The global healthcare cloud computing market is expected to reach USD 64.7 billion by 2025 from USD 28.1 billion in 2020, at a CAGR of 18.1 percent, according to a report by Markets and Markets.
The increasing adoption of big data analytics, wearable devices, and IoT in healthcare and the advantages of cloud usage, such as improved storage, flexibility, and scalability of data, technological advancements in healthcare infrastructure, and increasing cloud deployments in the healthcare industry are the key drivers of the market growth. Rising patient population worldwide and subsequent increase in the burden on healthcare systems will further upsurge the demand for healthcare cloud computing solutions.
The global COVID-19 outbreak has positively impacted the business to a certain extent. Companies are opting for cloud computing infrastructure to achieve higher operational efficiency, leading to shorter waiting times and enhanced patient access, especially in these times of pandemic. Cloud services help to eliminate the inconvenience of remote working and allows communication, collaboration, and monitoring of work while ensuring employee safety.
The Asia Pacific region is expected to register the highest CAGR during the forecast period. The high regional growth is attributed to the various initiatives undertaken in the APAC countries to implement new policies and to rework existing policies with public and private healthcare organisations to digitalise healthcare and increase operational efficiency. The technological revolution is thus expected to boost the Healthcare Cloud Computing Market growth in this region.
The healthcare provider solutions segment is estimated to command the largest share of the market in 2020, and is projected to register the highest CAGR during the forecast period. Increasing adoption of clinical as well as non-clinical information systems among the healthcare providers to meet the changing regulatory standards, gaining data control, and managing costs while delivering higher customer satisfaction and service quality is expected to boost the segment growth during the forecast period.
While the hybrid cloud deployment model is expected to show high growth rate during the forecast period owing to its benefits such as multiple environments offering flexibility and ability to avoid vendor lock-in. Hybrid cloud models allow organisations to choose a combination of services among the available cloud services to provide the complete range of IT services needed by healthcare providers.
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