This study involved the four major activities in estimating the size of the Healthcare Cloud Computing Services 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.
Revenue Growth Predictions:
The global Healthcare Cloud Computing Market is expected to reach USD 64.7 billion by 2025 from USD 28.1 billion in 2020, at a CAGR of 18.1%.
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.
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Industry Growth Boosters:
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.
COVID-19 Impact on the Healthcare Cloud Computing Market
The COVID-19 outbreak, has upended many lives and businesses on an unprecedented scale. However, if there is one sector that has emerged stronger from this event, it would be the cloud computing industry. While many organizations are finding it difficult to run smoothly, the companies that opted for cloud computing infrastructure are functioning well.
Cloud computing assists in hassle-free data storage and backup because of its scalability, and also enables one to scale back during hectic days. Moreover, the social distancing measures have mandated patients with mild symptoms to opt for remote consultation. With many healthcare providers giving consultation over video conferencing and phone calls, in place of this pandemic, the growth of healthcare cloud computing market is likely to augment considerably over the forecast period.
Major Objectives Behind this Study:
# To define, describe, and forecast the global Healthcare Cloud Computing Services Market by product, service model, deployment model, pricing model, component, and region.
# To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges).
# To analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall healthcare cloud computing market.
# To analyze the opportunities for stakeholders and provide details of the competitive landscape for market leaders.
# To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World
# To profile the key players and analyze their market shares and core competencies.
# To track and analyze competitive developments such as product launches, partnerships, agreements, collaborations, expansions, and acquisitions in the overall healthcare cloud computing market.
The Asia Pacific healthcare cloud computing market to grow at the highest CAGR during the forecast period
While North America is expected to dominate the global healthcare cloud computing market in 2020, followed by Europe, the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high regional growth is attributed to the various initiatives undertaken in the APAC countries to implement new policies and to rework existing policies with public and private healthcare organizations to digitalize healthcare and increase operational efficiency. The technological revolution is thus expected to boost the healthcare cloud computing market growth in this region.
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# In 2020, Allscripts (US) and Microsoft (US) extended their strategic alliance for five years to transform its cloud-based health IT solutions.
# In 2020, British SWASH consortium of NHS Trusts (UK) has prolonged its radiology imaging contract with Sectra (Sweden) to consolidate its four existing solutions into one, for efficient access and collaboration around patient imaging and improved enterprise-wide access.
# In 2020, NextGen Healthcare (US) partnered with Doctible (US) to offer a fully automated and integrated cloud-based system to support clinicians retain patients and boost the growth of small practices.
# In 2019, IBM (US) acquired Red Hat (US) that enhanced IBM’s hybrid cloud portfolio and enabled the development of a next-generation multicloud hybrid platform
The major players operating in the Healthcare Cloud Computing Services 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).