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With the accelerated application of technology to healthcare, the Health Cloud market is constantly changing. A number of factors combine to affect market dynamics in this industry, from the surging need for cost-efficient healthcare solutions to the rapid dissemination of digital technology. The increasing need for efficient data management and accessibility in the healthcare industry is one major force behind the growth of the Health Cloud market. Every day enormous quantities of patient data are generated.
Hence, health organizations must turn to cloud solutions for safe storage and management as well as the ability to share this information in real-time Another major force driving the evolution of the Health Cloud market is a push towards interoperability and collaboration among healthcare providers. With cloud-based platforms, different healthcare systems can be integrated into one. A more comprehensive picture of patient data is the result. This interoperability improves the quality of patient care and simplifies administrative procedures, thereby improving operational efficiency within health-care institutions.
Also, with the growing importance of telehealth and connected patient monitoring, this market is rapidly expanding. With their scalable, flexible infrastructure cloud solutions provide telehealth providers with the means to move care outside of traditional clinical settings. After the global COVID-19 pandemic, it really gained strong momentum, highlighting how indispensable virtual healthcare was. The competitive landscape of the Health Cloud market is dotted with established technology firms and new startups. Incumbents rely on their established experience and resources to build complete, integrated cloud solutions while new entrants provide innovation as well as product customization for particular healthcare needs. Health Cloud is therefore always being optimized and improved, so that healthcare providers have more choices available to them.
In addition, government regulations and compliance standards have a major influence on the market environment for Health Cloud solutions. The healthcare industry is highly regulated. Therefore, cloud service providers have to observe very strict regulations about data protection and privacy. Participant strategies affected Standards such as the Health Insurance Portability and Accountability Act (HIPAA) are not negotiable; they dictate entire strategies, including how to develop secure and compliant Health Cloud solutions.
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Health Cloud Market Highlights:
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.
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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