As per the report titled ‘Healthcare Cloud Computing Market Size By Application (Clinical Information Systems {Health Information System, Telehealth, Picture Archiving & Communication System [PACS], Pharmacy Information Systems, Laboratory Information Management System, Radiology Information Systems, Computerized Physician Order Entry, Ambulatory or Outpatient CIS}, Nonclinical Information Systems {Revenue Cycle Management, Supply Chain Management Solutions}), By Component (Services {Software as a Service [SaaS], Infrastructure as a Service [IaaS], Platform as a Service [PaaS]}, Software), By Deployment (Public Cloud, Private Cloud), End-use (Hospitals, Pharmacies, Diagnostic & Imaging Centers, Ambulatory Centers, Private Payers, Public Payers) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, Australia, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report, the global healthcare cloud computing market is anticipated to exceed USD 55 billion by the year 2025.
 

Increasing digitization and rising adoption of cloud computing software in laboratories and hospitals is driving the growth of healthcare cloud computing market. Each year a massive amount of administrative and clinical data is obtained from laboratories and hospitals which require specific software for effective health analysis which is fueling the demand for healthcare cloud computing solutions. Rising awareness regarding the availability and benefits of technologically advanced solutions across the globe will enhance the market outlook, cites the report.
 

Innovations to make patient data easily accessible to healthcare professionals for corrective and definite diagnosis will play a key role in augmenting the business landscape. The software enables real time data collection and improves data handling speed. These benefits along with adoption of electronic medical record across the healthcare sector will boost the demand for healthcare cloud computing solutions. However, data privacy and security concerns might hamper the market growth during the study period.
 

Based on the application spectrum, clinical information systems segment is anticipated to grow with a CAGR of 15% through 2025, owing to increasing demand for health information systems to assess and manage medical data generated from physicians.
 

In terms of component, software segment of healthcare cloud computing market was worth USD 4.5 billion in 2018 and is expected to grow substantially during the forecast timeline. The segment growth can be affixed to various advantages of these software including reduced operational costs, along with auto-update feature which enables the healthcare professionals to decide the best treatment plans for the patients.
 

Based on the deployment, public cloud segment is presumed to register 15.5% CAGR during the study period. The segment growth is supported by various benefits including scalability, agility, and reduced operational costs.
 

Speaking of the end-use spectrum, as per the report hospitals segment was worth USD 4 billion in 2018 and is anticipated to see a sizeable growth during the forecast timeframe. Increasing digitization across hospitals through cloud computing will improve the health initiatives. This factor in tandem with implementation of IoT and data analytics in hospitals will foster business growth in the years to come.
 

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Considering the geographical landscape, healthcare cloud computing market in North America is slated to witness of CAGR of 15% during 2019-2025. The regional growth can be credited to technological advancements and rising healthcare expenditure in conjunction with increasing focus towards reducing healthcare expenses.
 

Major players of healthcare cloud computing market are Carestream Health, Cisco, Athenahealth, EMC, Oracle, IBM, Carecloud, GNAX Health, Cleardata, and Merge Healthcare among others.