Expected Revenue Growth:
The healthcare cloud computing market is projected to reach USD 64.7 billion by 2025 from USD 28.1 billion in 2020, at a CAGR of 18.1%. The growth of this market is driven by the government initiatives to incorporate IT solutions in healthcare, benefits offered by cloud usage, growing burden of chronic diseases and the subsequent increase in patient data.
IBM (US), Carestream Health (US), athenahealth (US), CareCloud Corporation (US), Hyland Software (US), Siemens Healthineers (Germany), DXC Technology (US), eClinicalWorks (US), Orion Health (New Zealand), Koninklijke Philips NV (Netherlands), VEPRO Health Solutions (Germany), NTT DATA (Japan), Allscripts Healthcare Solutions (US), INFINITT Healthcare (South Korea), Fujifilm Holdings (Japan), GE Healthcare (US), EnSoftek (US), Sectra AB (Sweden), Dell Technologies (US), and NextGen Healthcare (US) are considered to be the leading players in the healthcare cloud computing market.
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International Business Machines Corporation (IBM) is one of the leading players in the healthcare cloud computing market. IBM has been in business since 1991 and has been offering technology and consulting services. With its presence in over 175 countries, IBM operates as an integrated enterprise. IBM product portfolio comprises Cognitive Applications, Cloud & Data Platforms, and Transaction Processing Platforms and numerous other cloud-based services that offer digital transformation and secured hybrid cloud services.
IBM’s Watson Assistant, a conversational AI platform, leverages the US CDC guidance to answer common questions regarding COVID-19 and improve user engagement. The company’s Rapid Supplier Connect, a blockchain-based network to help healthcare organizations and government agencies identify alternative vendors and strengthen the medical supply chain. The company focuses on development of a set of standards, policies, and services for the secure transport of health information across authorized care providers.
GE Healthcare held significant share in the healthcare cloud computing market in 2019. The company offers a wide range of products and services in the healthcare cloud computing market. The company’s leading position can be attributed to GE Health Cloud that delivers cloud-based healthcare-specific SaaS applications to connect clinicians with data, images, analytics and other care providers and increase effectiveness, efficiency, and collaboration across the care continuum.
The Mural Virtual Care Solution, introduced by the company in April 2020, offers clinical surveillance of ICU patients in a central place and provides a comprehensive view of each patient’s data across the healthcare facility. Moreover, in the wake of the COVID-19 pandemic, GE healthcare and Ford collaborated in March 2020, to increase the ventilator production and support clinicians and patients to fight against COVID-19.
NextGen Healthcare accounted for a considerable share in the healthcare cloud computing market in 2019. The company’s Patient Experience Platform offers telehealth and virtual visit capability to improve the efficiency of routine interactions between patients and the care providers with limited mobility. The Health Data Hub, launched by the company in 2018, is a cloud-based health information exchange platform that enables seamless interoperability among the healthcare providers for sharing and receiving patient information.
The company focuses on inorganic growth strategies in order to strengthen its position in the market. In light of the coronavirus pandemic, various health facilities in the US, such as Virginia Cardiovascular Specialists (VCS), Nevada Eye Physicians, and Capital Women’s Care, have implemented NextGen Virtual Visits to triage appointments for urgent needs and continue providing care and treatment to patients during the pandemic.
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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.