The new report by Expert Market Research titled, ‘Global Healthcare Cloud Computing Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the global healthcare cloud computing market, assessing the market based on its segments like application, service, deployment, end-use and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): USD 12.56 Billion
• Forecast CAGR (2021-2026): 12.1%
A wide variety of internal sources such as electronic medical records (ESR), radiological images, pharmacy sales, prescriptions, laboratory tests, and insurance claims data are being generated and collected by healthcare providers. The volume of these digital data is growing exponentially each year, mainly because of changes in the payer environment, such as incentives to use EHRs meaningfully and changes in value-based payments. Effective data management requires considerable computer power and IT bandwidth. Therefore, healthcare providers need to invest more in IT infrastructure by increasing the data volume in the on-site data storage. Consequently, on-site stocking is not considered a viable alternative for storing a large volume of medical data. On the other hand, cloud computing provides large storage and processing power for all big data operations. In addition, cloud-based analytical instruments help providers better manage patients through the transformation of health information into actionable insights, thus driving the healthcare cloud computing market.
Industry Definition and Major Segments
A health care cloud is a cloud computing service that health care professionals utilise to store, manage, and back up personal health information (PHI). Cloud computing in healthcare improves business efficiency while lowering costs. Cloud computing simplifies and secures medical data exchange, automates back-end processes, and even helps develop and maintain telehealth apps.
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The healthcare cloud computing industry on the basis of application, is clinical information systems(CIS), non-medical information systems(NCIS). Further, the market for a clinical information system is divided into electronic healthcare records (EHR), picture archiving and communication systems (PACS), radiology information systems(RIS), computerized physician order entry(CPOE), pharmacy information systems(PIS), and others. The market for non-clinical information systems(NCIS) is further bifurcated into revenue cycle management(RCM), automatic patient billing(APB), payroll management system, claims management, cost accounting, among others. The healthcare cloud computing industry is divided on the basis of service into software-as-a-service(SaaS), infrastructure-as-a-service(IaaS), platform-as-a-service(PaaS). Based on deployment, the industry is fragmented into private cloud, public cloud, and hybrid cloud. The segmentation of the market based on end is healthcare providers and healthcare payers.
The convergence of wireless and cloud technology is a powerful tool for providing care to remote sites. Most doctors and specialists work in metros and cities in several countries. Hence, only in such places are advanced care facilities available, leaving patients unexpected in rural areas. This problem can be addressed by using a tele-cloud, making it possible to diagnose and process patients in real-time and at an affordable cost over long distances. With a growing knowledge of telehealth among healthcare providers, tele-cloud adoption in several countries is projected to increase and provide players in the medical cloud computing market with potential growth opportunities.
Key Market Players
The major players in the market are Amazon Web Services Inc., The athenahealth, Inc., CareCloud Corporation, Carestream Health [Onex Corporation], ClearDATA, Dell, IBM Corporation, Iron Mountain Incorporated, Oracle Corporation, Siemens Healthineers [Siemens]. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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