The global healthcare cloud computing market is projected to witness a CAGR of 15.6% during the forecast period 2024-2031, growing from USD 50.62 billion in 2023 to USD 161.43 billion in 2031. The global healthcare cloud computing market is being driven by factors such as the increasing adoption of electronic health records, telemedicine, and other healthcare IT solutions. COVID-19 accelerated the adoption of different healthcare IT solutions in 2020. Technological advancements, integration of healthcare cloud computing with artificial intelligence/machine learning, increasing adoption of big data analytics, patient wearable devices, and IoT devices are other factors that are contributing to the healthcare cloud computing market growth.
There is a huge demand for healthcare cloud infrastructure because of the industry's growing trend towards digitization, the integration of artificial intelligence/machine learning, the increasing adoption of cloud-based healthcare systems, and rising costs and huge workloads in hospitals related to patient admissions and hospital data. The availability of flexible and dynamic health benefit plan designs, improved data storage, and the scalability that cloud computing offers are just a few of the numerous advantages that are driving technological advancements and increasing the popularity of cloud computing.
In March 2024, WebMD Health announced the acquisition of operational assets of Healthwise, a nonprofit organization located in Boise, Idaho. Healthwise develops patient-engagement technology that can be integrated with care-management platforms digitally, at the point of care, or through online patient portals. WebMD will support more than 650 healthcare organizations, including more than 50% of U.S. hospitals and several significant payers, by expanding its Ignite portfolio to include the content-as-a-service platform and other evidence-based patient education tools.
Growing Adoption of Big Data Analytics, Patient Wearable Devices, and IoT devices
The increasing adoption of big data analytics, patient wearable devices, IoT devices, and healthcare solutions is significantly driving the global healthcare cloud computing market. Big data plays a crucial role in healthcare informatics and analytics by enabling the analysis and sharing of medical data through cloud computing. Cloud computing enables the processing of vast amounts of data in healthcare, despite challenges such as privacy risks and the high cost of healthcare IT software. The integration of big data and cloud computing in healthcare management offers benefits such as improved clinical outcomes, reduced expenses, and better decision-making for healthcare organizations. Furthermore, the use of cloud-based solutions for data analytics in healthcare presents both benefits and challenges, emphasizing the potential for more advanced healthcare solutions. The integration of big data analytics, wearable devices, IoT technologies, and cloud computing is revolutionizing the healthcare industry by improving patient care, optimizing costs, and driving innovation in healthcare services.
Healthcare in Nigeria faces many obstacles, ranging from incomplete information systems to limited accessibility. A concerning doctor-to-patient ratio of roughly 1:5,000 was reported by the World Health Organization (WHO), underscoring the dire need for innovative solutions. Big data analytics and cloud computing are emerging as revolutionary technologies that promise to close major healthcare gaps and modify patient care treatment plans.
Technological Advancements
The global healthcare cloud computing market is being driven by technological advancements in healthcare cloud computing, as companies are introducing innovative solutions to improve patient care and streamline healthcare procedures. Cloud-based technologies, which provide better accessibility and data management capabilities, have completely changed how healthcare providers deliver treatment and manage data. Cloud-based telemedicine applications and systems are improving patient health insurance services, by increasing accessibility, and streamlining the exchange of medical data. These developments demonstrate how cloud computing is revolutionizing the global healthcare cloud computing market by enabling better data management, care delivery, and overall industry efficiency.
In February 2024, Owkin announced its partnership with Amazon Web Services to expedite innovation in artificial intelligence and machine learning-based precision medicine. By utilizing machine learning and high-performance computing, Owkin and Amazon Web Services hope to promote biotech innovation. Owkin may fulfill its petabyte-level storage needs, create generative AI applications, and modify foundation models by combining its specialized biotech research and development with Amazon Web Service's safe and scalable cloud infrastructure and services.
Healthcare Generates Close to One-Third Volume of Global Data
The healthcare sector alone accounts for about 30% of the global data volume. Healthcare data is predicted to grow at a CAGR of 36% by 2025, outpacing the growth rates of manufacturing, financial services, and media and entertainment at 6%, 10%, and 11%, respectively. Every year, the healthcare industry alone produces over 19 terabytes of clinical data. Cloud-based medical record storage enables advanced data analytics, which in turn drives personalized medicine and improves patient outcomes by analyzing large datasets. With cloud computing solutions, the massive amounts of data produced by patients—such as electronic health records and real-time vital signs—can be effectively managed, stored, and organized while maintaining data integrity and accessibility.
Software-as-a-Service Segment Accounted for the Highest Share
In 2023, software-as-a-service held the highest share in the service segment. The healthcare industry uses software-as-a-service (SaaS) extensively due to many benefits that are tailored to the needs of the sector. SaaS provides healthcare companies with more flexibility, improved operational efficiency, and the ability to create safe intranets, all of which contribute to better overall performance. SaaS is distinct from Platform-as-a-service (PaaS) and Infrastructure-as-a-Service (IaaS) due to factors such as scalability, affordability, and ease of deployment. SaaS solutions require minimal setup and maintenance, enabling healthcare providers to focus on patient care rather than IT infrastructure management. Additionally, SaaS provides a pay-as-you-go model, reducing upfront costs and enabling organizations to scale resources based on demand.
North America Dominates the Healthcare Cloud Computing Market
North America stands out as a global leader in healthcare cloud computing due to several key factors. The high adoption rate of healthcare IT services in the United States and Canada plays a significant role in its leadership position in the healthcare cloud computing market. Continuous financial and regulatory support for this adoption is demonstrated by the complexity of the HITECH (Health Information Technology for Economic and Clinical Health) and HIPAA (Health Insurance Portability and Accountability Act) governance regulations for electronic health information. Furthermore, as more healthcare organizations generate large volumes of medical data, medical data interoperability will grow, which in turn is contributing to cloud computing innovation in the healthcare industry. Cloud computing solutions will further drive advancements in healthcare delivery through strategic partnerships and collaborations among major players like Google Cloud LifePoint Health and many other partnerships.
In September 2022, a multi-year strategic partnership was announced by Google Cloud and LifePoint Health, a diverse healthcare delivery network committed to improving community health. The partnership aims to transform healthcare delivery in American communities by utilizing Google Cloud's healthcare data engine by LifePoint.
Future Market Scenario (2024-2031F)
- To prevent unwanted access, data security, and privacy are becoming increasingly important in cloud computing for healthcare. The increasing popularity of private cloud deployment modes can be attributed to their capacity to offer enhanced data security and privacy, customized to meet regulatory requirements.
- Generative AI will revolutionize healthcare in the forecast period. Generative AI enables access to various AI applications by creating synthetic data for training medical algorithms without compromising patient privacy. Healthcare chatbots and virtual assistants will address clinician shortages and automate tasks.
- The COVID-19 pandemic accelerated the adoption of telehealth. This trend will continue to evolve, making healthcare more accessible. IoT-enabled wearable devices will play a significant role in remote patient diagnosis and monitoring.
Report Scope
“Healthcare Cloud Computing Market Assessment, Opportunities, and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global healthcare cloud computing market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
Click Here:https://www.marketsandata.com/industry-reports/healthcare-cloud-computing-market
About Us:
Markets and Data provides a comprehensive/ panoramic understanding of markets at global, regional, and country levels. Examine changing consumer preferences, emerging challenges, underlying trends, and growth prospects to accelerate your business strategies.
Contact
Mr. Vivek Gupta
5741 Cleveland street,
Suite 120, VA beach, VA, USA 23462
Tel: +1 (757) 343-3258
Email: info@marketsandata.com
Website: https://www.marketsandata.com
