Rapid technological advances are creating new opportunities for digitization across the healthcare sector. Implementation of the Internet of Things ( IoT) in the healthcare sector has led to the generation of substantial volumes of patient data across the organization and is expected to grow significantly. The global health cloud market 2020 can expect a substantial growth by the end of the review period at a high CAGR. The market can also scale the projected valuation during the forecast period.
Increasing penetration of wearable and smart health devices for health monitoring and tracking purposes also accelerates data generated throughout the healthcare sector; this increases the demand for data storage and analytics capabilities among healthcare providers to understand and obtain insights.
In addition, cost-effective features, effective data storage capability, scalability , and flexibility offered by cloud platform such as reducing IT infrastructure-related costs further propels the global health cloud market to grow.
However, the cloud platform’s data security and privacy concerns and interoperability issues are factors which limit market growth.
The prominent players active in the global market of health cloud are Microsoft Corporation (US), Amazon Web Services, Inc. (US), IBM Corporation (US), Oracle Corporation (US), General Electric Company (US), Salesforce.com Inc. (US), Cisco Systems, Inc. (US), Siemens AG (Germany), and ClearData Networks Inc. (US).
Other players include Cerner Corporation (US), Carecloud Corporation (US), Carestream Health (US), PLEXIS Healthcare Systems (US), Athenahealth, Inc. (US), Sectra AB (Sweden), and Eclinicalworks, LLC (US).
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 health cloud market has been segmented into software and services. The services segment has been subsegmented into consulting, implementation and maintenance, and training.
By deployment, the health cloud 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 health cloud market has been segmented into clinical data management, analytics & reporting, data storage, care managementclinical data management, analytics & reporting, data storage, care management, and others.
By end user, the health cloud market has been segmented into hospitals, diagnostic and imaging centers, pharmacies, ambulatory centers, and others.
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It is estimated that the global Health Cloud Market will grow at a significant rate over the 2019 to 2024 forecast period.
The public health cloud sector geographic research was carried out for North America, Europe , Asia-Pacific, Middle East and Africa and South America.
Over the forecast period North America is expected to dominate the global health cloud market.
Healthcare organizations across the region are approving health cloud solutions to improve patient engagement promptly.
The region has also witnessed considerable cloud platform adoption due to the various benefits they offer.
Europe is trailing North America in terms of its market position in the global health cloud industry. Increasing adoption of cloud technology for better patient engagement across healthcare is driving the region’s health cloud market growth.
The European government, however, focuses heavily on data security, in which confidential data can not be exchanged outside the country of origin; this is a factor expected to hamper business growth.
The region was segmented into the UK, Germany , France , Italy, Spain, the Benelux, and the rest of Europe, by country.
In the forecast period the Asia-Pacific market is expected to grow at a significant pace. Increasing digitalisation and adoption of cloud-based services in these countries has increased demand for health cloud platforms across healthcare organizations to analyze 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 offered to provide personalized patient experience has a positive impact on the growth of the region’s market.