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  • Published On : Oct 2022
  • Code : CMI944
  • Industry : Healthcare IT
  • Pages : 168
  • Formats :

The practice of establishing remote computers that can be accessed online to store, manage, and analyze healthcare-related data is known as cloud computing in the industry. This contrasts with setting up a data center on-site with servers or hosting the data on a personal computer. Healthcare-related technology including IoT (Internet of Things) devices, mobile apps, patient portals, electronic medical records, and big data analytics are made possible by the cloud. It offers hassle-free flexibility and scalability, which enhances the final decision-making process.

The global healthcare cloud computing market is estimated to be valued at US$ 54,385.9 million in 2022 and is expected to exhibit a CAGR of 15.6 % during the forecast period (2022-2030).

Figure 1. Global Healthcare Cloud Computing Market Share (%), by Offerings, 2022

Healthcare Cloud Computing  | Coherent Market Insights

Global Healthcare Cloud Computing Market: Drivers

Increasing product launches or approvals are expected to drive the growth of the global healthcare cloud computing market.

Key players operating in this market are involved in adopting organic strategies such as product launches or approvals. The increasing launches of cloud-based imaging systems and cloud-based software used in healthcare applications is expected to drive the global healthcare cloud computing market growth in the near future. For instance, in November 2021, Change Healthcare, a leading healthcare technology company, announced the launch of Stratus Imaging PACS, a cloud-native, zero-footprint picture archiving and communication system (PACS). In February 2019, JIUN Corporation, a company focused on developing medical care solutions, announced the launch of SonicDICOM PACS Cloud, a cloud-based medical image management system. Any computer or tablet with an internet connection can examine medical images stored in the cloud from anywhere in the globe by going to a specific uniform resource locator with the help of SonicDICOM PACS Cloud.

Figure 2. Global Healthcare Cloud Computing Market Share (%), by Region, 2022

Healthcare Cloud Computing  | Coherent Market Insights

The increasing use of telehealth services is expected to drive the global healthcare cloud computing market growth during the forecast period.

The increasing use of telehealth services and funding by healthcare organizations for diagnosis and treatment is expected to create opportunities for cloud computing adoption and drive the global healthcare cloud computing market growth. For instance, in May 2022, the Department of Health and Human Services (HHS), a branch of the U.S. government, provided US$ 16.3 million in grant funding to 31 grantees to improve and extend the telehealth infrastructure and capacity of Title X family planning clinics in 26 states in U.S. Title X is the only government grant program completely committed to providing comprehensive family planning and related preventive health services to individuals in communities across the U.S.

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Healthcare Cloud Computing Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2022: US$ 54,385.9 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 15.6% 2030 Value Projection: US$ 173,886.3 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Cloud Deployment: Public, Private, Hybrid
  • By Offerings: Services (Platform as a service (Paas), Infrastructure as a service (Iaas), Software as a service (Saas)), Hardware
  • By Application: Clinical Information System, Non-clinical Information System
  • By End User: Healthcare Providers, Healthcare Payers
Companies covered:

IBM Corporation, Athenahealth, Siemens Healthcare GmbH, Koninklijke Philips NV, Allscripts Healthcare Solutions, Fujifilm Holdings, General Electric Company, AGFA Healthcare, Carestream Health, Inc., and Carecloud Corporation

Growth Drivers:
  • Increasing product launches or approvals
  • Increasing use of telehealth services
Restraints & Challenges:
  • Limitations associated with healthcare cloud computing

Global Healthcare Cloud Computing Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 can affect the economy in three main ways: by directly affecting the production and demand for drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the UAE, Egypt, and others, are facing problems with regard to the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global healthcare cloud computing market. Cloud computing in healthcare involves the utilization of remote servers via the internet. It facilitates the handling, processing, and storage of medical data. Cloud storage makes it simple for medical professionals and institutions to use web servers to safely store a vast amount of data. During the COVID-19 crisis, cloud computing has helped in facilitating collaboration, communication, and critical internet services. Thus, cloud computing is crucial to tackling the difficulty of working from home effectively. The aforementioned benefits of cloud computing in healthcare are expected to have a slightly positive impact on the global healthcare cloud computing market over the forecast period. Particularly in the healthcare sector, where data is currently the main asset, the cost of data storage and management makes it necessary to purchase more expensive servers, which raises the overall costs of healthcare services. Due to its scalability, cloud computing is cost efficient and enables hassle-free data backup and storage. One can also scale back during busy days with the help of the cloud.

Additionally, due to the widespread use of video conferencing and phone calls for consultations by healthcare practitioners during the pandemic, this market is anticipated to witness significant growth over the forecast period. Moreover, patients with minor symptoms of COVID-19 are required by the social isolation policies to choose remote consultation.

Global Healthcare Cloud Computing Market: Key Developments

In July 2022, Let's Talk Interactive, Inc., a provider of adaptable telehealth services, entered into a partnership with Amazon Web Services (AWS). Let's Talk Interactive launched its telemedicine solutions in 2021 on AWS as an active participant in the Public Sector Partner (PSP) Program of AWS. Let's Talk Interactive now offers telehealth software solutions on the AWS Marketplace, an online store for software, data, and services that makes it simple to browse, test, purchase, and deploy software and data items that work with AWS. AWS offers complete and widely used cloud solutions.

In March 2022, Babylon Health, a healthcare service provider, added Google Cloud to the roaster of suppliers that make up its hybrid cloud infrastructure that enables its business to scale globally.

In April 2021, IBM, a U.S.-based multinational technology corporation, announced significant innovations to its storage portfolio that are intended to enhance access to and administration of data across complicated hybrid cloud environments for improved data availability and resilience. Additionally, IBM announced updates to its IBM Elastic Storage System (ESS). The updated model ESS 5000 delivers 10% greater storage capacity, and the new ESS 3200 offers double the read performance of its forerunner.

Global Healthcare Cloud Computing Market: Restraint

The major factor that hinders the growth of the global healthcare cloud computing market is the limitations associated with healthcare cloud computing. Factors such as privacy and security-related issues and workflow issues are expected to hinder the global healthcare cloud computing market growth over the forecast period. According to the Journal of Medicine and Life, 2021, the primary issues in cloud security include data security, as well as information confidentiality and network security. Individuals doing unethical activities may endanger data security. With the introduction of wireless sensor networks, the number of network security concerns has quickly expanded. As a result, network security in cloud infrastructure has become an issue for companies. Furthermore, according to HIPAA Journal 2020, 80% of cloud service companies have experienced at least one cloud data breach from 2018 to 2020 worldwide, with cloud misconfigurations being the most common reason.

Key Players

Major players operating in the global healthcare cloud computing market include IBM Corporation, Athenahealth, Siemens Healthcare GmbH, Koninklijke Philips NV, Allscripts Healthcare Solutions, Fujifilm Holdings, General Electric Company, AGFA Healthcare, Carestream Health, Inc., and Carecloud Corporation

Healthcare cloud computing is set up with remote computers that can be accessed online to analyze, manage, and store healthcare-related data. The healthcare sector benefits from cloud computing's global remote access, automated backups, and quick recovery. In order to guard against illegal access, the majority of cloud service providers also provide risk management and monitoring services. These are some advantages of cloud computing in the medical field. Healthcare firms benefit from a special combination of security, data-sharing options, and scalability owing to cloud computing.

It is significantly more secure than hosting data on personal PCs and more affordable than on-site data centers. Due to various benefits of cloud computing, its demand has increased and this is expected to drive the global healthcare cloud computing market growth over the forecast period. For instance, according to Koninklijke Philips N.V., a health technology company, in 2021, the adoption of platform-based IT models is on the rise. In 2028, 30% of global economic activity is expected to be driven by digital platforms.

Cloud-based solutions may safely break down data silos and release data that is useful to both patient and the provider, whether it be imaging or diagnostic data, data from patient monitors inside the hospital, or data from remote monitoring systems outside of its limits. A data silo is a collection of data kept by one department inside an organization that is not readily or completely accessible by other organizations. Moreover, due to financial constraints, healthcare institutions must maximize current resources and minimize their expenditures. A growing number of healthcare CIOs (chief information officers) are considering Software-as-a-Service (SaaS) model for their healthcare IT solutions rather than the conventional model where a hospital may buy and own technology completely.

Market Dynamics

Market players are launching cloud-based platforms for telehealth services, which is expected to drive the global healthcare cloud computing market growth over the forecast period. For instance, in May 2020, Microsoft, a multinational technology business based in the U.S., launched its first industry-specific cloud product, Microsoft Cloud for Healthcare. The platform's features including data analytics and expanded telehealth capabilities are intended to assist doctors in improving patient engagement and cooperation among health teams.

Key features of the study:

  • This report provides an in-depth analysis of the global healthcare cloud computing market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global healthcare cloud computing market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include IBM Corporation, Athenahealth, Siemens Healthcare GmbH, Koninklijke Philips NV, Allscripts Healthcare Solutions, Fujifilm Holdings, General Electric Company, AGFA Healthcare, Carestream Health, Inc., and Carecloud Corporation.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global healthcare cloud computing market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global healthcare cloud computing market

Detailed Segmentation:

  • Global Healthcare Cloud Computing Market, By Cloud Deployment:
    • Public
    • Private
    • Hybrid
  • Global Healthcare Cloud Computing Market, By Offerings:
    • Services
      • Platform as a service (Paas)
      • Infrastructure as a service (Iaas)
      • Software as a service (Saas)
    • Hardware
  • Global Healthcare Cloud Computing Market, By Application:
    • Clinical Information System
    • Non-clinical Information System
  • Global Healthcare Cloud Computing Market, By End User:
    • Healthcare Providers
    • Healthcare Payers
  • Global Healthcare Cloud Computing Market, By Region:
    • North America
      • By Country
        • U.S.
        • Canada
    • Latin America
      • By Country
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Country
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Country
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Country
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Region/Country
        • South Africa
        • Central Africa
        • North Africa
  • Company Profiles
    • IBM Corporation
      • Company Highlights
      • Products Portfolio
      • Key Highlights
      • Financial Performance
      • Strategies
    • Athenahealth
    • Siemens Healthcare GmbH
    • Koninklijke Philips NV
    • Allscripts Healthcare Solutions
    • Fujifilm Holdings
    • General Electric Company
    • AGFA Healthcare
    • Carestream Health, Inc.
    • Carecloud Corporation

 “*” marked represents similar segmentation in other categories in the respective section.

Frequently Asked Questions

The global healthcare cloud computing market size is estimated to be valued at US$ 54,385.9 million in 2022 and is expected to exhibit a CAGR of 15.6% between 2022 and 2030.
Factors such as increasing product launches or approvals and increasing use of telehealth services are expected to drive the market growth.
Services is the leading offerings segment in the market.
The major factor hampering the market growth include the limitations associated with healthcare cloud computing.
Major players operating in the market include IBM Corporation, Athenahealth, Siemens Healthcare GmbH, Koninklijke Philips NV, Allscripts Healthcare Solutions, Fujifilm Holdings, General Electric Company, AGFA Healthcare, Carestream Health, Inc., and Carecloud Corporation.

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