Major Growth Influencing Factors:

The Healthcare Cloud Computing Market is primarily driven by factors such as the growing adoption of EHR, e-prescribing, telehealth, mHealth, and other healthcare IT solutions due to COVID-19; the increasing adoption of big data analytics, wearable devices, & IoT; increasing cloud deployment in the healthcare industry; better storage, flexibility, and scalability of data offered by cloud computing; the proliferation of new payment models and cost-efficiency of the cloud; and the dynamic nature of health benefit plan designs. On the other hand, data and security concerns and complex regulations governing cloud data centers are factors expected to restrain the market growth to a certain extent.

Projected Revenue Surge:

The global healthcare cloud computing market is projected to reach USD 89.4 billion by 2027 from USD 39.4 billion in 2022, at a CAGR of 17.8%.

COVID-19 Impact on the Healthcare Cloud Computing Market:

Over the past few months, the COVID-19 pandemic 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. Going for cloud services eliminates the inconvenience of remote working as one can communicate, collaborate, and monitor all the work while helping the employees stay safe in the confinement of their homes.

Especially in the healthcare industry, where data serves as the primary asset today, storage and management of data is cost-prohibitive, thereby increasing the additional expenditures related to the requirement of expensive servers. In such cases, cloud computing assists in hassle-free data storage and backup because of its scalability. Cloud also enables one to scale back during hectic days. Moreover, with many healthcare providers giving consultations over video conferencing and phone calls in place during this pandemic, the growth of this segment is likely to augment considerably over the forecast period. The social distancing measures have mandated patients with mild symptoms to opt for remote consultation.

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Further, it greatly reduces the burden on hospitals experiencing high numbers of COVID-19 patients. The pandemic has led to major resource constraints. This will lead to the development of alternate pricing models and value-based pricing.

Restraints: Rising data security and privacy concerns

A major concern related to cloud solutions is that the data hosted by vendors is not as secure as data stored on-premise. Patient information is considered sensitive, and a high degree of privacy needs to be maintained so that this information is accessible to authorized users only. In various countries, patient information has come under the scanner of legal frameworks, such as HIPAA (Health Insurance Portability and Accountability Act) in the US. Similarly, the EU has several directives about data protection. In many countries, the Protected Health Information (PHI) of patients cannot be moved out of their country of origin. Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA) protects personal information that is collected, used, or disclosed. Canadian organizations may face legal issues if found to be non-compliant with the Act.

“In 2021, North America was the region with the largest market share in the healthcare cloud computing market“

The healthcare cloud computing market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa.

North America accounted for the largest share of the healthcare cloud computing market in 2021, followed by Europe and the Asia Pacific. The large share of North America can be attributed to several factors including favourable government initiatives, and high healthcare expenditure in North America, among other factors. Additionally, many healthcare cloud computing companies are headquartered in the region, which adds to the lucrative atmosphere.

Asia Pacific was the fastest growing region, which can be attributed to the increasing adoption digital health solutiins in the region, reforms in China’s healthcare infrastructure, India’s rapidly growing healthcare industry , and health IT program implementation in Australia and New Zealand.

Global Leading Companies:

Key players offering healthcare cloud computing products in this market include Amazon Web Services, Inc. (US), Microsoft Corporation (US), International Business Machines Corporation (US), athenahealth. Inc. (US), CareCloud, Inc. (US), Siemens Healthineers AG (Germany), eClinicalWorks (US), Koninklijke Philips N.V. (Netherlands), and Allscripts Healthcare Solutions, Inc. (US).

Different Growth Strategies Adopted by Them:

These companies adopted strategies such as service launches, business expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their presence in the Healthcare cloud computing market.

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