Healthcare Cloud Computing Market Growth – at a CAGR of 17.9% During Forecast Period 2020-2028
Rapid adoption of cloud computing technology in healthcare and growing demand for faster and cost-effective healthcare services are some key factors expected to drive market revenue growth over the forecast period
According to Emergen Research, the global healthcare cloud computing market size was USD 30.53 billion in 2020 and is expected to reach USD 106.65 billion in 2028 and register a revenue CAGR of 17.9% during the forecast period, 2021-2028.
Market Dynamics:
Revenue growth of the global healthcare cloud computing market is primarily attributed to factors such as rising prevalence of chronic and acute diseases worldwide, growing patient pool, substantially growing demand for efficient patient data management tools, and rapid adoption of cloud-based healthcare IT (HCIT) solutions by healthcare providers. Other major factors expected to drive market revenue growth over the forecast period are rapid digitization in the healthcare sector to improve the patient care delivery process, rising focus on integrating emerging technologies such as the Internet of Things (IoT) and big data analytics in healthcare, and growing use of healthcare cloud computing solutions due to benefits such as easier access to patient data & information via secured networks, ease of interoperability, patient’s ownership of data, telemedicine capabilities, optimized healthcare workflow, reduced costs, and enhanced patient outcomes.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Software-as-a-Service (SaaS) Segment Accounted for Largest Revenue Share in 2020:
The Software-as-a-Service (SaaS) segment dominated other segments in terms of revenue share in the global market in 2020. Growing significance of software-as-a-service in the healthcare sector, rapid integration of big data analytics and the Internet of Things, and increasing use of wearable devices are some key factors expected to drive revenue growth of this segment over the forecast period.
Healthcare Providers Segment to Account for Fastest Revenue CAGR:
The healthcare providers segment is projected to register the fastest revenue growth rate in the global market over the forecast period. Growing demand for healthcare cloud computing solutions among healthcare providers including hospitals, rising prevalence of chronic and acute health conditions, growing rate of hospital admissions, and rapidly advancing healthcare infrastructure are some major factors expected to contribute to revenue growth of this segment.
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North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America healthcare cloud computing market accounted for largest revenue share in the global market in 2020. Growing rate of hospital admissions, rising patient pool, increasing volumes of patient data, and growing need for healthcare cloud computing solutions for easier access to patient data, interoperability, optimized healthcare workflow, and enhanced patient outcomes are key factors expected to contribute to revenue growth of the market in the region. In addition, presence of leading market players in the region, including Microsoft Corporation, Cisco Systems Inc., and Salesforce.com, Inc., is another key factor expected to fuel revenue growth of the North America market.
Major Companies in the Global Healthcare Cloud Computing Market Include:
- Koninklijke Philips NV
- Microsoft Corporation
- Cisco Systems Inc.
- Infosys Limited
- Omnicell, Inc.
- CitiusTech Inc.
- Salesforce.com, Inc.
- Sectra AB
- Allscripts Healthcare Solutions, Inc.
- International Business Machines Corporation (IBM)
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For the purpose of this report, Emergen Research has segmented the global healthcare cloud computing market based on cloud type, service, application, price model, end-use, and region:
Cloud Type Outlook (Revenue, USD Billion; 2018-2028)
- Hybrid Cloud
- Private Cloud
- Public Cloud
Service Outlook (Revenue, USD Billion; 2018-2028)
- Platform-as-a-Service (PaaS)
- Infrastructure-as-a-Service (IaaS)
- Software-as-a-Service (SaaS)
Application Outlook (Revenue, USD Billion; 2018-2028)
- Non-clinical Information Systems
- Clinical Information Systems
Price Model Outlook (Revenue, USD Billion; 2018-2028)
- Pay-as-you-go
- Spot Pricing
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Healthcare Payers
- Healthcare Providers
Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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