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The technological advancements & increasing healthcare expenditure have channelized the growth of the volume of information to be saved and managed. This, in turn, has augmented the need of automating data gathering and storing cloud computing & cutting-edge analytical tools for enhanced operational efficiency.
Healthcare cloud computing in this domain is a process of storing, managing, and processing the data, collected from various locations, and delivering the required services via the internet. It offers flexibility to control data scalability, mass storage in hospitals, clinics of clinical statistics, faster access to digital health records, increased real-time data collection and improved accessibility of data. Consequently, it is replacing the conventional paper healthcare system by providing more speed and efficiency in data handling and management.
Cloud computing also plays a vital role in patient billing via protected portals and abundant control and also reduces capital expenditure which is associated with conventional mode of billing practices. The global healthcare cloud computing market is expected to grow at a tremendous CAGR in the next few years.
The growth of healthcare cloud computing market is attributed towards major relying factors including; the growing demand for integrated information systems majorly due to increase in the prevalence of chronic diseases and the aging population, the consistent technological upgradation in healthcare industry, the proliferation of high-speed internet and implementation of favorable regulatory acts, the increasing focus on healthcare digitization and increasing deployment of cloud-based HCIT solutions by healthcare providers to improve the care process, growing investment from healthcare players and government organizations and increasing public awareness regarding availability of technologically upgraded healthcare cloud computing software in developed economies etc.
Additionally, the growth in this market can be accounted to the increasing penetration of healthcare informatics. With that said, the launch of supportive reforms and government programs such as the Patient Protection and Affordable Care Act (PPACA), etc. would prove beneficial in fueling the demand for healthcare cloud computing in the near future.
Moreover, cloud computing technology is tremendously employed in remote patient monitoring. Healthcare cloud computing also provides easy access to patient data that helps healthcare professionals to make precise decisions. Besides the above-mentioned factors, adoption of cloud computing software is high as it improves hospital administration and enables fraud prevention which boosts the market growth. Furthermore, the increasing adoption of Internet of Things (IoT) along with use of block chain technology in the health cloud, and the emergence of telecloud has accelerated the integration of cloud computing in the healthcare sector.
However, due to COVID -19, market growth slowed down in 2020. The effect is supposed to be seen until 2021; but, by the latter half of 2021, the market will begin to cover the declines and scale up further.
Also, the high installation and maintenance cost, data security issues, data privacy, data portability complications, rising number of cloud data breaches, issues related to interoperability & standardization of cloud migration towards legacy systems are a few factors hampering the growth of the market.
HEALTHCARE CLOUD COMPUTING MARKET SEGMENTATION:
By Product Type:
By Deployment Model:
By Pricing Model:
By Service Model:
By End users:
The North American region is accounted for the largest share in the healthcare cloud computing market owing to the continuous technological advancements in the healthcare cloud computing solution, the high adoption rate of healthcare IT services and continuous support, financially and otherwise, from the government agencies and others, the increasing adoption of electronic health records (EHRs) among medical professionals, active participation by private sector players in industrial development. The U.S is the leading contributor in the region.
The European region is the second largest regional market in this sector and is expected to maintain this position in the next few years. The growth in the region is attributed to the growing geriatric population susceptible to several diseases, the increasing awareness regarding availability of superior quality healthcare cloud computing solutions in the region and the presence of key industry players in the region along with several other related factors.
The Asia Pacific region is anticipated to be the fastest growing regional market for healthcare cloud computing sector. This can be attributed to the growing populace in various countries in the region, large volumes of patient data generated as a result of the growing disease burden in the region, the various government initiatives focusing on healthcare digitization, increase in telehealth and virtual care delivery options in the region and the increasing investments for modernization of the country’s healthcare infrastructure in the region etc. The major contributing economies in the region include India, Japan and China.
FEW KEY PLAYERS IN HEALTHCARE CLOUD COMPUTING MARKET:
Timeline Considered for Analysis:
- 2019: Base Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global healthcare cloud computing market by the following segments:
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Key Questions Answered in the Global healthcare cloud computing Industry Report
The report offers a comprehensive insight on the Healthcare Cloud Computing Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.