Global Healthcare Cloud Computing Market, By Service Model (Software as a Service (SaaS), Infrastructure as a Service (IaaS), Platform as a Service (PaaS)), By End Use (Hospitals, Pharmacies ,Diagnostic and imaging Centers ,Ambulatory Centers, Private Payers, Public Payers, Others)and By Application (Clinical information systems(Health information system,Telehealth,Picture archiving & communication system (PACS),Pharmacy information systems ,Laboratory information management system, Radiology information systems, Computerized physician order entry (CPOE),Ambulatory or outpatient CIS,Others) ,Nonclinical information systems(Revenue cycle management ,Supply chain management solutions ,Others)) and opportunities and forecast 2020-2027
Healthcare Cloud Computing Market Overview
Healthcare providers generate and collect an outsized amount of knowledge from a huge array of internal sources, like electronic health records (EHRs), radiology images, pharmacy sales, prescription information, lab tests, and insurance claims data. The quantity of this digital data is growing exponentially per annum, majorly thanks to changes within the payer environment, like incentives for the meaningful use of EHRs and a shift towards value-based payments. The effective management of an outsized volume of data requires significant computing power and IT bandwidth. Within the on premise storage of data, healthcare providers are required to take a position more in IT infrastructure with a rise in data load. As a result, on premise storage isn't considered as a viable option for the storage of a large volume of healthcare data. Cloud computing, on the opposite hand, enables all big data operations through the supply of huge storage and processing power. Additionally, cloud-based analytical tools help providers better manage patients by transforming health data into actionable insights.
A major concern associated with cloud solutions is that the info hosted by vendors isn't as secure as data stored on premise. Patient information is taken into account sensitive, and a high degree of privacy must be maintained in order that this information is accessible to authorized users only. Though the cloud offers various benefits and security measures, the info stored on the cloud remains susceptible 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 safety of their data, which adds to the need 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 remains skeptical about the info security of a personal cloud. Covid-19 Impact on Healthcare Cloud Computing Market:
In addition, the current Global Market study offers a detailed analysis of the current COVID-19 pandemic impact on the market growth and its influence on the future growth of the Global Market. The recently published report demonstrates the elevation in the demand for the healthcare sector. The healthcare manufacturers have experienced long term as well as short term effect which includes supply shortages, panic buying and stocking, regulation changes as short-term whereas approval delays and possible trend variations in consumption could be perceived as long-term impacts of COVID-19 on the health and pharmaceutical market.
The increasing need for a cure has pushed vaccine research and manufacturers to the limit. In addition to this, panic conditions have already spurred the demand for many healthcare products and services which are discussed in detail in this report. Moreover, the impact of COVID-19 on overall market revenue for the base year 2020 and its projection up to 2027 is provided in detail in this report. Healthcare Cloud Computing Market Segment Overview
Software as a service (SaaS) segment propelled by rising digital health services provided by various vendors. Increasing usage of wearable devices, big data analytics and Internet of Things are a number of the attributes which will augment segment growth. Furthermore, factors like faster deployment rate, lower cost of ownership, security, among others are accountable aspects for the general market progression.
The hospital end-use segment, Growing number of hospital admissions, adoption of technologically advanced products and complicated healthcare infrastructure are a number of the factors favouring the market demand. Moreover, hospitals are the first adopters amongst all the organizations. Large-scale operations, multi-functionality, management of enormous amount of information and cost-cutting are foremost aspects resulting in high acceptance of healthcare IT solutions in hospitals globally.
The clinical information systems segment rising demand for advanced tools in digitization of clinical functions data management among healthcare organizations in healthcare facilities. Additionally , surging specialise in digitalization of healthcare industry and growing adoption of technology to store also as integrate enormous healthcare data will impel the industry growth over the forecast period.
Market Analysis, Insights and Forecast – By Service Model
· Software as a Service (SaaS)
· Infrastructure as a Service (IaaS)
· Platform as a Service (PaaS)
Market Analysis, Insights and Forecast – By End Use
· Diagnostic and imaging centers
· Ambulatory centers
· Private payers
· Public payers
Market Analysis, Insights and Forecast – By Application
Healthcare Cloud Computing Market Regional Overview
- Clinical information systems
- Health information system
- Picture archiving & communication system (PACS)
- Pharmacy information systems
- Laboratory information management system
- Radiology information systems
- Computerized physician order entry (CPOE)
- Ambulatory or outpatient CIS
- Nonclinical information systems
- Revenue cycle management
- Supply chain management solutions
Region-wise, in terms of regions, Asia Pacific is predicted to grow at the best CAGR during the forecast period. The changing demographics in highly populous countries like China and India, large volumes of patient data generated as results of the growing disease burden within the region and various government initiatives that specialize in healthcare digitization are driving the expansion of the healthcare cloud computing market within the Asia Pacific. Additionally, the present outbreak of COVID-19 within the region has resulted within the increased patient pool, resulting in subsequent increase in telehealth and virtual healthcare delivery options. Increasing investments for modernization of the country’s healthcare infrastructure is thus, expected to fuel the expansion of the healthcare cloud computing market within the APAC region.
Healthcare Cloud Computing Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Healthcare Cloud Computing Market Competitor overview
Some key developments and strategies adopted by manufacturers in the Healthcare Cloud Computing are highlighted below.
· In January 2020, Care Cloud was acquired by MTBC Inc, a healthcare IT company. This acquisition offered its customers several ways to enhance patient outcomes, increase practice profitability and streamline physician workflows. This strategy helped the corporate in attracting larger customer base. Healthcare Cloud Computing Market, Key Players
· Cisco Systems
· Allscripts Healthcare Solutions
· PLEXIS Healthcare Systems
· Siemens Healthineers