Over the past few months, the COVID-19 pandemic has upended many lives and businesses on an unprecedented scale. However, if there is one sector that has emerged stronger from this event, it would be the cloud computing industry. While many organizations are finding it difficult to run smoothly, the companies that opted for cloud computing infrastructure are functioning well. Going for cloud services eliminates the inconvenience of remote working as one can communicate, collaborate, and monitor all the work while helping the employees stay safe in the confinement of their homes.

Especially in the healthcare industry, where data serves as the primary asset today, storage and management of data is cost-prohibitive, thereby increasing the additional expenditures related to the requirement of expensive servers. In such cases, cloud computing assists in hassle-free data storage and backup because of its scalability.

Cloud also enables one to scale back during hectic days. Moreover, with many healthcare providers giving consultations over video conferencing and phone calls in place during this pandemic, the growth of this segment is likely to augment considerably over the forecast period. The social distancing measures have mandated patients with mild symptoms to opt for remote consultation.

Further, it greatly reduces the burden on hospitals experiencing high numbers of COVID-19 patients. The pandemic has led to major resource constraints. This will lead to the development of alternate pricing models and value-based pricing.

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Projected Revenue Growth:

The global healthcare cloud computing market is projected to reach USD 89.4 billion by 2027 from USD 39.4 billion in 2022, at a CAGR of 17.8%.

Major Growth Driving Factors:

The growth of the healthcare cloud computing market is mainly driven by factors such as the growing adoption of EHR, e-prescribing, telehealth, mHealth, and other healthcare IT solutions due to COVID-19; the increasing adoption of big data analytics, wearable devices, and IoT; increasing cloud deployment in the healthcare industry; better storage, flexibility, and scalability of data offered by cloud computing; the proliferation of new payment models and cost-efficiency of the cloud; and the dynamic nature of health benefit plan designs.

On the other hand, data security concerns and complex regulations governing cloud data centers are factors expected to restrain the market growth to a certain extent.

“North America was the largest regional market for healthcare cloud computing market in 2021“

In 2021, North America accounted for the largest share of the healthcare cloud computing market. Factors like technological advancements, EHR incentive programs by Medicaid Medicare, and high healthcare expenditure contribute to the growth of this region.

Additionally, the fastest growing region in the healthcare cloud computing market is the Asia Pacific with a CAGR of 22.4% during the forecast period. This growth is driven by factors such as the increased adoption of digital health solutions in Asia, modernization of Chinese healthcare infrastructure, and the rapidly growing healthcare industry in India.

Key Market Players

Key players offering healthcare cloud computing products in this market include Amazon Web Services, Inc. (US), Microsoft Corporation (US), International Business Machines Corporation (US), athenahealth. Inc. (US), CareCloud, Inc. (US), Siemens Healthineers AG (Germany), eClinicalWorks (US), Koninklijke Philips N.V. (Netherlands), and Allscripts Healthcare Solutions, Inc. (US).

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Different Growth Strategies Adopted by Key Players:

These companies adopted strategies such as service launches, business expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their presence in the Healthcare cloud computing market.