Improvement of healthcare infrastructure invites the implementation of cloud computing as an effective data transportation and storage facility is bound to transform the sluggish pace at which clerical activities in medical organizations take place. A database that tracks a patients previous health records, denotes it to any concerned hospital and updates with the current health and medicine conditions sounds benefitting for several medical professionals and pharmacologists. In 2014, the global healthcare cloud computing market was valued at an estimated US$ 4,216.5 million. Enduring a projected CAGR of 20.1% the global market for healthcare cloud computing is slated to reach market value of US$ 12,653.4 million by the end of forecast period 2014-2020.
Key Market Dynamics
The growth of global healthcare cloud computing market is influenced by dozens of benefits derived from using cloud computing in healthcare activities. Speeding up the data or document processing in healthcare facilities is a key factor prompting the use of cloud computing. The global healthcare cloud computing market is expected to reap unlimited cost-savings from upgrading their conventional information & data systems with cloud computing services that can share crucial and important information of patients and their medications among healthcare professionals and pharmacists.
Turning over confidential data, however, is a risky move as the world has witnessed the jinx of cloud computing when several personal information and data of public figures had gotten leaked in the recent years. Additionally, handing over such data to a third party draws skepticism and anxiety among patients. Error limitations and inefficient disaster backup are also key restraints curbing the use of cloud computing in the healthcare industry. Furthermore, incorporating with a tech company might hamper the existence of the medical organization if the former loses its operational and financial stability or even worse, goes bankrupt.
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The global market for healthcare cloud computing is primarily classified into applications, deployment model, service model and components. Clinical information systems (CIS) and non-CIS are the two pivotal applications of healthcare cloud computing, where the latter accounts for the largest segment in the global healthcare cloud computing market. CIS-based segmentation includes systems such as pharmacy information system (PIS), electronic medical records (EMR), laboratory information system (LIS), radiology information system (RIS), picture archiving & communication system (PACS), and computerized physician order entry (CPOE) system; with EMR systems being the leading CIS-based segment. Based on the service models, the global market is fragmented into platform-as-a-service (PaaS), infrastructure-as-a-software (IaaS), and software-as-a-service (SaaS) models, among which the SaaS model is slated to dominate the market through 2020.
Components such as software, service and hardware are also segmented in the market, while cloud computing deployment models such as community cloud, public cloud, hybrid cloud and private cloud are also classified for assessing the growth of global healthcare cloud computing market. By 2020, software is likely to be helmed as the largest component-based segment, while private cloud computing deployment model will retain similar dominance in the global market.
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An advanced healthcare infrastructure and dominance in global IT industry benefits the presence of North America in global healthcare cloud computing market. The US is slated to be the largest market in North America over the forecast period. North America’s healthcare cloud computing market is, thus, expected to reach value of US$ 5,757.7 million in 2020, after recording US$ 1,857.5 million in 2014, expanding at a staggering CAGR of 20.7%.
Key Market Players
When healthcare implements cloud computing, it is discernible that leading tech giants will acts as the key market participants. Global technology mammoths such as Microsoft Corporation, International Business Machines (IBM) Corporation, Dell Inc., and ORACLE CORPORATION, dominate the global healthcare cloud computing market, while it is also witnessing exceptional contribution from dedicated healthcare cloud computing companies such as Carestream Health Inc., Merge Healthcare Incorporated, GE Healthcare, athenahealth Inc., Agfa-Gevaert N.V., and CareCloud Corporation, among others.