Healthcare Cloud Computing Market to Reach Valuation of USD 70 Billion by 2028 - Increasing Demand by Healthcare Facilities for Organized Data is Expected to Drive the Market

Vantage Market Research

Jan 04, 2022

In terms of revenue, the global healthcare cloud computing market is expected to reach USD 70 billion by 2028, growing at a CAGR of 18.1% from 2021 to 2028. Increasing adoption of big data analytics, wearable devices, and IoT in healthcare is expected to drive the healthcare cloud computing market. Better storage, flexibility, and scalability of data offered by cloud computing companies is also one of the key factors driving the market

Key Findings

  • Under the product segment healthcare provider solutions, sub-segment is anticipated to dominate the segment for healthcare cloud computing market and grow at a CAGR of 21.3%. This is attributed due to the high demand by healthcare facilities for organizing their data and helping them analyze it.   
  • The service model segment held a market share of 46% in 2021. The healthcare facilities demand well-organized data and this can be achieved by using a good service model such as software as a service model or infrastructure as a service model.     
  • Asia Pacific is expected to grow at a CAGR of over 21.6% from 2021 to 2028. Rising cases of patient recovery data and increasing healthcare organizations are driving the demand for the healthcare cloud computing market in this region.

Some of the key players in the healthcare cloud computing market include IBM, Carestream Health, athenahealth, Hyland Software, Siemens Healthineers, eClinicalWorks, Koninklijke Philips NV, Allscripts Healthcare Solutions, Fujifilm Holdings, and GE Healthcare.

The importance of cloud computing in healthcare is beneficial to work hand-in-hand for patients and physicians. Reduced costs, enhanced privacy, and facilitating better patient care through collaboration and interoperability, are a few of the advantages of introducing cloud systems for healthcare. Cloud computing is a solution where the business outcomes of healthcare providers and patient outcomes are largely aligned. Formerly, physicians who used filing cabinets to store reams of patient records faced a significant risk of data theft or damage. Paper records are easily lost or stolen and could be completely destroyed by a flood, fire, or another natural disaster. The lack of security surrounding these documents was a significant risk to patient safety. Once the EMR mandate was established, healthcare providers could establish their own on-site data storage infrastructure, but again, that would require the retention of IT staff that is knowledgeable in data security to ensure that patient data was protected.

The Asia Pacific is expected to emerge as a potential market for the healthcare cloud computing market. As changing demographics in highly populous countries such as China and India, large volumes of patient data are generated as a result of the growing disease burden in the region and various government initiatives focusing on healthcare digitization are driving the growth of the healthcare cloud computing market in the Asia Pacific.