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Healthcare Cloud Computing Market to Reach USD55 BN by 2025

The Healthcare Cloud Computing Market is set to grow from its current market value of more than $20 billion to over $55 billion by 2025; as reported in the latest study by Global Market Insights.

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 cloud computing technique provides IT facilities to retrieve assets from the internet by using web-based tools and applications. It offers easy access to servers, storage, 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 & clinics and quicker accessibility to digital medical records.

Technological advancements in healthcare industry along with increasing healthcare expenditure will further catalyze the healthcare cloud computing market growth. The growing need for deployment of cloud computing in healthcare and cutting-edge analytical tools for better operational efficiency will favor business growth. Furthermore, numerous government initiatives pertaining to the adoption of cloud computing will create growth avenues for industry players.

Healthcare Cloud Computing Market

Healthcare Cloud Computing Market

Clinical information systems segment accounted for over 62% 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.

Private cloud segment of healthcare cloud computing market is anticipated to witness around 15.7% 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 single organization and offer more control over data storage and its accessibility to users thus should boost business growth.

Hospitals segment held more than 22% revenue share in 2018 owing to increasing number of patient visits in hospital. Rising prevalence of chronic diseases and 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.

U.S. Healthcare Cloud Computing Market Size, By Application, 2018 & 2025 (USD Million)

U.S. Healthcare Cloud Computing Market

North America healthcare cloud computing market accounted for over USD 8.5 billion in 2018 and is estimated to show similar trend in upcoming years. Increasing healthcare expenditure in the region coupled with adoption of technologically advanced solutions will drive regional growth. Moreover, growing demand for EHRs among medical professionals as well as active involvement of private sector players in development of healthcare industry will boost North America healthcare cloud computing industry growth over the forecast period.

Some of the prominent industry players operating in 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, merger as well as new product launch to sustain market competition.

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Jyoti Gazmer

A Mass Comm. graduate believes strongly in the power of words. A book lover who dreams to own a library some day. An introvert but will become your closest friend if you share mutual feelings about COFFEE. I prefer having more puppies over humans.

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