Rockville, Feb. 18, 2024 (GLOBE NEWSWIRE) -- As per the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, the global Healthcare Cloud Computing Market, estimated at US$ 41.12 billion for 2024, is projected to reach US$ 320.9 billion by the end of 2034. An aging population and an increase in the prevalence of chronic diseases are the main factors driving the growing demand for integrated information systems.
The term 'healthcare cloud computing' describes the use of cloud computing services and technology to store, manage, process, and exchange applications and data about healthcare. With this technology, computing resources like storage, processing power, and software programs can be distributed via private networks or the Internet utilizing remote servers and networks.
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Key Segments of Healthcare Cloud Computing Market Research Report
| By Component | By Deployment Model | By Application | By Service Model | By Region |
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Flexible payment options provided by healthcare cloud computing encourage cost-effectiveness. Moreover, this makes disaster recovery capabilities, healthcare-specific solutions, and sophisticated analytics and AI applications possible.
Key Takeaways from Market Study
- The global healthcare cloud computing market is estimated to reach US$ 41.12 billion in 2024.
- Demand for healthcare cloud computing is projected to rise at a remarkable CAGR of 17.9% from 2024 to 2034.
- The market is projected to reach US$ 320.9 billion by 2034-end.
- The market in East Asia is forecasted to expand at a noteworthy CAGR of 23.4% through 2034.
- Demand for clinical information systems is projected to increase at a CAGR of 18.9% during the forecast period.
- The market in North America is projected to expand at a stupendous CAGR of 23% from 2024 to 2034.
“Rising burden of chronic diseases is necessitating the development of efficient and secure patient data storage solutions in healthcare institutions. Thus, demand for cloud solutions in healthcare is fueled by the extensive use of EHRs, the need for vast healthcare data analysis, and a strong emphasis on data security and privacy measures,” says a Fact.MR analyst.
Advancements in Healthcare through Cloud Computing Technologies
The healthcare and life sciences sectors are adopting cloud technologies at a substantial pace. Increased access to cutting-edge technologies like machine learning, the rise in the use of IT solutions in the healthcare sector, and the need to cut costs and enhance scalability, storage, and flexibility are the main factors driving the growth of the healthcare cloud computing market.
- For example, according to a June 2022 analysis by Philips, 66% of healthcare executives contemplated moving their IT infrastructures to the cloud by the end of 2022. This number is projected to reach 96% by the end of 2024.
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| Report Attribute | Details |
| Value Projection (2034) | US$ 320.9 Billion |
| Growth Rate (2024-2034) | 17.9% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 80 Tables |
| No. of Figures | 219 Figures |
Rapid Growth Expected in Asia Pacific Healthcare Cloud Computing Market
The Asia Pacific region is poised for significant growth, with China emerging as a lucrative market for cloud solution providers. Factors driving the expansion of the healthcare cloud computing market include an aging population, the prevalence of chronic diseases, and government initiatives promoting integrated health systems.
Meanwhile, the United States remains at the forefront of global cloud computing innovation, leveraging advanced technologies such as artificial intelligence (AI), machine learning, big data analytics, and the Internet of Things (IoT) to revolutionize healthcare. These cutting-edge tools enable personalized treatment, predictive analytics, and more efficient data processing, shaping the future of healthcare delivery.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the healthcare cloud computing market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on component (software, hardware, services), deployment model (community cloud, public cloud, hybrid cloud, private cloud), application (clinical information systems [CIS], non-clinical information systems [non-CIS]), and service model (platform as a service [PaaS], infrastructure as a software [IaaS], software as a service [SaaS]), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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