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(Medical-NewsWire.com, September 27, 2024 ) Healthcare cloud computing market forecasted to transform from $53.8 billion in 2024 to $120.6 billion by 2029, driven by a CAGR of 17.5%. The comprehensive research encompasses an exhaustive examination of industry trends, meticulous pricing analysis, patent scrutiny, insights derived from conferences and webinars, identification of key stakeholders, and a nuanced understanding of market purchasing dynamics.
The healthcare cloud computing market is experiencing significant growth, primarily due to several factors. These include the increased adoption of electronic health records (EHR), e-prescribing, telehealth, mobile health (mHealth), and other healthcare IT solutions. Additionally, the market is benefiting from the rising use of big data analytics, wearable devices, and the Internet of Things (IoT) in healthcare, as well as the growing trend of cloud deployment in the industry. Cloud computing offers advantages such as better data storage, flexibility, and scalability, along with the cost-efficiency it provides, aligning with the proliferation of new payment models and the dynamic nature of health benefit plan designs.
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Browse in-depth TOC on "Healthcare Cloud Computing Market"
317 - Tables
54 - Figures
244 - Pages
"The largest share in the healthcare cloud computing market, based on product, was attributed to the healthcare providers segment in 2023."
In 2023, the healthcare provider segment held a significant share of the healthcare cloud computing market, by product. This segment is projected to demonstrate the highest growth rate during the forecast period. The substantial share can be attributed to the increasing adoption of big data analytics and various healthcare IT solutions, driven by the impacts of the pandemic. Additionally, the shift towards value-based care and the increasing focus on patient outcomes drive healthcare providers to adopt cloud solutions that can support telemedicine, mobile health applications, and integrated care models. The necessity for compliance with stringent regulatory standards, such as HIPAA in the U.S., further accelerates the adoption of cloud technologies, as they offer built-in security and compliance features.
"By component, the services segment held the largest market share of healthcare cloud computing market in 2023."
In 2023, the services segment held the largest share of the healthcare cloud computing market. This growth is driven by the introduction of complex software and the necessity to ensure integration and interoperability, which require extensive training and regular upgrades. Services such as consulting, implementation, ongoing IT support, training, and post-sales maintenance are essential for healthcare providers to effectively transition to and utilize cloud-based systems. These services help address the complex requirements of healthcare IT environments, ensuring seamless integration with existing systems, maintaining compliance with regulatory standards, and optimizing performance.
"North America accounted for the largest share of the healthcare cloud computing market in 2023."
The healthcare cloud computing market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa.
In 2023, North America held the largest share of the market, followed by Europe and the Asia Pacific. This dominance in North America can be attributed to several factors, including favorable government initiatives and high healthcare expenditure. Additionally, the presence of many healthcare cloud computing companies headquartered in the region contributes to its lucrative market environment.
The Asia Pacific region was the fastest-growing market, driven by the increasing adoption of digital health solutions, healthcare infrastructure reforms in China, the rapidly expanding healthcare industry in India, and the implementation of health IT programs in Australia and New Zealand.
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Key Market Players of Healthcare Cloud Computing Industry:
The key players functioning in the healthcare cloud computing market include Amazon Web Services, Inc. (US), Microsoft (US), Google, Inc. (US), athenahealth. Inc. (US), CareCloud, Inc. (US), Siemens Healthineers AG (Germany), eClinicalWorks (US), Koninklijke Philips N.V. (Netherlands), and Veradigm (US).
Recent Developments of the Healthcare Cloud Computing Industry:
-In February 2022, IBM (US) completed the acquisition of Neudesic, LLC (US), with the goal of expanding its range of hybrid multi-cloud services and advancing its hybrid cloud and AI strategies.
-In February 2022, Lyniate (US) acquired SAP SE (Germany) to provide technology and consulting expertise, facilitating clients in adopting a hybrid cloud approach and transitioning mission-critical workloads from SAP solutions to the cloud, particularly for regulated and non-regulated industries.
-In January 2022, Francisco Partners (US) entered into an agreement with IBM (US) to acquire various healthcare data and analytics assets from IBM, currently part of the Watson Health business. These assets include Health Insights, MarketScan, Clinical Development, Social Program Management, Micromedex, and imaging software offerings.
-In January 2022, IBM (US) acquired ENVIZI (Australia) to strengthen its portfolio of AI-powered software, aligning with IBM's ongoing investments in this domain..
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Source: EmailWire.Com 
Source: EmailWire.com
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