Healthcare cloud computing market to reach $911.6 billion by 2028: TMR study

WILMINGTON, DE / ACCESSWIRE / September 16, 2022 / Transparency Market Research Inc. – An in-depth analysis of the cloud computing market in the healthcare industry revealed that healthcare organizations (HCOs) are eagerly moving their IT systems to the cloud to support efficient, scalable and cost-effective patient care. The rapid pace of adoption of Electronic Health Records (EHRs) by healthcare systems around the world has fueled the future market prospects for cloud computing in the healthcare industry. The global market is expected to grow at a CAGR of 10.8% from 2021 to 2028.

Transparency Market Research Inc., Friday, September 16, 2022, Image accompanying press release

The increasing penetration of digital healthcare systems has opened up a huge lucrative path for cloud computing market players in the healthcare industry. The private cloud has made a strong contribution to ensuring secure management of patient data, the TMR study authors noted. The move from Non-Clinical Information Systems (NCIS) to the cloud has clearly helped reduce claims management and medical billing costs and streamline processes.

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Study on the key outcomes of the cloud computing market in the healthcare industry

  • Cloud systems help HCOs achieve the goals of better patient care: The emphasis on collaborative patient care is an important foundation for the increasing adoption of cloud computing. Healthcare organizations use the cloud to ensure the privacy of patient data while making it easier to access their data for informed decision-making. Over the years, hospitals and healthcare facilities have increasingly adopted cloud-based healthcare solutions to engage patients and their caregivers.

  • Growing applications of cloud-based healthcare solutions to manage patient data: As regulations governing the storage and access of patient data become more stringent, healthcare organizations are looking for cost-effective ways to manage that data. This is a key factor behind the adoption of cloud computing in the healthcare industry, thereby boosting revenue streams. Providers offer cloud-based solutions to make it easier for patients to access their electronic medical records online.

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Cloud Computing Market in Healthcare: Key Drivers

  • The need to improve medical services, where patient privacy and data security are an integral part, is a key driver of the shift to cloud-based healthcare solutions. The emerging concept of collaborative patient care is expanding the market for cloud computing in the healthcare industry.

  • The increasing adoption of electronic medical records by healthcare systems in different countries has made the implementation of cloud storage helpful to streamline processes. Against the backdrop of an exuberant digital healthcare service industry, the demand for cloud computing in the healthcare industry is experiencing a strong resurgence.

Healthcare Cloud Computing Market Study: Regional Dynamics

  • North America accounted for the largest revenue share in the cloud computing market in the healthcare industry in 2018. The region is witnessing widespread adoption of cloud-based healthcare solutions, notably the US presence of several leading service providers has also boosted growth prospects for the healthcare cloud computing market.

  • Asia Pacific is a lucrative region in the healthcare cloud computing market. Healthcare organizations in both developed and developing countries in the region have adopted cloud computing to reduce IT costs in delivering quality patient care and medical services. Also, the strict implementation of patient data security standards has expanded opportunities for players in the regional market.

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Healthcare Cloud Computing Market: Competitive Landscape

Many service providers are learning how to meet the strict regulatory standards related to medical confidentiality in order to increase cloud computing market share in the healthcare industry.

Major players in healthcare cloud computing market are Salesforce, Kinvey, Amazon Web Services, Oracle Corporation, Microsoft Corporation, Intel Corporation, IBM Corporation, Merge Healthcare, Inc., Cisco Systems. Inc., AGFA Healthcare and Carestream Health, Inc.

Segmentation of the cloud computing market study in the healthcare industry

service model

  • Infrastructure as a Service (IaaS)

  • Platform as a Service (PaaS)

  • Software as a Service (SaaS)

pricing model

cloud guy

end user

region

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East & Africa

The modernization of healthcare both in terms of infrastructure and services has taken the healthcare industry to new heights, stay current Health care research reports of transparency market research:

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