Healthcare Cloud Computing Market size forecast to exceed USD 7 billion by 2023
Healthcare cloud computing market size was valued over USD 2.5 billion in 2014 and is anticipated to grow at CAGR of over 20% from 2016 to 2023. It is likely to reach more than USD 7 billion over the forecast period.
Cloud computing in healthcare market assists in storing, managing, and processing the data from different locations, and delivers it to hosted services through internet. It is increasingly being implemented in the healthcare industry due to the rising pressure to restrict healthcare costs while maintaining the quality of care provided to patients.
The prime factors driving the demand of cloud computing in healthcare sector include it enables on-demand access to computing and large storage facilities which are not provided in traditional IT environments. In addition, it also offers big data sets for radiology images, genomic data offloading and electronic health records. Furthermore, it improves the ability to track and analyze the data so that information on treatments, performance, costs and effectiveness studies can be analyzed and acted upon. These factors are boosting the demand for the healthcare cloud computing market over the forecast period.
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Healthcare data has rigorous requirement for confidentiality, security, availability to authorized users, reversibility of data, long-term preservation and traceability of access. Thus, cloud computing dealer need to account for the aforementioned while criticizing to industry and government regulations. The need to shared healthcare data across several regions would further delays the treatment of the patient and results in loss of time. Cloud computing caters these requirements thus providing the healthcare industries to improve services by sharing the useful information easily and enhance the operational efficiency.
Reforms in various countries directly benefiting healthcare sector coupled with the proliferation of cost-efficiency and new payment models of cloud are the major driving factor for the global healthcare cloud computing market. In addition, increasing adoption of IT to surge cloud computing and reduce healthcare costs are also expected to boost the industry demand from 2016 to 2023. Moreover, implementation of the patient protection and affordable care act along with the health benefit plan designs is anticipated to fuel the industry demand over the forecast period.
Issues related to interoperability & standardization of cloud and rising concerns related to security of patient information is likely to hamper the industry growth over the forecast period. The potential opportunities to the industry include formation of care organizations to augment the scope for the industry.
The healthcare cloud computing market can be segmented on the basis of application which includes Non-clinical Information System (NCIS) and Clinical Information System (CIS). The industry is segregated on the basis of deployment model which consists of private cloud, public cloud and hybrid cloud. In addition, the industry is segmented on the basis of service model which include Infrastructure-As-A-Service (IAAS), Software-As-A-Service (SAAS) and Platform-As-A-Service (PAAS). Furthermore, the industry is further segmented on the basis of end user, which includes healthcare providers and healthcare payers. Moreover, the industry can be further bifurcated on the basis of geography which includes North America, Europe, Asia Pacific, Latin America and MEA.
North America healthcare cloud computing market was the largest regional industry in 2014 and is also the fastest growing over the forecast period. It is expected to be closely followed by the Europe and Asia Pacific. In 2014, healthcare providers were leading the industry followed by healthcare payers. More number of companies is functioning in order to reduce investments in maintaining and creating a physical IT infrastructure and moving towards cloud computing for effortless management. The healthcare industry is expected to largely favor a SAAS cloud computing framework for greater advantages. The private cloud segment is anticipated to account for the largest share of the overall industry share.
Major players for the global healthcare cloud computing market share include Carecloud Corporation, Athenahealth, Inc., Dell Inc., Carestream Health, Inc, Oracle Corporation, Cleardata Networks, Inc., Global Net Access (GNAX), Iron Mountain, Inc, IBM Corporation, VMWare, Inc and Merge Healthcare, Inc. among others.
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