This study involved four major activities in estimating the current size of the Healthcare Cloud Computing Market. Exhaustive secondary research was done to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
# To define, describe, and forecast the global market by application, deployment model, pricing model, service model, component, end user, and region
# To provide detailed information regarding the major factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
# To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
# To analyze market opportunities for stakeholders and provide details of the competitive landscape for market leaders
# To forecast size of market segments in North America, Europe, Asia Pacific, and RoW
# To strategically profile key players in the global market and comprehensively analyze their core competencies
# To track and analyze competitive developments such as mergers and acquisitions; product developments; agreements, partnerships and collaborations; and research and development activities in the market
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Targeted Audience in This Study:
# Healthcare IT Providers
# Healthcare insurance companies/payers
# Healthcare institutions/providers (hospitals, medical groups, physician practices, diagnostic centers, and outpatient clinics)
# Research and development companies
# Government bodies and municipal corporations
# Business research and consulting service providers
# Venture capitalists
Factors Influencing Global Industry Growth:-
The key factors driving the growth of this market include increasing adoption of big data, wearable devices, and IoT in healthcare; advantages of cloud usage (such as improved storage, flexibility, and scalability of data); implementation of healthcare reforms such as the Patient Protection and Affordable Care Act; and the dynamic nature of health benefit plan design.
# Concerns Over Data Security and Privacy
# Migration from Legacy Systems is considered as A Tedious Task by Providers
# Issues Related to the Interoperability of Cloud
Key Market Opportunities:
# Emergence of Telecloud
# Formation of Accountable Care Organizations
Industry’s Revenue Growth Expectations:
The global healthcare cloud computing market is expected to reach USD 44.93 billion by 2023 from USD 19.46 billion in 2018, at a CAGR of 18.2%.
Geographical Growth Scenario:
In 2018, North America held the largest share of the healthcare cloud computing market, followed by Europe. Factors such as the increasing adoption of EHRs among medical professionals and active participation by private sector players in the development of the healthcare industry in that region are contributing to the dominant share of this region.
Leading Market Players:
# CareCloud Corporation (US)
# ClearData Networks Inc. (US)
# Athenahealth (US)
# Cerner Corporation (US)
# Epic Systems Corporation (US)
# NextGen Healthcare (US) and many more…
Agreements, partnerships, collaborations, alliances, expansions, acquisitions, and product launches were the major strategies adopted by key players to achieve growth in this market. Agreements, partnerships, collaborations, and alliances accounted for 45.3% of the total strategies adopted by the players in this market.
Product launches accounted for 21.7% of the total strategies adopted by the players in the healthcare cloud computing market from 2015–2018. Players adopted this strategy to strengthen their existing product portfolios, increase their global presence, and enhance customer experience.