Improved healthcare infrastructure invites the implementation of cloud computing, which transforms the lingering pace at which clerical activities take place in health organizations in a more efficient data transport and storage facility. A database that tracks past health records of a patient, refers to all the hospitals concerned and updates on the current health and medical conditions sounds good for several pharmacologist and medical practitioners.
The report provides analysis of global Healthcare Cloud Computing market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year. According to Acumen Research and Consulting, the global Healthcare Cloud Computing market is expected to grow at noteworthy CAGR around 14 % throughout the forecast period and reach around US$ 40 billion by 2026.
The increased adoption by health care professionals of cloud computing software is expected to drive growth in the industry in the next years. In hospitals and laboratories, recently developed cloud computing software was widely used for efficient management of patient data. Every year huge data are generated from hospitals and laboratories, both clinical and administrative, which require appropriate software for analysis and maintenance. This will boost the cloud computing healthcare market growth in comparison with the expected time frame. Key players in the industry have implemented software and service that enables huge data on healthcare that are beneficial for industry growth to be stored and integrated. Furthermore, such software offers patient information easily accessible that enables health workers to make accurate decisions. In addition to the above factors, the use of software in cloud computing is high, as it improves hospital management and allows fraud prevention to increase the growth of the healthcare cloud sector.
In the near future, a favorable regulatory scenario to ensure superior health cloud software quality should boost industry growth. Regional regulatory bodies such as the United States The FDA and the EU Commission have established various laws and directives which help reduce software and systems defects developed by key players in the industry. Authorization of the marketing of cloud software for healthcare is essential since it could lead to serious mistakes in data management. Companies in the cloud computing healthcare industry therefore comply with the regulations to maintain the precision and quality of software that is beneficial to business growth. However, software-based data is vulnerable to robbery and thus data security concerns may have a certain impact on the growth of the industry.
Due to increasing demand for raw data from doctors and physicians, the clinical information systems segment was valued at more than USD 12.3 billion in 2018. This data includes prescriptions, pharmacist, physician and doctor notes. Since huge clinical data are being produced annually, demand for the health information system and laboratory information management systems has dramatically increased, which is expected to have a positive effect on segmental growth.
Over the entire analysis period, non-clinical segments are expected to see growth of around 15.3%. Management systems that help to integrate data thereby foster sector growth are required and administrative data generated by hospitals is difficult to manage. In addition, insurers and other healthcare providers have adopted income cycle management systems to track details of patient payment and income generated by the payment policy.
In 2018, the segment of public cloud computing was estimated to be over $10.3 billion and is expected to have similar growth trends over time. The health organizations maintain data that is accessible to patients and clients purchasing medical policies. Public cloud is generally operated and owned. In mobile devices, newly developed computing solution can be integrated to inform patients about appointment schedules. Hospitals with a large number of meetings each day therefore prefer public cloud computing.
During the analysis period, private cloud computing will grow by around 15%. A single organization generally owns and controls Private cloud computing software. Healthcare providers adopt private cloud computing solutions because it provides better control than the public cloud over infrastructure, cloud clients, and computers.
In 2018, the software segment accounted for over 23.2% of revenue and is expected to grow substantially in the future. Enabling the management of patient data is better technologically upgraded cloud computing software. Row cloud data are sorted and integrated to help healthcare providers decide correctly. In addition, the software used today is more reliable and thus improves adoption by medical providers, thus increasing the segmental growth.
During the forecast period, the service industry will expand by over 15.5% and significant segmental growth may be achieved through services of superior quality that ensure efficient data management. Many cloud services, such as SaaS, provide on-demand services to healthcare organisations. It offers fast access to business applications as well. Such services also improve customer relationships, thus promoting business growth within the near future among healthcare providers.
End Use Insights
In the 2018 hospital segment, the value of more than USD 4 billion was estimated and significant growth in sales can be linked to the increasing use of patient data. The growing demand for cloud computing software in hospitals has had positive effects as hospital admissions. The software currently used is highly effective and can protect accumulated data. The growth of business growth in future years is expected to grow in this way for medical practitioners to benefit from cloud software and services.
Due to the increased demand for cloud healthcare computing in keeping data produced on medical prescriptions, the pharmacy sector will see approximately 15% of CAGR over the forecast schedule. Pharmacists also select data management solutions to monitor historical payment data and medicines sold to patients. As technologically advanced solutions are available, pharmacies rely heavily on this software.
The cloud computing market in North America rose above USD 8.4 billion in 2018, and is expected to experience a similar trend over the forecast period. Continuous technological advances in cloud computing have increased healthcare providers ' adoption. In addition, a supportive reglementary scenario promotes regional growth in that efficient and upgraded software is available.
Due to increasing awareness of the availability of high quality cloud services, Europe's healthcare cloud computing market will be experiencing an increase of some 15.7% over the forecast period. In addition, increasing geriatric populations susceptible to several diseases will increase the number of admissions in hospitals that are expected to boost demand for cloud-based health care software in that area.
Global Healthcare Cloud Computing Market, by Application
Global Healthcare Cloud Computing Market, by Component
Global Healthcare Cloud Computing Market, by Deployment
Global Healthcare Cloud Computing Market, by End Use
Global Healthcare Cloud Computing Market, by Geography
The market research study on “Healthcare Cloud Computing Market (By Application: Clinical Information Systems [Health Information System, Radiology Information Systems, Telehealth, Picture Archiving & Communication System [PACS], Pharmacy Information Systems, Computerized Physician Order Entry, Laboratory Information Management System, Ambulatory orOutpatient CI], Nonclinical Information Systems [Revenue Cycle Management, Supply Chain Management Solutions]; By Component: Services [Software as a Service [SaaS], Platform as a Service [PaaS], Infrastructure as a Service [IaaS]], Software; By Deployment: Private Cloud, Public Cloud; By End Use: Hospitals, Diagnostic & Imaging Centers, Ambulatory Centers, Pharmacies, Public Payers, Private Payers) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Healthcare Cloud Computing market segments with market dynamics and their impact. The report also covers basic technology development policies.
Key Players & Strategies
The Healthcare Cloud Computing market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players are Cisco, Carecloud, Cleardata, GNAX Health and Cleardia Healthcare: IBM, EMC, Merge Healthcare.
These players carry out a number of strategic projects including fusions, acquisition and new products to maintain their position on the market. For example, the Cisco Service Exchange Platform (SXP) for radiology was introduced in November 2014. This will make a positive impact on company growth with the introduction of new software.