Healthcare Cloud Computing Market to Witness Tremendous Growth of CAGR:11.8% Due to Easy Handling of Complex Medical Cases

Healthcare Cloud Computing Market to Witness Tremendous Growth of CAGR:11.8% Due to Easy Handling of Complex Medical Cases

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The global healthcare cloud computing market size was estimated at USD 10.1 billion in 2018 and is anticipated to grow at a CAGR of 11.8% over the forecast period.

According to a study conducted by Grand View Research, Inc., the global healthcare cloud computing market accounted for USD 10.1 billion in 2018 and is expected to register a CAGR of 11.8% over the forecast period (2019 – 2026). Aging population and rising instances of chronic diseases are increasing the demand for integrated information systems, which is driving the growth of the market. Increasing collaborations between public and private entities along with growing support from government to deploy and develop IT systems in the industry is one of the major drivers of the market.

Rising preference for cloud-based information systems and rising need for advanced technology is leading to increased adoption of cloud computing in healthcare infrastructure. Rising population, increasing volume of patient information, data integration, and real-time access to data have become necessary. Rising demand for advanced technologies in hospitals is a major factor influencing the market growth in developed countries. Furthermore, increasing investments by public and private entities in healthcare IT infrastructure is expected to positively impact the market growth in future.

For instance, in the last quarter of 2017, University of Pittsburgh Medical Center (UPMC) invested USD 2 billion in order to transform its hospitals digitally across all its centers. UPMC is focused on its three digital specialty hospitals, namely, UPMC Vision and Rehabilitation Hospital, UPMC Hillman Cancer Hospital, and UPMC Heart and Transplant Hospital. Also, in order to enhance its digital hospitals, UPMC declared that it will work with Microsoft to bring the transformation.

The field of telemedicine technologies have witnessed several advancements such as telesurgery, teleradiology, and video/audio conferencing. These services allow patients to get clinical treatment without going to healthcare professionals and also help medical specialists consult and share opinions with others enabling easy handling of complex medical cases. Variety of services offered by digital medical libraries help physicians improve their practice, which includes indexing service, query languages, and library management systems. This leads to customers opting for advanced technologies that help in forecasting and decision making, thereby providing growth opportunities for the market.

The market is fragmented in nature and companies are adopting strategies such as collaborative agreements, mergers and acquisitions, product launches, and regional expansion to gain competitive edge. Some of the major companies in the healthcare cloud computing market are Athenahealth; CareCloud Corporation; ClearData Networks, Inc.; Epic Systems Corporation; Cerner Corporation; NextGen Healthcare; Dell, Inc.; Carestream Corporation; INFINITT Healthcare; DICOM Grid, Inc.; Sectra AB; Siemens Healthineers; iTelagen, Inc.; Merge  Healthcare, Inc.; NTT DATA Corporation; Nuance Communications; and Ambra Health.

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U.S. healthcare cloud computing market size, by application, 2014 - 2026 (USD Million)

Key Takeaways from the report:

  • Non-clinical information systems such as revenue cycle management, health information exchange, financial management, etc., accounted for the largest revenue share in application segment in 2018
  • Financial management segment held 23.0% share of the non-clinical segment in 2018 while billing and accounts management is expected to grow at the considerable CAGR during the forecast period
  • Private deployment model dominated the overall market owing to its benefits and ease of usage
  • Software as a Service (SaaS) model accounted for the largest revenue share as of 2018 as it is widely accepted. This model enables access to applications on a cloud from various devices
  • Pay-as-you-go pricing model is anticipated to gain popularity in the coming years, as the consumer only pays for services being used
  • North America dominated the market with a share of over 55.0% in 2018. This can be attributed to an increase in demand from payers as well as providers
  • Some key players of this healthcare cloud computing market include Athenahealth, Cerner Corporation, CareCloud Corporation, Carestream Corporation, Epic Systems Corporation, Dell Inc., and Sectra AB
  • Companies are forming various strategic alliances with clinical research organizations and medical devices companies to further expand their profit margins in the healthcare IT sector. These type of strategic collaborations are expected to aid market growth in the coming years.

Global healthcare cloud computing market share, by end use, 2018 (%)

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Grand View Research has segmented the healthcare cloud computing market on the basis of the application, deployment model, pricing model, service model, end use, and region:

Healthcare Cloud Computing Application Outlook (Revenue, USD Million, 2014 – 2026)

  • Clinical Information Systems
    • Electronic Medical Records
    • PACS, VNA, and Image Sharing Solutions
    • Population Health Management
    • Telehealth
    • Laboratory Information Management Systems
    • Pharmacy Information Systems
    • Radiology Information Systems
    • Other CIS
  • Non-Clinical Information Systems
    • Revenue Cycle Management
    • Billing and Accounts Management
    • Financial Management
    • Healthcare Information Exchange
    • Fraud Management
    • Supply Chain Management
    • Other NCIS

Healthcare Cloud Computing Deployment Model Outlook (Revenue, USD Million, 2014 – 2026)

  • Private cloud
  • Hybrid cloud
  • Public cloud

Healthcare Cloud Computing Service Model Outlook (Revenue, USD Million, 2014 – 2026)

  • Software-as-a-service
  • Infrastructure-as-a-service
  • Platform-as-a-service

Healthcare Cloud Computing Pricing Model Outlook (Revenue, USD Million, 2014 – 2026)

  • Pay-as-you-go
  • Spot Pricing

Healthcare Cloud Computing End-use Outlook (Revenue, USD Million, 2014 – 2026)

  • Healthcare Providers
  • Healthcare Payers

Healthcare Cloud Computing Regional Outlook (Revenue, USD Million, 2014 – 2026)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
    • Sweden
    • Denmark
    • Russia
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • Singapore
  • Central & South America
    • Brazil
    • Argentina
    • Chile
  • MEA
    • South Africa
    • KSA

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.


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