Global Healthcare Cloud Computing Markets Report 2021: Market to Reach $76.8 Billion by 2026 - Massive Shift Towards Telemedicine Spurs Adoption of Cloud Computing
Global Healthcare Cloud Computing Market to Reach $76.8 Billion by 2026
Global market for Healthcare Cloud Computing estimated at US$26.8 Billion in the year 2020, is projected to reach a revised size of US$76.8 Billion by 2026, growing at a CAGR of 18.7% over the analysis period.
Services, one of the segments analyzed in the report, is projected to grow at a 19.6% CAGR to reach US$70.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 15.9% CAGR for the next 7-year period. This segment currently accounts for a 24.6% share of the global Healthcare Cloud Computing market.
Key benefits offered by IT technologies that enable providers to tackle the healthcare value challenge, include development of evidence based care, enhancement in medical practice efficiencies, and significant cost savings, among numerous others. The proliferation of cloud computing in healthcare helps drive these benefits further by adding capabilities such as such as mobility, collaboration with patients and peers, easy archiving of electronic records, streamlined collaboration, ability to access and deploy high-powered analytics, telemedicine capabilities, and simplification of data storage challenges, among others.
loud computing technology also offers several benefits to healthcare providers such as hospitals, physician clinics, and health clinics that need quick access to large storage facilities and computing. With cloud computing, healthcare providers can easily share healthcare data across regions, thereby eliminating delays in patient treatment.
Cloud-based solutions also allow healthcare organizations to improve patient care and reduce costs of deploying IT infrastructure. Software as a Service (SaaS), for instance, has come as a boon for small-scale healthcare facilities keen on incorporating IT in their service delivery. SaaS has all the ingredients for small scale implementations, including low initial investments, and need for very less or no IT proficiency.
Major factor favoring adoption of cloud-based approaches to healthcare include cloud computing`s ability to allow mobilization of patient data among physicians, hospitals, and laboratories to provide improved services to patients and enhance operational efficiency.
Applications of cloud in the healthcare industry include physician order entry, electronic health records (EHRs), software for pharmacy and imaging use, revenue cycle management, claims management, and patient billing. Healthcare organizations are increasingly turning to cloud computing in order to reduce costs of storing hardware locally.
The technology is also gaining wider acceptance driven by the fact that the cloud can hold big data sets for genomic data, radiology images, and EHRs for clinical drug trials. Furthermore, growing need for storing radiology images in PACS (Archiving and Communication Systems) is also driving adoption of cloud computing technology in the healthcare industry.
Leveraging the benefits of cloud delivery models, healthcare organizations are provisioning storage and management of their healthcare IT resources as services over cloud, wherein a third party cloud service provider hosts healthcare information systems on remote cloud servers and provides access to the same directly to the users over the Internet as a service.
In this context, information captured by client devices from different functional areas in a healthcare facility are directly transferred to respective healthcare information systems hosted on a centralized cloud data center, where they are not only stored and archived but can also managed and controlled remotely by cloud service providers.
By helping provide access to healthcare information systems and data hosted on external cloud servers to healthcare organizations over the Internet in shared/multi-tenant, dedicated or hybrid service models, healthcare cloud computing especially comes across as the most cost effective healthcare information system provisioning model for healthcare organizations.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Rising Healthcare Costs & Migration to Value Based Care Spin World Healthcare Economics On its Head
The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Headed in 2021?
These are Times When Questions Abound & Answers Are Few
So How Fast Or Slow Are We Moving?
India's Second Wave Makes It Clear That Equity is Not a Part of Global Policy on Tackling COVID
Progress on Vaccinations, Why Should Businesses Care?
With IMF's Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish About a Global Economic Comeback
A Retrospective Review of Year 2020 as the Worst Year in Humanity's History that Left the World in Shambles & Industries and Markets Upended
