Healthcare Cloud Computing Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

Published Date : Jan 2021 | No. of Pages : 250 Pages | Category : Healthcare

The global Healthcare Cloud Computing market size is expected to be worth around US$ 27.10 billion by 2028, according to a new report by Vision Research Reports.

The global Healthcare Cloud Computing market size was valued at US$ 10.9 billion in 2020 and is anticipated to grow at a CAGR of 11.13% during forecast period 2021 to 2028.

Growth Factors

The associated benefits of data analytics and increase in demand for flexible & scalable data storage by healthcare professionals is expected to drive the demand for these services over the forecast period.

Healthcare organizations are digitalizing their IT infrastructure and deploying cloud servers to improve features of systems. These solutions help organizations in reducing infrastructure cost & interoperability issues and aid in complying with regulatory standards. Hence, rising demand from health professionals to curb IT infrastructure costs and limit space usage are anticipated to boost market growth over the forecast period.

Increase in government initiatives undertaken to develop and deploy IT systems in this industry is one of the key drivers of this market. Moreover, increase in partnerships between private & public players and presence of a large number of players offering customized solutions are some of the factors anticipated to drive demand in the coming years.

Report Highlights

Non-clinical information systems accounted for a major revenue share of the application segment in 2020, owing to the higher penetration of cloud computing services for various applications including revenue cycle management, healthcare information exchange, fraud management, supply chain management, billing & accounts management, and financial management.

The clinical information systems are expected to witness lucrative growth over the forecast period, owing to increasing demand for applications, such as electronic medical records, telehealth, laboratory information systems, etc. Increasing prevalence of chronic diseases creates the need for storage of a large amount of clinical information data. This has resulted in high demand for clinical information systems by medical professionals.

The data collected by healthcare providers through (EHRs), radio images, insurance claims, pharmacy sales, prescriptions, lab tests, wearables, and IoT-enabled devices are managed through these systems. The data helps stakeholders, like hospitals, laboratories, and companies generate meaningful insights. Cloud computing in hospitals and laboratories helps in reducing the cost associated with IT infrastructure. The aforementioned factors are anticipated to boost demand in the coming years.

The deployment model is categorized into private, hybrid, and public, based on the proprietorship, size, nature, and purpose. The private model, also is known as “Internal Cloud,” is a secured platform that only provides access to authorized users. This model is highly secured and controlled by the organization. Hence, this segment is accounted for the largest revenue share as of 2018. The public model is a cloud hosting platform that provides clients access to systems and services. Companies like Amazon, Microsoft, IBM, etc., provide these types of services.

Hybrid cloud is an integration of public and private deployment model. This segment is expected to witness lucrative growth. Growing demand for cloud servers, including hybrid and multi-cloud services, when compared to on-premise servers in the healthcare industry, is one of the key factors highlighting storage requirements in this industry. As per various industry reports, in 2018, nearly half of the major enterprises had some form of hybrid cloud deployment.

Software as a Service (SaaS) segment accounted for over 45.00% revenue share in 2018 due to the high adoption of this model in clinical settings. SaaS includes services ranging from inventory control to web-based email and database processing. The service provider basically has both data & application and the end-user can use the service anywhere, anytime.

The infrastructure-as-a-Service (IaaS) model is anticipated to register lucrative CAGR over the forecast period due to its benefits. It helps simplify application development and deployment on the cloud.

The pay-as-you-go and spot pricing are the two pricing models. The pay-as-you-go model is usually connected with SaaS providers. The Pay-as-you-go app provides the latest software solutions at minimum cost. These benefits of using pay-as-you-go can be attributed to its lucrative growth over the forecast period.

Spot pricing is considered a remarkable supplement for other pricing model. It is different from the forward or future price methods, as it is based on buying and selling of assets for immediate payment and delivery. Moreover, the study of SLR shows that consumers as well as providers are still hesitant to enter into spot pricing due to lack of practical and easily deployable market-driven mechanisms.

Healthcare providers held a dominant share in 2018. An increasing number of hospital connections over the cloud has positively impacted the demand for the SaaS model. The benefits of these systems such as off-site data storage to save space and outsourcing of IT solutions from hosting vendors eliminate the need for in-house IT staff, which is expected to fuel market demand over the forecast period.

The providers segment is also expected to witness the fastest CAGR in the next 7 years due to increasing adoption, as cloud computing offers flexibility, scalability, and improved data storage. Advancements in technology allow pharmacists to choose data management solutions in order to track historical data related to payment and drugs sold to patients. These factors are expected to contribute to the growing demand from healthcare players in the coming years.

North America dominated the overall healthcare cloud computing market with a revenue share of 55.0%. Growing adoption of EHRs and expanding applications of analytical IT solutions in health management to streamline workflow as well as improve the efficiency of processes are among key factors that can be attributed to the high revenue share. In addition, advancements in healthcare IT infrastructure and the rise in IT initiatives by public and private players are also positively impacting the market growth.

Asia Pacific is anticipated to be the fastest-growing market with a CAGR of 13.10%, with economies such as India, China, and Japan presenting lucrative opportunities. Growth in the geriatric population, the increase in chronic disease burden, and the presence of initiatives supporting the adoption of integrated health systems are among factors boosting the market. Improving healthcare infrastructure in this region, with growing usage of IT solutions in the medical field, is expected to drive the market.

Key Players

CareCloud Corporation; Athenahealth; ClearData Networks, Inc.; Cerner Corporation; Epic Systems Corporation; NextGen Healthcare; Carestream Corporation; Dell, Inc.; DICOM Grid, Inc.; INFINITT Healthcare; Sectra AB; Merge Healthcare, Inc.; Siemens Healthineers; iTelagen, Inc.; NTT DATA Corporation; Nuance Communications; and Ambra Health.

Market Segmentation

  • Application Outlook

    • Clinical Information Systems

      • Electronic Medical Records

      • PACS, VNA, and Image Sharing Solutions

      • Population Health Management

      • Telehealth

      • Laboratory Information Management Systems

      • Pharmacy Information Systems

      • Radiology Information Systems

      • Other CIS

    • Non-Clinical Information Systems

      • Revenue Cycle Management

      • Billing and Accounts Management

      • Financial Management

      • Healthcare Information Exchange

      • Fraud Management

      • Supply Chain Management

      • Other NCIS

  • Deployment Outlook

    • Private cloud

    • Hybrid cloud

    • Public cloud

  • Service Model Outlook

    • Software-as-a-service

    • Infrastructure-as-a-service

    • Platform-as-a-service

  • Pricing Model Outlook

    • Pay-as-you-go

    • Spot Pricing

  • End-use Outlook 

    • Healthcare Providers

    • Healthcare Payers

  • Regional Outlook 

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

      • Netherlands

      • Sweden

      • Denmark

      • Russia

    • Asia Pacific

      • Japan

      • China

      • Australia

      • India

      • Singapore

    • Central & South America

      • Brazil

      • Argentina

      • Chile

    • Middle East & Africa

      • South Africa

      • Kingdom of Saudi Arabia

The Healthcare Cloud Computing market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Healthcare Cloud Computing market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Healthcare Cloud Computing market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Healthcare Cloud Computing market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Healthcare Cloud Computing market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Healthcare Cloud Computing capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Healthcare Cloud Computing by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Healthcare Cloud Computing market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Healthcare Cloud Computing market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Healthcare Cloud Computing market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Healthcare Cloud Computing industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Healthcare Cloud Computing market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Healthcare Cloud Computing market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Healthcare Cloud Computing market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Healthcare Cloud Computing market. These factors have benefited the growth of the global market for Healthcare Cloud Computing. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Healthcare Cloud Computing. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Healthcare Cloud Computing are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market

To strategically profile the key players and comprehensively analyze their growth strategies.

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