Cloud Computing in Healthcare Market will hit $55 billion By 2025
Clinical information systems segment of healthcare cloud computing market accounted for over 62% revenue share in 2018 and is projected to achieve around 15% CAGR from 2019 to 2025. Rising demand for evaluating and maintaining raw data generated from physicians will further lead to segment growth. Increase in the demand for health information system that should positively impact the segmental growth.
Software segment of cloud computing in healthcare market was valued at more thn 4.5 billion in 2018 and should witness similar growth trend over the coming years. Advancement in technology and advantages associated with software upgradation drives segment growth. Advantages include reducing operational costs by robust auto-updating mechanism and helping healthcare providers to invest in best treatment decisions should boost business growth.
Private cloud segment of healthcare cloud computing market is anticipated to witness around 15.7% CAGR over the forecast timeline. Segment growth is attributed to inclination towards private cloud due to its benefits such as data protection and customization of the cloud environment. Private cloud models are owned by single organization and offer more control over data storage and its accessibility to users thus, should boost business growth. However, high cost associated with private cloud may impede segment growth in developing as well as in under-developed economies.
Hospitals segment held more than 22% revenue share in 2018 owing to increasing number of patient visits in hospital. Rising prevalence of chronic diseases and growing number of surgeries being performed in hospital settings will surge the demand for patient data storage. Such factors should foster the adoption of cloud computing in hospitals thereby augmenting segmental growth.
Services segment of cloud computing in healthcare market was valued at more than USD 15 billion in 2018 owing to development in healthcare cloud computing software that can address wide array of issues ranging from data storage to data management. Continuous demand for services such as installation, maintenance, training, education and consulting will propel segmental business. Additionally, growing adoption of e-prescribing, EHR systems and EMR systems for analyzing patient information, managing big data and providing accurate outcomes will substantially spur revenue size during the forthcoming years.
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North America cloud computing in healthcare market accounted for over USD 8.5 billion in 2018 and is estimated to show similar trend in upcoming years. Increasing healthcare expenditure in the region coupled with adoption of technologically advanced solutions will drive regional growth. Moreover, growing demand for EHRs among medical professionals as well as active involvement of private sector players in development of healthcare industry will boost North America healthcare cloud computing industry growth over the forecast period.
Some of the prominent industry players operating in healthcare cloud computing market includes CareCloud, Cisco, Athenahealth, Carestream Health, IBM, Oracle, EMC, GNAX Health, Cleardata and Merge Healthcare. The market players focus on inorganic strategies such as acquisition, merger as well as new product launch to sustain market competition. For instance, in April 2015, MCIS (Marshfield Clinic) partnered with CareCloud to deliver a complete health information solution to improve financial, clinical and administrative outcomes of large ambulatory medical practices. This partnership enabled company to strengthen its market position and gain more revenue.
Global Cloud Computing in Healthcare Market will hit USD 55 billion By 2025; according to a new research report by Global Market Insights, Inc. Increasing adoption of cloud computing software in laboratories and hospitals will drive healthcare cloud computing market growth over the coming years. Healthcare cloud computing software tracks patient specific health information for betterment of lives that should boost business growth.
Technological advancements in healthcare industry along with increasing healthcare expenditure will further catalyze the healthcare cloud computing market growth. Growing need for deployment of cloud computing in healthcare and cutting-edge analytical tools for better operational efficiency will favor business growth.