Healthcare Cloud Computing Market will grow to USD 29 billion by 2029 : GreyViews

Healthcare Cloud Computing Market By Application (Clinical Information Systems (CIS) and Non-clinical Information Systems (NCIS)), By Deployment (Private Cloud and Public Cloud), By Service (Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS)), By End-User (Healthcare Providers and Healthcare Payers), Regions, Segmentation, and forecast till 2029.

Pune India, Dec. 28, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the healthcare cloud computing market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the healthcare cloud computing market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the application, deployment, service, end user and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.

The significant players operating in the global healthcare cloud computing market are CareCloud Corporation; Athenahealth; ClearData Networks, Inc.; Cerner Corporation; Epic Systems Corporation; NextGen Healthcare; Carestream Corporation; Dell, Inc.; DICOM Grid, Inc.; INFINITT Healthcare; Sectra AB; Merge Healthcare, Inc.; Siemens Healthineers; iTelagen, Inc.; NTT DATA Corporation; Nuance Communications; and Ambra Health among others. To achieve a substantial market share in the worldwide healthcare cloud computing market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

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For businesses of all sizes located anywhere, real-time data collection and improved access to the data are two advantages of healthcare cloud computing. The healthcare industry may store and access data via healthcare cloud computing, which provides a number of advantages. Due to the cloud’s ability to store massive volumes of data, its implementation as a useful data transportation and storage facility would revolutionize the slow speed of administrative activities in medical organizations. A database that monitors a patient’s medical history, notifies any institutions that require it, and updates it with new medical and health-related information may prove useful to medical professionals and pharmacologists. Digitization and cloud computing have emerged as major trends in a number of end-use industries, including healthcare. Since hospitals and other healthcare institutions are adopting technology to reduce errors and boost efficiency, cloud computing is emerging as a major trend in the healthcare industry. Additionally, it is anticipated that the industry would grow as a result of the widespread use of high-speed internet and the adoption of beneficial regulatory measures. During the forecast period, data privacy concerns, data portability issues, and an increase in cloud data breaches may restrain the growth of the healthcare cloud computing market.

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Scope of Healthcare Cloud Computing Market Report

Segmentation Analysis

The Non-clinical Information Systems (NCIS) segment is expected to be the fastest-growing segment in 2021. 

The application segment is Clinical Information Systems (CIS) and Non-clinical Information Systems (NCIS). The Non-clinical Information Systems (NCIS) segment is expected to witness the highest growth rate during the forecast period. Because more people are using cloud computing services for a range of purposes, including managing billing and accounts, managing revenue cycles, exchanging healthcare data, preventing fraud, managing supply chains, and managing finances.

Private cloud is expected to be the fastest-growing segment in 2021. 

The deployment segment includes Private Cloud and Public Cloud. The private cloud segment is expected to witness the highest growth rate during the forecast period. The so-called “Internal Cloud,” a private model, is a secured platform to which only permitted users to have access. This model is closely guarded and managed by the organization. Because of this, as of 2018, this segment has the largest revenue share. Users have access to numerous systems and services through a cloud hosting platform known as the public model. Businesses like Amazon, Microsoft, IBM, etc. provide these services.

Software-as-a-Service (SaaS) is expected to be the fastest-growing segment in 2021. 

The service segment includes Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS). The Software-as-a-Service (SaaS) segment is expected to witness the highest growth rate during the forecast period. Because therapeutic settings frequently employ this paradigm. SaaS services include everything from inventory management to database processing and web-based email. Because the service provider basically controls both data and apps, the user can use the service whenever and wherever they choose.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the healthcare cloud computing include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

• The North America region witnessed a major share. North America now owns a sizable portion of the healthcare cloud computing market and is anticipated to continue on this path. The US is a market leader in healthcare cloud computing, mostly as a result of the widespread use of healthcare IT services and ongoing financial and legislative backing from public institutions. The introduction of EHR and auxiliary technologies was sped up nationwide by the passage of the Health Information Technology for Economic and Clinical Health Act (HITECH Act). The Act’s provisions provide that up to a specific time period, healthcare providers will receive financial rewards for showing meaningful use of EHRs; however, after that time, fines may be assessed for failing to justify such usage.

Country Analysis

Germany’s healthcare cloud computing market size was valued at USD 0.18 billion in 2021 and is expected to reach USD 0.28 billion by 2029, at a CAGR of 6{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} from 2022 to 2029. The consumer adoption of multi-cloud techniques is expected to result in a positive trend for cloud computing. Cloud computing technology has entered a golden era and is becoming more and more popular across all commercial sectors as of recent. Germany’s firms should use cloud services as soon as possible because doing so will lower infrastructure costs and increase operational flexibility.

China’s healthcare cloud computing market size was valued at USD 0.39 billion in 2021 and is expected to reach USD 0.83 billion by 2029, at a CAGR of 10{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} from 2022 to 2029. China’s healthcare industry is expected to increase as a result of the rising adoption of cutting-edge technological solutions by care facilities to improve their processes and workflows and adequately handle the country’s expanding patient population.

India’s healthcare cloud computing market size was valued at USD 0.31 billion in 2021 and is expected to reach USD 0.57 billion by 2029, at a CAGR of 8{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} from 2022 to 2029. The swiftly expanding information technology industry, which is luring both public and private investors, is displaying astounding potential. It is anticipated that this will speed up the industry’s overall development in the years to come.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven by the growing demand for integrated information systems majorly due to an increase in the prevalence of chronic diseases and the aging population.

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GreyViews
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