Global Market Study on Cloud Computing in Healthcare Industry: Non-CIS to Dominate; Electronic Medical Records CIS to Gain Traction through 2020


  • Published On : Feb-2015 |
  • Pages : 115 Pages |
  • Format :

The report, developed by Persistence Market Research, provides key insights and research findings on the global market for healthcare cloud computing. The report probes the influence of cloud-based computing in the healthcare industry by assessing the benefits and the drawbacks in a comprehensive manner. The growing need for sharing patient or medication information among healthcare providers and pharmacists is a primary causal for emergence of healthcare cloud computing market. Hospitals and other medical organizations are becoming proponents of integrating cloud-computing in healthcare as it plays an instrumental role in reducing expenditure consumed by documented data transference. Conventional mode of billing is being actively replaced by electronic medical records and other clinical information systems (CIS) and recipients of healthcare services can now interact with professionals and monitor the facilities availed by them through cloud computing via mobile & smartphone applications. While the increasing capital influx from IT companies is profitably facilitating the global healthcare sector, risks of security breach and loss of confidential information, absence of skilled IT professionals in medical organizations, and growing skepticism on privacy of a patient’s health condition act as key restraints for growth of the global healthcare cloud computing market

The report includes a regional overview of the global healthcare cloud computing market, which includes regions such as Asia-Pacific, North America, Europe and the Rest of the World (RoW). North America is bifurcated into the US and Canada, while Asia-Pacific includes countries such as Japan, China, and India. Europe is also segmented into constituent EU countries such as Russia, Germany, Italy, France, Spain and the UK, among others. Amidst all, North America’s healthcare cloud computing market will dominate globally, owing to rampant expansion of cloud computing in the US healthcare industry. Asia is also expected to register high growth due to increasing government expenditure on developing the region’s healthcare infrastructure. 

The report fragments the growth of global healthcare cloud computing market by defining the dynamics of the market, which are governed by trends, opportunities, drivers and restraints, and a distinguished expansion of the market into aforementioned regions. Values and statistical data embedded in the report are estimated and calculated from 2013 as the base year, and for the six-year forecast period of 2014 to 2020. In the report, growth of the global healthcare cloud computing market is further stratified on the basis of deployment model such as private clouds, public clouds, community clouds and hybrid clouds, and on the basis of applications such as non-CIS and CIS. Among the CIS applications, healthcare cloud computing can be categorized into computerized physician order entry (CPOE) system, electronic medical records (EMR), picture archiving and communication systems (PACS), pharmacy information system (PIS), laboratory information system (LIS), and radiology information system (RIS). The global healthcare cloud computing market is also segmented into components, which include hardware, services and software. On the basis of service model, the global healthcare cloud computing market includes segments such as platform-as-a-service (PaaS), infrastructure-as-a-service (IaaS), and software-as-a-service (SaaS). The report concludes with detailed profiling of the global healthcare cloud computing market by recognizing contribution of leading companies participating in the market on the basis of their business expansion strategies and future prospects. 

Research Methodology 

To deduce the global healthcare cloud computing market size, the report considers various aspects based on secondary research. Furthermore, key data points such as region-wise split and market split by deployment model, type of CIS, components, service model, and applications; and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated and expected revenue contribution in the global healthcare cloud computing market. 

The report begins with sizing the market in terms of value and volume for the base year, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, gathered data is triangulated via different analysis based on supply side and demand side drivers and other key dynamics of the global healthcare cloud computing market. To develop the market forecast, Persistence Market Research has also conducted a factor analysis to understand the impact of various forces/factors on the target market. The report provides forecasts not only in terms of CAGR but also presents a detailed analysis based on key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities. 

Another key feature of this report is an analysis of the global healthcare cloud computing market and the corresponding revenue forecast in terms of absolute dollar opportunity, usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global healthcare cloud computing market. Further, to understand key segments in terms of their growth and overall global healthcare cloud computing market performance, Persistence Market Research has developed a market attractiveness index to help providers identify existing market opportunities in the global healthcare cloud computing market.

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. 

Segment Analysis 

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. 

Regional Analysis 

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.

Some of the major players in the healthcare cloud computing market:

  • Microsoft Corporation.
  • ORACLE CORPORATION.
  • International Business Machines Corporation.
  • Dell Inc.
  • CareCloud Corporation.
  • Agfa-Gevaert N.V.
  • Merge Healthcare Incorporated.
  • Other.

These key market players have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability and financial overview.

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