According to the new market research report, "Healthcare Cloud Computing Market by Product (EMR/EHR, Telehealth, RCM, HIE, CRM), Deployment (Private Cloud, Hybrid Cloud), Component (Software, Services), Pricing (Pay-as-you-go, Spot Pricing), Service (SaaS, IaaS) - Analysis & Global Forecasts to 2025", The global Healthcare Cloud Computing Market is expected to reach USD 64.7 billion by 2025 from USD 28.1 billion in 2020, at a CAGR of 18.1%.
Browse and in-depth TOC on "Healthcare Cloud Computing Market"
239 - Tables
46 - Figures
262 - Pages
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Growth Boosting Factors:
Growth in the healthcare cloud computing market can be attributed to factors such as technological upgradation in healthcare industry, increasing focus on healthcare digitization and increasing deployment of cloud-based HCIT solutions by healthcare providers to improve the care process.
This study involved the four major activities in estimating the size of the healthcare cloud computing market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. The bottom-up approach was employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.
Market Size Estimation:
For the calculation of the market value, the revenue from providers was arrived at, based on the adoption rate and average expenditure on software and services in the healthcare cloud computing market. This process involved the following steps:
# Generating a list of the number of providers (hospitals, small group practices, and independent PCPs, etc.) adopting healthcare cloud computing solutions in the given year.
# Understanding the yearly average of expenditure undertaken by the various types of providers for these solutions.
# Totaling the yearly revenue to arrive at the overall market size.
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Restrains: Data security and privacy concerns
A major concern related to cloud solutions is that the data hosted by vendors is not as secure as data stored on-premise. Patient information is considered sensitive, and a high degree of privacy needs to be maintained so that this information is accessible to authorized users only. Though the cloud offers various benefits and security measures, the data stored on the cloud is still prone 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.
Opportunities: Emergence of the telecloud
The convergence of wireless technology and the cloud is proving to be a very strong mechanism for patient care delivery to remote locations. In several countries, most physicians and specialists work in metros and cities. Hence, advanced care facilities are only available in such places, leaving patients in rural areas unattended. This problem can be addressed through the use of a telecloud, as it enables physicians and healthcare specialists to diagnose and treat patients over large distances in real-time and at affordable costs. With the rising awareness of telehealth among healthcare providers, the adoption of the telecloud is expected to increase in several countries and thereby offer potential growth opportunities to players operating in the healthcare cloud computing market.
Challenges: Interoperability and portability issues
One of the major requirements of any hospital or healthcare organization is easy and rapid access to patient data. When data is migrated to the cloud by a hospital, it is stored on systems and platforms maintained by the service vendor who can create certain interoperability challenges. Cloud APIs and interfaces pose the main challenge to organizations attempting cloud computing interoperability. The lack of standardization among the cloud service providers limits the data sharing between different cloud tools leading to portability issues.
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