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Global Healthcare Cloud Computing Market is Projected to Reach USD 70 Billion in 2028 from USD 28.5 in 2020, Growing at a CAGR of 18.1%

The Global Healthcare Cloud Computing Market was valued at USD 28.5 billion in 2020 and is anticipated to grow to USD 70 billion at a compound annual growth rate (CAGR) of 18.1 % over the forecast period. There is a large amount of data produced and received by healthcare providers globally. It is essentially a range of internal sources, such as electronic health records (EHRs), radiology photographs, pharmacy sales, prescription details, laboratory tests, and insurance application data. They are helped by cloud computing to maintain this data in a systematic way.

The extent of digital data in the healthcare sector is growing exponentially every year, largely due to changes in the payer location, such as incentives for meaningful use of EHRs and transitions to price-based payments. Significant computing power and IT bandwidth are required to manage large amounts of data effectively. Although the biggest obstacle to the growth of the healthcare cloud computing market is that the data held by retailers is not as secure as the data stored locally. Patient information is measured in high regard of privacy and is considered sensitive such that its maintenance becomes essential to be accessible only to authorized users. Although the cloud offers a variety of benefits and security measures, the stored data is still prone to cyberattacks. Patients themselves are concerned about the security of their data, which adds to the need to maintain data protection standards. Public clouds face the same security issues as traditional IT systems and are therefore not selected. While private clouds offer highly secure contracts and access systems, the healthcare industry still is not confident about the security of private data.

The Global Cloud Healthcare Market is divided on the basis of products categorized as a clinical information system (CIS) where they are also classified as EHR / EMR, PACS and VNA, RIS, LIS, PIS, PHS solutions, and more. The non-medical information system (NCIS) is divided into RCM solutions, financial management solutions, HIE solutions, supply chain management solutions, account management solutions, and more. Healthy player solutions are claims management solutions, payment management solutions, customer relationship management solutions, provider network management solutions, and fraud management solutions. Based on the deployment model, the market is divided into a private cloud, a mixed cloud, and a public cloud. On a partial basis, the market is divided into services and software. Based on the pricing model, the market is divided into Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS).

Asia Pacific is expected to grow at a very high CAGR at the time of forecasting. As the census steadily keeps rising in countries such as China and India, the large number of patient data generated due to the growing burden of disease in the region and the various government programs adamant on digital healthcare integration are boosting the growth of the computer cloud computing market. In addition, the current COVID-19 outbreak has led to an increase in the number of patients, which has nudged telephone delivery options and the provision of visual care upwards. The increase in investment in the modernization of the country's health care infrastructure, therefore, is expected to further the growth of the cloud computing market in the Asia Pacific region. A significant increase in investment in the modernization of India’s healthcare infrastructure can be observed. These initiatives are expected to further the growth of the healthcare cloud computing market in the Asia Pacific region. North America and Europe show a steady market with an accustomed system of cloud computing in the healthcare sector.

Some of the major players working within the global cloud healthcare computer market include IBM (USA), Carestream Health (USA), Athenahealth (USA), Hyland Software (USA), Nokia Healthineers (Germany), ClinicalWorks (USA), Koninklijke Philips NV (Netherlands), Allscripts Healthcare Solutions (USA), Fujifilm Holdings (Japan), GE Healthcare (USA).