(MENAFN- GlobeNewsWire - Nasdaq) The global healthcare cloud computing market size is calculated at USD 69.80 billion in 2024 and is expected to achieve around USD 236.39 billion by 2034, representing a healthy CAGR of 13.05% from 2024 to 2034.Ottawa, Sept. 26, 2024 (GLOBE NEWSWIRE) -- The global healthcare cloud computing market size was USD 61.80 billion in 2023 and is predicted to grow from USD 69.80 billion in 2024 to approximately USD 210.51 billion by 2033, a study published by Towards Healthcare a sister firm of Precedence Statistics. The market is expected to expand at the fastest CAGR of 13.05% between 2024 and 2034.
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Major Key Insights of the Healthcare Cloud Computing Market
North America dominated the healthcare cloud computing market share in 2023. Asia Pacific is expected to grow at the fastest rate during the forecast period. By deployment, the private segment held the largest share in 2023. By application, the non-clinical information system segment dominated the healthcare cloud computing market share in 2023. By services, the Software as a Service (SaaS) segment held the dominant share of the market in 2023. By end-user, the healthcare providers segment dominated the market in 2023.
Healthcare Cloud Computing Market: Digital Revolution
The healthcare cloud computing market encompasses the industry involved in providing clou-based solutions and services to healthcare organizations. This is mark increasing adoption of electronic health records (EHRs), the growing need for interoperability and data sharing, and the desire for cost effective IT infrastructure, these are some factors we chose significantly driving the healthcare cloud computing market. Healthcare providers, hospitals, and pharmaceutical companies are increasingly turning to cloud-based solutions to manage their data, improve patient care, and enhance operational efficiency.
The healthcare cloud computing market is characterized by a diverse range of players which includes technology giants, specialized cloud service providers and healthcare IT companies. These providers offer a variety of cloud-based solutions, such as infrastructure as a service, platform as service and software as service tailored to the specific needs of healthcare organizations.
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Top Companies in the Healthcare Cloud Computing Market:
Cisco Systems Inc Bayer Allscripts Healthcare Solution Inc Qualcomm Inc Cognizant GNAX Health EMC Corp Athenahealth Inc Iron Mountain Inc IBM Cor Oracle Corp VMware Inc Dell Inc Microsoft Corp Others
Recent Developments in Healthcare Cloud Computing Market:
| Company Name | Genesys and Epic |
| Headquarters | USA, North America |
| Development | In March 2024, Genesys collaborated with Epic to ensure a more consistent, connected experience between patients and the care team and help in recording clinical data across systems and departments. |
| Company Name | Microsoft and Nivida |
| Headquarters | USA, North America |
| Development | In March 2024, Microsoft collaborated with NVIDIA to accelerate life sciences and healthcare innovation with advanced cloud, accelerated computing capabilities, and AI. |
Driver
The Proliferation of High-Speed Internet Driving the Market
In recent years the global expansion of high-seed Internet is proving a significant driver for the healthcare cloud computing market. As more regions are gaining access to high-speed and reliable Internet, healthcare providers are increasingly adopting cloud-based technologies to improve patient care, data management and communication across the industry. In developing nations such as North America and Europe, the presence of high-speed Internet has allowed healthcare institutions to seamlessly integrate cloud solutions reach out improving efficiency in clinical workflows, telemedicine and patient record management.
For instance, in the United States, from March to June of 2020 alone, daily medicine consultants increased by over 150%, according to a study by the Centers for Disease control and Prevention (CDC). This shift demonstrated how healthcare cloud computing, backed by Internet infrastructure could enhance access to medical care in remote areas and during global health crisis.
Telemedicine Adoption Rates (2019-2023) in percent:
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Restraint
Privacy and Data Security Concerns Restraining the Market
In recent years healthcare cloud computing market has grown significantly and earned fair amount of fame in healthcare sector but data security and privacy concerns remain one of the major concerns our challenge for the healthcare cloud computing market. The healthcare industry handles sensitive data of patients, including medical histories, personal information and insurance details, which makes it a prime target for cyberattacks. The shift toward cloud storage raises significant concerns protecting this data from breachers, especially as regulations surrounding data security such as HIPPA (health insurance portability and accountability act) in the United States impose strict rules.
For instance, the HCA Healthcare, one of the largest healthcare systems in the United States, in 2022, experienced a significant data breach that affected 11,000,000 patients' records, exposing private health information. This incident highlighted the vulnerabilities associated with storing medical data in the cloud and the necessity of implementing robust security measures.
Upcoming Opportunity for Healthcare Computing
Expanding Use of Cloud Computing in Big Data Applications
The growing use of cloud computing is creating new opportunities for big data applications in the healthcare sector. Cloud based systems allow for the integration of massive amounts of patient data from various sources, providing unprecedented access to real time data for healthcare professionals. This shift is transforming healthcare delivery by enhancing decision making, improving diagnostic accuracy and personalizing patient treatment plans.
For instance, in April of 2024, Google Cloud announced a partnership with Mayo Clinic to implement cloud based-powered machine learning algorithms for predicting patient outcomes in oncology. The ability to store, process, and analyze vast amounts of data from electronic medical records (EMRs) and critical trials is accelerating advancements in precision medicine, allowing healthcare providers to tailor treatments based on individual patient data.
The Private Segment Held the Largest Share of the Market in 2023
The private segment held the largest market share of healthcare cloud computing market by deployment in 2023. The heightened focus on data security and privacy in the healthcare sector are some of the factors this dominance can be attributed to. Private cloud services offer healthcare providers dedicated infrastructure that is not shared with other users, which ensures better control over sensitive patient data and compliance with strict regulations like HIPAA and GDPR. Major hospitals and clinics prefer private clouds for their ability to provide customized solution while mitigating risks related to data breaches and cyber-attacks. Private clouds enable healthcare organizers to integrate their system seamlessly without risking data exposure in a shared environment.
The Non-Clinical Information System Segment Dominated
By application, the non-clinical information system segment emerged as the dominant application of healthcare cloud computing market in 2023. Revenue cycle management claims processing and supply chain management are some of the essential administrative functions covered in this segment. These administrative functions are crucial for the efficient functioning of healthcare organizations. Cloud solutions in this area allow hospitals and healthcare providers to streamline operations, reduce administrative costs and improve workflow efficiency.
Cloud based financial management systems help healthcare organizations manage their billing and insurance claims more reflectively, which enables real time access to financial data and reduces errors in the reimbursement process.
Software as a Service (SaaS) Segment Held Dominant Share
By services, the software as a service (SaaS) segment dominated the healthcare cloud computing market in 2023. Software as a service offers flexible, subscription-based access to various healthcare applications which eliminates the need for healthcare providers to invest in expensive hardware and software installations. This model is highly preferred because it reduces the upfront cost and allows for easier scalability as healthcare organizations grow. Software as a service also provides automatic updates which ensure that users have access to the latest features and security patches without needing internal I.T. Resources.
Providers like Cerner and Alscripts have continued to innovative software as a service offering, which makes it easier for healthcare facilities to implement electronic health records and other essential healthcare software solutions.
In February 2024, MyStay Mobile, a revolutionary Software-as-a-Service (SaaS) solution that lets patients access digital services on personal devices, is being unveiled by Oneview Healthcare with much excitement. To co-design and test the new solution at the Long Island Community Hospital, Oneview has teamed up with longtime client NYU Langone Health.
Healthcare Providers Segment Dominated the Market
By End user, healthcare providers including hospitals, clinics and ambulatory centers dominated the healthcare cloud computing market in 2023. This can be attributed to the growing need for efficient patient management systems especially as patient data and healthcare records increasingly move to digital platforms. Healthcare providers rely heavily on cloud solutions to store, manage and access large volumes of patient data which improves collaboration among healthcare teams and ensures continuity of care.
North America to Sustain the Leadership
The region North America dominated and held largest share of the global healthcare cloud computing market, making hit the largest regional market in 2023. The technological advancements in countries like US and Canada, is one of the primary reasons for this growth. These nations have well established healthcare infrastructure, backed by a mature I.T. sector that promotes the adoption of cloud-based solutions across the healthcare industry. Do you know United States leads the regional market due to the early adoption of cloud technologies, increased government support and strong financial backing for healthcare advancements.
For instance, in February of 2024, Amazon Web Services (AWS), expanded its cloud-based solution specifically for the healthcare sector which allows hospitals to integrate artificial intelligence tools with patient data for better diagnosis and treatment outcomes.
Asia Pacific on to Grow at the Fastest Rate During Forecast Period
The region Asia Pacific is projected to witness the fastest growth in the healthcare cloud computing market. This growth is primarily driven by the rapid development of healthcare infrastructure and increasing patient populations in the major countries like China, South Korea, Japan and India. These nations are not only expanding their healthcare sectors but also embracing cloud computing to manage the influx of patient data, cost reduction and improve overall efficiency of healthcare services.
In the year 2023, the Chinese government has made substantial investments in healthcare, with the national medical products administration reporting that healthcare funds reached 74.5 billion Chinese yuan in the year.
In January of 2024, the Indian government announced plans to digitize 100,000 public health centers by 2025, with cloud computing playing a key role in managing patient records and enabling remote consultations.
Browse More Insights of Towards Healthcare:
The global healthcare revenue cycle management market was valued at $136.40 billion in 2023 and is expected to grow to $453.47 billion by 2034, with an annual growth rate of 11.54% from 2024 to 2034.
The global healthcare IT market was valued at $238.30 billion in 2023 and is projected to reach $1,404.55 billion by 2034, growing at a rate of 17.5% annually from 2024 to 2034.
The market for conversational AI in healthcare is rapidly increasing, with revenue expected to rise significantly between 2024 and 2033.
The generative AI market in healthcare is expected to grow from $1.07 billion in 2022 at an annual rate of 35.1%, reaching about $21.74 billion by 2032.
The AI in drug discovery market was estimated at $1,495.28 million in 2022 and is projected to hit around $14,518.68 million by 2032, growing at an annual rate of 20.08%.
The blockchain market in healthcare was valued at $0.76 billion in 2022 and is expected to reach $14.25 billion by 2032, with a strong annual growth rate of 34.02%.
The telehealth and telemedicine market grew to $214.55 billion in 2023 and is projected to reach $869.22 billion by 2033, with an annual growth rate of 15.5%.
The electronic health records (EHRs) market grew to $27.42 billion in 2023 and is expected to reach $41.87 billion by 2033, with an estimated annual growth rate of 4.32% from 2024 to 2033.
The healthcare automation market was valued at $34.50 billion in 2022 and is projected to grow to $80.28 billion by 2032, with an expected annual growth rate of 9.3%.
The healthcare digital twin market was valued at $1.17 billion in 2022 and is projected to reach $38.43 billion by 2032, with a remarkable annual growth rate of 42.2%.
Segments Covered in the Report
By Deployment
By Application
Non-clinical Information System Revenue Cycle Management (RCM) Billing & Accounts Management Solutions Claims Management Others
Clinical Information System Telehealth Solutions Computerized Physician Order Entry Population Health Management (PHM) Solutions Electronic Medical Records Pharmacy Information System Radiology Information System Others
By Service
Software as a service (SaaS) Platform as a service (PaaS) Infrastructure as a service (IaaS)
By End Users
Healthcare Providers Healthcare Payers
By Region
North America Asia Pacific China Japan India South Korea Thailand
Europe Germany UK France Italy Spain Sweden Denmark Norway
Latin America Middle East and Africa (MEA) South Africa UAE Saudi Arabia Kuwait
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About Us
Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.
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