Overview of this Study:

This study involved the four major activities in estimating the size of the Cloud Computing in Healthcare IT Market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market.

The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. The bottom-up approach was employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.

Expected Revenue Surge:

The market for healthcare cloud computing is expected to grow from USD 28.1 billion in 2020 to USD 64.7 billion by 2025, at a CAGR of 18.1% during the forecast period. Growth in the healthcare cloud computing market can be attributed to factors such as technological upgradation in healthcare industry, increasing focus on healthcare digitization and increasing deployment of cloud-based HCIT solutions by healthcare providers to improve the care process.

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Restrains: Data security and privacy concerns

A major concern related to cloud solutions is that the data hosted by vendors is not as secure as data stored on-premise. Patient information is considered sensitive, and a high degree of privacy needs to be maintained so that this information is accessible to authorized users only. Though the cloud offers various benefits and security measures, the data stored on the cloud is still prone to cyber-attacks. With the increasing volume of patient data and rising initiatives towards digital transformation in healthcare, data security and privacy concerns are increasing rapidly.

Moreover, patients themselves are concerned about the security of their data, which adds to the necessity of maintaining security standards for data protection. Public clouds face similar security issues as traditional IT systems and are thus not preferred. Although private clouds offer more secure access protocols and systems, the healthcare industry is still skeptical about the data security of a private cloud.

Opportunities: Emergence of the telecloud

The convergence of wireless technology and the cloud is proving to be a very strong mechanism for patient care delivery to remote locations. In several countries, most physicians and specialists work in metros and cities. Hence, advanced care facilities are only available in such places, leaving patients in rural areas unattended.

This problem can be addressed through the use of a telecloud, as it enables physicians and healthcare specialists to diagnose and treat patients over large distances in real-time and at affordable costs. With the rising awareness of telehealth among healthcare providers, the adoption of the telecloud is expected to increase in several countries and thereby offer potential growth opportunities to players operating in the healthcare cloud computing market.

Increasing demand for clinical and non-clinical information systems to drive the market growth

On the basis of product, the healthcare cloud computing market is broadly segmented into healthcare provider solutions and healthcare payer solutions. The healthcare provider solutions segment that comprises clinical information systems (CIS) and nonclinical information systems (NCIS) is expected to grow at the highest rate during the forecast period. The high growth rate of this segment can be attributed to the surge in demand for cloud-based CIS and NCIS solutions owing to its benefits, such as on-demand storage, smooth integration of applications, effective migration strategies, compliance, data control, and security.

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Asia Pacific to emerge as a potential market for healthcare cloud computing solutions

The global Cloud Computing in Healthcare IT Market has been categorized on the basis of four major regional segments—North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to grow at the highest CAGR during the forecast period. The changing demographics in highly populous countries such as China and India, large volumes of patient data generated as a result of the growing disease burden in the region and various government initiatives focusing on healthcare digitization are driving the growth of the healthcare cloud computing market in the Asia Pacific.

In addition, the current outbreak of COVID-19 in the region has resulted in the increased patient pool, leading to subsequent increase in telehealth and virtual care delivery options. Increasing investments for modernization of the country’s healthcare infrastructure is thus, expected to fuel the growth of the healthcare cloud computing market in the APAC region.

Key Players:

IBM (US), athenahealth (US), Siemens Healthineers (Germany), Koninklijke Philips NV (Netherlands), Allscripts Healthcare Solutions (US), Fujifilm Holdings (Japan), GE Healthcare (US), are some of the leading players of the healthcare cloud computing market.

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