

By Deployment

The private cloud is estimated to lead the global market in the forecast period.

By End-User 

The healthcare providers segment is estimated to lead the market in the forthcoming period.

By Service

SaaS is predicted to lead the market in the forthcoming period.

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Healthcare Cloud Computing Market Regional Insights

North America held the vast bulk of the healthcare cloud computing market. This region’s growth is fueled by technical advancements, EHR incentive programs, and high healthcare spending. Moreover, Asia-Pacific will be the fastest expanding region in the healthcare cloud computing market over the projected period. Factors such as the rising acceptance of digital health solutions in Asia, the digitalization of the Chinese healthcare system, and India’s fast-growing healthcare business contribute to this growth.

With markets like India, China, and Japan offering attractive potential, Asia-Pacific is expected to be the fastest-growing market. The market is being boosted by factors such as the growing elderly population, the rise in chronic illness burden, and efforts encouraging the use of integrated health systems. The market is likely to be driven by promoting health infrastructure in this region and the increased use of IT services in the medical profession.

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