The healthcare cloud computing market was valued at USD 33,390.56 million in 2022, and it is expected to reach USD 71,730.64 million by 2028, registering a CAGR of 14.12% during the forecast period 2022-2028.
The pandemic of COVID-19 is predicted to have a generally good impact on the market. Cloud technologies, which provide data storage and computing resources controlled by external service providers to help improve the safety, quality, and efficiency of healthcare, are becoming more widely recognised. In the fight against COVID-19, this has become critical. Because of the massive number of research and clinical trials being conducted around the world, the research data created must be stored in a secure environment capable of storing vast amounts of data. Cloud computing addresses both space restrictions and security concerns by allowing large volumes of data to be stored on private and dedicated cloud channels.
Increased access to advanced technologies, such as machine learning, the rise in use of information technology in the healthcare sector, and the use of cloud for cost reduction, scalability, storage, and flexibility are all driving the expansion of the healthcare cloud computing market. To manage, store, and analyse data, cloud computing makes use of remote servers that are housed on the internet. Because cloud computing does not require a local server, infrastructure expenses are considerably reduced. In addition to the one-time setup cost, cloud-based architectures provide lower maintenance costs.
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Market Trends to Watch
During the forecast period, the electronic health record (EHR) segment is expected to hold the largest market share.
The pandemic of COVID-19 is projected to have a beneficial impact on the EHR sector. The development, implementation, and evaluation of EHR-based data sharing networks and platforms, as well as public health information systems, are required in the fight against COVID-19, according to an article published in the Journal of the American Medical Informatics Association (JAMIA) in November 2020. EHR systems can be used to collect and evaluate data from public health departments, healthcare institutions, and socioeconomic indicators because they are multi-disciplinary. This is critical to remember as you prepare to roll out COVID-19-fighting programmes.
Competitive Environment
Due to the existence of a few prominent competitors in the market, the healthcare cloud computing market is moderately consolidated. The companies are applying powerful competitive strategies to gain more market share. Some of the market players are Amazon Web Services, Dell Inc., IBM Corporation, Oracle Corporation, and Koninklijke Philips NV.
To stay afloat in this highly competitive market, organisations are pursuing a variety of initiatives such as product launches and R&D investments. Microsoft, for example, introduced the Microsoft Cloud for Healthcare package in November 2020 to improve patient engagement, health team interactions, and clinical and operational data.
The healthcare cloud computing market is divided into the following segments, according to the research report:
By Products type : ● Healthcare Provider Solutions ● Healthcare Payer Solutions
By Application : ● Clinical Information System ● Non-clinical Information System
Recent Happenings
• IBM (US) purchased Neudesic, LLC (US) in February 2022 with the goal of growing IBM's portfolio of hybrid multi-cloud services and advancing the company's hybrid cloud and AI strategy.
• Lyniate (US) purchased SAP SE (Germany) in February 2022 with the goal of offering technology and consulting skills to help clients embrace a hybrid cloud approach and migrate mission-critical workloads from SAP systems to the cloud for regulated and non-regulated industries.
• Francisco Partners (US) signed an agreement with IBM (US) in January 2022 to acquire healthcare data and analytics assets from IBM, including Health Insights, MarketScan, Clinical Development, Social Program Management, Micromedex, and imaging software offerings, which are currently part of the Watson Health business.
• IBM (US) bought ENVIZI (Australia) in January 2022, with the goal of bolstering IBM's rising investments in AI-powered software.
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