Major Growth in Revenue is Expected for the Global Healthcare Cloud Computing Market in the Near Future

This study involved the four major activities in estimating the size of the healthcare cloud computing market.

(EMAILWIRE.COM, July 05, 2021 ) Overview of This Study:

This study involved the four major activities in estimating the size of the healthcare cloud computing market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market.

The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. The bottom-up approach was employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.

Market Size Estimation:

For the calculation of the market value, the revenue from providers was arrived at, based on the adoption rate and average expenditure on software and services in the healthcare cloud computing market. This process involved the following steps:

# Generating a list of the number of providers (hospitals, small group practices, and independent PCPs, etc.) adopting healthcare cloud computing solutions in the given year.

# Understanding the yearly average of expenditure undertaken by the various types of providers for these solutions.

# Totaling the yearly revenue to arrive at the overall market size.

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Expected Revenue Growth:

The market for healthcare cloud computing is expected to grow from USD 28.1 billion in 2020 to USD 64.7 billion by 2025, at a CAGR of 18.1% during the forecast period. Growth in the healthcare cloud computing market can be attributed to factors such as technological upgradation in healthcare industry, increasing focus on healthcare digitization and increasing deployment of cloud-based HCIT solutions by healthcare providers to improve the care process.

Data Triangulation:

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and sub-segments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and sub-segment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both, the demand and supply sides, in the provider, payer, and other industries.

SaaS service model is expected to be the largest contributor to the healthcare cloud computing market

On the basis of service model, the market is segmented into software-as-a-service (SaaS), platform-as-a-service (PaaS), and infrastructure-as-a-service (IaaS). The SaaS model accounted for the largest share of the market in 2019 owing to its several advantages over on-premise solutions, such as security, lower total cost of ownership, faster deployment time, and limited up-front capital expenses. The demand for healthcare cloud computing among healthcare providers is primarily driven by its multi-tenant service that supports unlimited users and provides access to users anytime and anywhere. As this service is hosted by a vendor or a service provider, it reduces maintenance costs and increases the use of resources.

Asia Pacific to emerge as a potential market for healthcare cloud computing solutions

The global healthcare cloud computing market has been categorized on the basis of four major regional segments—North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to grow at the highest CAGR during the forecast period. The changing demographics in highly populous countries such as China and India, large volumes of patient data 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.

In addition, the current outbreak of COVID-19 in the region has resulted in the increased patient pool, leading to subsequent increase in telehealth and virtual care delivery options. Increasing investments for modernization of the country’s healthcare infrastructure is thus, expected to fuel the growth of the healthcare cloud computing market in the APAC region.

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Global Leaders:

The major players operating in the healthcare cloud computing market include IBM (US), CareCloud Corporation (US), athenahealth (US), Hyland Software (US), Siemens Healthineers (Germany), eClinicalWorks (US), Koninklijke Philips NV (Netherlands), NTT DATA (Japan), Allscripts Healthcare Solutions (US), Fujifilm Holdings (Japan), GE Healthcare (US), Dell Technologies (US) and EnSoftek (US).

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