17.5% CAGR Fueling $120.6B Healthcare Cloud Computing Market by 2029 | MarketsandMarkets™
Chicago, June 18, 2024 (GLOBE NEWSWIRE) -- The global healthcare cloud computing market is estimated to be worth $53.8 billion in 2024, with a projected growth to $120.6 billion by 2029, representing a Compound Annual Growth Rate (CAGR) of 17.5%. Key drivers of this growth include the increased adoption of electronic health records (EHR), telehealth, and other healthcare IT solutions, alongside the rising use of big data analytics and the Internet of Things (IoT) in healthcare. However, challenges such as data security concerns and interoperability issues persist. Opportunities lie in the rise of telecloud solutions and the increasing demand for remote healthcare services. Key players in the industry include Amazon Web Services, Microsoft, Google, and others. Recent developments include acquisitions and agreements aimed at expanding hybrid multi-cloud services and advancing AI strategies in healthcare.
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The surge in popularity of health IT solutions like Electronic Health Records (EHRs), e-prescribing, and telehealth platforms is being propelled by several factors. Globally, there's been a notable rise in chronic diseases such as cancer, cardiovascular diseases (CVD), and diabetes, with projections indicating a further increase in mortality rates. The aging global population is a significant contributor to this trend, with the elderly being more susceptible to chronic ailments. The COVID-19 pandemic has further strained healthcare systems, leading to a heightened demand for remote monitoring and healthcare services. Telehealth and mobile health solutions have witnessed a dramatic increase in consumer adoption, particularly evident in the rise of telehealth usage in the US and platforms like MyDoc in Singapore, highlighting the growing reliance on virtual healthcare alternatives.
Restraint: Rising data security and privacy concerns
Data security and privacy concerns pose significant restraints to the adoption of cloud solutions in healthcare. Concerns stem from the perceived inferior security of vendor-hosted data compared to on-premise storage, raising issues about access control and compliance with regulations like HIPAA in the US and PIPEDA in Canada. Despite security features, the vulnerability of cloud-stored data to cyber threats remains, amplifying anxieties about patient information safety.
Opportunity: The rise of telecloud and telehealth consultations
Telecloud systems, integrating wireless technology with cloud computing, present opportunities for remote healthcare delivery. Particularly beneficial in underserved rural areas, telecloud enables real-time diagnosis and treatment, addressing disparities in access to medical care. The pandemic's impact has accelerated the adoption of telehealth, emphasizing its role in remote patient monitoring and interactive treatments, with support from companies like Cisco, driving growth prospects in the healthcare cloud computing market.
Challenge: Increasing challenges with interoperability and portability
Ensuring seamless access to patient data poses challenges due to interoperability issues in cloud systems. The absence of standardized protocols among cloud service providers hampers data exchange between platforms, hindering data portability. Efforts to address this challenge, such as Oracle's "Project Apollo," aim to automate processes and enhance interoperability, emphasizing the importance of standardization in optimizing cloud-based healthcare solutions.
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The Healthcare Cloud Computing Industry Ecosystem section provides insights into the key players in the market, including connectivity providers, OEMs, hardware suppliers, and service providers like laaS/PaaS/SaaS providers, consultants, integrators, and managed service providers. It offers an overview of these companies, highlighting recent advancements and expertise in the cloud market. Moreover, it includes an assessment by MarketsandMarkets of these vendors, emphasizing their distinctive features and contributions to the industry.
In the healthcare cloud computing industry, the healthcare provider segment holds the largest share, driven by increased integration of healthcare IT solutions spurred by the pandemic and a focus on value-based care. Compliance with regulations like HIPAA accelerates cloud technology adoption due to its built-in security features.
Software-as-a-Service (SaaS) dominates the service model segment, offering improved security, minimal upfront costs, and easy implementation. SaaS solutions facilitate interoperability and data sharing crucial for integrated care, enhancing patient outcomes.
North America leads the market, benefiting from technological advancements and significant healthcare spending. Meanwhile, the Asia Pacific region experiences rapid growth, fueled by increased adoption of digital health solutions, modernization efforts in healthcare infrastructure, and the expanding healthcare sector in countries like China and India.
Recent developments in the healthcare cloud computing industry showcase a flurry of strategic acquisitions and agreements aimed at enhancing companies' capabilities and offerings. In February 2022, IBM completed the acquisition of Neudesic, LLC, aiming to bolster its hybrid multi-cloud services and AI strategies. Concurrently, Lyniate acquired SAP SE, focusing on facilitating clients' adoption of hybrid cloud approaches and transitioning workloads to the cloud, particularly in regulated industries. In January 2022, Francisco Partners agreed with IBM to acquire various healthcare data and analytics assets, expanding their portfolio in the Watson Health business. Additionally, IBM acquired ENVIZI to fortify its AI-powered software portfolio, aligning with its continuous investments in this domain. These strategic moves underscore the industry's dynamic landscape and the ongoing efforts to innovate and expand offerings in the healthcare cloud computing sector.
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