Overview of This Study:
This study involved the four major activities in estimating the size of the healthcare cloud computing 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.
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. This process involved the following steps:
# Generating a list of the number of providers (hospitals, small group practices, and independent PCPs, etc.) adopting healthcare cloud computing solutions in the given year.
# Understanding the yearly average of expenditure undertaken by the various types of providers for these solutions.
# Totaling the yearly revenue to arrive at the overall market size.
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Major Objectives of This Report:
# To define, describe, and forecast the global healthcare cloud computing 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.
Expected Growth in Revenue:
The market for healthcare cloud computing is expected to grow from USD 28.1 billion in 2020 to USD 64.7 billion by 2025, at a CAGR of 18.1% during the forecast period. 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.
Opportunities: Emergence of the telecloud
The convergence of wireless technology and the cloud is proving to be a very strong mechanism for patient care delivery to remote locations. In several countries, most physicians and specialists work in metros and cities. Hence, advanced care facilities are only available in such places, leaving patients in rural areas unattended. This problem can be addressed through the use of a telecloud, as it enables physicians and healthcare specialists to diagnose and treat patients over large distances in real-time and at affordable costs. With the rising awareness of telehealth among healthcare providers, the adoption of the telecloud is expected to increase in several countries and thereby offer potential growth opportunities to players operating in the healthcare cloud computing market.
Geographical Growth Scenario:
Asia Pacific to emerge as a potential market for healthcare cloud computing solutions
The global healthcare cloud computing market has been categorized on the basis of four major regional segments—North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to grow at the highest CAGR during the forecast period. The changing demographics in highly populous countries such as China and India, large volumes of patient data generated as a result of the growing disease burden in the region and various government initiatives focusing on healthcare digitization are driving the growth of the healthcare cloud computing market in the Asia Pacific. In addition, the current outbreak of COVID-19 in the region has resulted in the increased patient pool, leading to subsequent increase in telehealth and virtual care delivery options. Increasing investments for modernization of the country’s healthcare infrastructure is thus, expected to fuel the growth of the healthcare cloud computing market in the APAC region.
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Key Players:
IBM (US), athenahealth (US), Siemens Healthineers (Germany), Koninklijke Philips NV (Netherlands), Allscripts Healthcare Solutions (US), Fujifilm Holdings (Japan), GE Healthcare (US), are some of the leading players of the healthcare cloud computing market.
