PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1504294
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1504294
The global healthcare cloud computing market is projected to reach USD 120.6 billion by 2029 from USD 53.8 billion in 2024, at a high CAGR of 17.5% during the forecast period. The market's growth is boosted by an increasing adoption of Electronic Health Records (EHR), e-prescribing, telehealth, and mobile health (mHealth) solutions that have been accelerated due to the pandemic, which necessitated remote and efficient healthcare delivery systems. Nevertheless, refrains such as a data privacy and security, regulatory clearance to somewhat impede the market's growth.
Scope of the Report | |
---|---|
Years Considered for the Study | 2018-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD) Billion |
Segments | Product, Deployment Model, Service Model, Pricing Model, Component, End User |
Regions covered | North America, Europe, Asia Pacific, Latin America and Middle East and Africa |
"In 2023, healthcare provider solutions constituted the largest segment in the healthcare cloud computing market, by product."
In 2023, the healthcare provider segment represented the largest share of the healthcare cloud computing market, by product. This growth is primarily driven by the increased adoption of various health IT solutions, including EHR, e-prescribing, telehealth, and mHealth, spurred by the pandemic. Hospitals, clinics, and specialty care centers manage vast amounts of sensitive patient data, including electronic health records (EHRs), medical imaging, and real-time patient monitoring data, all of which demand robust, scalable, and secure storage and processing capabilities. Cloud computing offers these providers enhanced data storage, easier access to information, improved interoperability among disparate systems, and advanced analytics capabilities.
"In 2023, the healthcare providers segment held the largest market share among end users."
In 2023, the healthcare providers segment captured the largest share of the healthcare cloud computing market, by end user. This dominance is primarily due to the ability of large hospitals to invest in costly and advanced technologies, leading to higher adoption rates of cloud computing solutions. Additionally, the growing number of patients and hospitals, combined with the significant purchasing power of these institutions, further supports the growth of this end user segment.
"In 2023, North America was the largest regional market for healthcare cloud computing market."
In 2023, North America held the largest share of the healthcare cloud computing market. This dominance can be attributed to technological advancements and government initiatives such as those by Medicaid and Medicare, among other factors. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. Contributing factors include increasing digitalization, the rise of medical tourism, and the implementation of new ICT guidelines in Japan.
Key Players in the Healthcare Cloud Computing Market
The key players functioning in the Healthcare cloud computing market include Amazon Web Services, Inc. (US), Microsoft Corporation (US), Google, Inc. (US), athenahealth. Inc. (US), CareCloud, Inc. (US), Siemens Healthineers AG (Germany), eClinicalWorks (US), Koninklijke Philips N.V. (Netherlands), and Veradigm (US).
The report analyses the healthcare cloud computing market. It aims to estimate the market size and future growth potential of various market segments based on product, component, service model, pricing model, deployment model, end-user, and region. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report
This report will enrich established firms and new entrants/smaller firms to gauge the market's pulse, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.