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Press Release: Cloud Computing Market in Healthcare Industry to Reach US$ 40,188.3 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Information Technology (IT) sector supports the healthcare industry mainly in two processes:
These processes generate loads of patient related information and other data such as images, bills, records and more. IT and computing helps the healthcare industry manage this data efficiently. The drug manufacturing process is an important system of the pharmaceutical industry where novel drugs are discovered through research and development (R&D). IT systems support secured and error free organizing, storage, processing and sharing of tons of data across regions, users and applications becomes mandatory. Cloud computing has evolved as a cost effective solution that caters to all the requirements of drug manufacturing and other processes of the pharmaceutical industry.
The global cloud computing market in healthcare industry is estimated to account for US$ 10,045.0 Mn by 2020 in terms of value and is expected to reach US$ 40,188.3 Mn by the end of 2027.
Global Cloud Computing Market in Healthcare Industry: Drivers
Adoption of unified database in the healthcare industry is expected to propel growth of the global cloud computing market in healthcare industry over the forecast period. For instance, in August 2018, the government of Dubai, announced to launch a unified database that will link the complete medical data of citizens, giving all doctors access to data from hospital visits and lab tests from any healthcare center.
Moreover, increasing healthcare spending is also expected to boost demand for computing market in healthcare industry. For instance, according to the Centers for Medicare & Medicaid Services (CMS), health spending in the U.S. is projected to grow at an average rate of 5.5 percent per year for 2018-27 and to reach nearly US$ 6.0 trillion by 2027.
IaaS held dominant position in the global cloud computing market in healthcare industry in 2019, accounting for 80.8% share in terms of value, followed by PaaS and SaaS, respectively.
Figure 1. Global Cloud Computing Market in Healthcare Industry Share (%), by Value, by Service Model, 2019
Global Cloud Computing Market in Healthcare Industry: Restraints
High cost of cloud computing services is expected to hinder growth of the global cloud computing market in healthcare industry. Cloud computing is considered a revolution in the healthcare IT industry. Cloud solutions are cost effective for an organization, which has multiple users across multiple locations with large amounts of data. However, the same is not true for small to medium scale organizations.
Moreover, cloud computing in the healthcare industry also faces issues with control and visibility, availability, and data security. Such scenario is also expected to limit the market growth.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 8,258.1 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 21.9% | 2027 Value Projection: | US$ 40,188.3 Mn |
| Geographies covered: |
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| Companies covered: |
Carecloud Corporation, Cleardata Networks, Carestream Health, Inc., AGFA Healthcare, Cisco Systems, Inc., Merge Healthcare, Inc., IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, Topcon Corporation, AdvancedMD, RxSafe, LLC, Ambra Health, Sectra, and MedShift |
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| Restraints & Challenges: |
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Global Cloud Computing Market in Healthcare Industry: Opportunities
Emergence of Covid-19 is expected to offer lucrative growth opportunities for players in the global cloud computing market in healthcare industry. For instance, globally, as of 2:48pm CEST, 1 September 2020, there have been 25,327,098 confirmed cases of COVID-19, including 848,255 deaths, reported to the World Health Organization.
Moreover, increasing adoption of telehealth services is also expected to boost demand for cloud computing market in healthcare industry. For instance, in early March 2020, the Cleveland Clinic, U.S. reported “a fifteen-fold increase in telehealth visits” over the course of just one week.
The global cloud computing market in healthcare industry was valued at US$ 8,258.1 Mn in 2019 and is forecast to reach a value of US$ 40,188.3 Mn by 2027 at a CAGR of 21.9% between 2020 and 2027.
Figure 2. Global Cloud Computing Market in Healthcare Industry Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027
Market Trends/Key Takeaways
Major players in the global cloud computing market in healthcare industry are focused on offering limited free storage services to enhance their market share. For instance, in December 2018, Topcon Medical Systems began offering 20GB of free storage on the new Topcon Cloud platform for its OCT product line.
Major players in the market are also focused on adopting M&A strategies to enhance their market share. For instance, in July 2018, AdvancedMD acquired U.S.-based healthcare software as a service company, Nuesoft Technologies, in order to expand its cloud network of practitioners and physicians that utilize end-to-end workflow automation.
Global Cloud Computing Market in Healthcare Industry: Competitive Landscape
Major players operating in the global cloud computing market in healthcare industry include, Carecloud Corporation, Cleardata Networks, Carestream Health, Inc., AGFA Healthcare, Cisco Systems, Inc., Merge Healthcare, Inc., IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, Topcon Corporation, AdvancedMD, RxSafe, LLC, Ambra Health, Sectra, and MedShift.
Global Cloud Computing Market in Healthcare Industry: Key Developments
Major players in the global cloud computing market in healthcare industry are focused on launching new services to expand their product portfolio. For instance, in February 2018, RxSafe, LLC launched RxCloud Analytics, which offers 24/7 cloud-based analytics to independent pharmacy owners using the RxSafe 1800 system.
Major players in the global cloud computing market in healthcare industry are also focused on adopting partnership strategies to expand their product portfolio. For instance, in March 2020, Ambra Health, a provider of cloud-based medical image management suite, partnered with Perspectum Diagnostics, a developer of medical image analysis technologies, under which Perspectum's flagship product LiverMultiScan will leverage Ambra Health's Cloud PACS to enable anytime, anywhere access to images
Cloud computing, often referred to as ‘the cloud’, is a method to store and access the data and programs over the internet. The cloud computing is the delivery of computing resources over the internet on a pay-for-use basis. The resources which are used are elastic and the user pay for the services procured. Cloud computing helps the healthcare industry in numerous ways such as it allows professionals to store and access data remotely, it provides the great reach during the times of disaster so that the professionals can reach to the required places, it provides and holds more information at a lower cost, and clouding helps to share and store data, which helps to speed up the medical research.
Restraints of the Global Cloud Computing Market in Healthcare Industry Market
Major factors hampering the growth of the cloud computing market in healthcare industry market during the forecast period constitutes of low adoption of internet in some emerging economies.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 35 market data tables and 24 figures on “Cloud Computing in Healthcare Industry Market – Global forecast to 2027.
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