Health Cloud Market Synopsis
According to Market Research Future, the global Health Cloud Market is expected to surpass USD 115.7 Billion by 2030 with a CAGR rate of 15.6% during the projected period. Health cloud refers to cloud-based patient relationship platform which streamlines care coordination for patients in healthcare organization with an aim at placing every patient at the center of the care system. The platform provides a complete view of the patient’s health status and offers smart patient management to deliver am enhanced patient experience. The health cloud solution offered by Salesforce.com, Inc. utilizes the cloud platform along with social and mobile technologies to deliver a real-time view of patient’s health data and care plan.
Rapid advancements in technology are creating new opportunities for digitalization across the healthcare sector. Implementation of the Internet of Things (IoT) across the healthcare sector has resulted in the generation of significant volumes of patient data across the organization and is expected to grow exponentially. Increasing penetration of wearable and smart medical devices for health monitoring and tracking purpose also accelerates the data generated across the healthcare sector; this increases the demand for data storage and analytics capabilities among healthcare providers to understanding and obtain insights. Furthermore, cost-effective features, effective data storage capability, scalability, and flexibility, offered by cloud platform such as which reduces the cost related to IT infrastructure, further propels the growth of the global health cloud market. However, data security and privacy concerns and interoperability issues of the cloud platform are the factors limiting the market growth.
Figure 1: Health Cloud Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Market Segmentation
The global health cloud market has been broadly segmented on the basis of component, deployment, service model, application, end user, and region.
By component, the market has been segmented into software and services. The services segment has been further segmented into consulting, implementation and maintenance, and training.
By deployment, the market has been segmented into private, public, and hybrid cloud.
By service model, the market has been segmented into IaaS, PaaS, and SaaS.
By application, the market has been segmented into clinical data management, analytics & reporting, data storage, care management, and others.
By end user, the market has been segmented into hospitals, diagnostic and imaging centers, pharmacies, ambulatory centers, and others.
By region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
Regional Analysis
The global health cloud market is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographic analysis of the global health cloud market has been conducted for North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
North America is expected to dominate the global health cloud market during the forecast period. Healthcare organizations across the region are promptly adopting health cloud solutions to enhance patient engagement. The region has also witnessed significant adoption of cloud platforms owing to the various benefits offered by them. Furthermore, the Patient Protection and Affordable Care Act (PPACA) set by the US government to offer high-quality healthcare services to its citizens is expected to drive the market growth in the region. However, the data privacy and security requirements authorized by the US government through the Health Insurance Portability and Accountability Act (HIPAA) is expected to limit the market growth in the region. The region has been segmented, by country, into the US, Canada, and Mexico.
Europe is following North America in the global health cloud market in terms of market share. Increasing adoption of cloud platform across healthcare for smarter patient management is driving the growth of health cloud market in the region. However, the European government is heavily focusing on data protection, wherein the sensitive data cannot be shared outside the country of origin; this is a factor expected to hinder the market growth. The region has been segmented, by country, into the UK, Germany, France, Italy, Spain, Benelux, and rest of Europe.
The market in Asia-Pacific is expected to grow at a significant pace during the forecast period. The region has been segmented, by country, into China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific. Increasing digitalization and adoption of cloud-based services in these countries have increased the demand for health cloud platform across healthcare organizations to analyze the growing healthcare data. Rising adoption of wearable devices for health monitoring and increasing adoption of advanced technologies such as IoT and big data analytics to understand and analyze insights to provide personalized patient experience offered is positively impacting the market growth in the region.
Key Players
The prominent players active in the global market of health cloud are Amazon Web Services, Inc. (US), Microsoft Corporation (US), IBM Corporation (US), Oracle Corporation (US), Salesforce.com Inc. (US), General Electric Company (US), Cisco Systems, Inc. (US), Siemens AG (Germany), and ClearData Networks Inc. (US).
Other players include Cerner Corporation (US), Carecloud Corporation (US), PLEXIS Healthcare Systems (US), Carestream Health (US), Athenahealth, Inc. (US), Sectra AB (Sweden), and Eclinicalworks, LLC (US).
Intended Audience
- Organizations, Firms, Enterprises
- Government Bodies and Departments
- Medical Universities
- Healthcare IT Service Providers
- Independent Software Vendors
- Service Providers
- Channel Partners
- Third-Party Providers
- Market Research and Consulting Firms
- Cloud Platform Providers
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Report Attribute/Metric
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Details
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Market Size
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USD 115.7 Billion
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CAGR
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15.6%
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Base Year
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2023
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Forecast Period
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2024-2030
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Historical Data
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2018
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Forecast Units
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USD (Value Billion)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Segments Covered
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By Component, Services
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Geographies Covered
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North America, Europe, Aisa Pacific
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Key Vendors
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Cerner Corporation (US), Carecloud Corporation (US), PLEXIS Healthcare Systems (US), Carestream Health (US), Athenahealth, Inc. (US), Sectra AB (Sweden), and Eclinicalworks, LLC (US).
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Key Market Opportunities
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Rapid advancements in technology are creating new opportunities for digitalization across the healthcare sector.
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Key Market Drivers
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Health Cloud Market Highlights:
Frequently Asked Questions (FAQ) :
The Health Cloud Market is anticipated to reach USD 115.7 Billion by 2030, growing at an 15.6% CAGR during the forecast period.
The Saas segment is estimated to witness substantive traction over the review period.
The services segment is slated to expand as the fastest-growing segment.
The clinical data management segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global health cloud market are General Electric Company (US), Cisco Systems, Inc. (US), Siemens AG (Germany), among others.
The hybrid cloud segment is expected to lead the market over the review period.
