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January 02, 2020 -The global healthcare cloud computing market is expected to reach $51.9 billion by 2024, according to a recent Research&Markets report.

The market is projected to increase from $23.4 billion in 2019 at a compound annual growth rate (CAGR) of 17.2 percent during the period, researchers reported. The main growth factors through 2024 will include the increasing adoption of big data analytics, wearable devices, and internet of things (IoT) in healthcare. The market is also slated to grow due to the advantages of cloud usage, such as improved storage, flexibility, and the scalability of data.

Payers and providers will likely move toward more software-as-a-service healthcare cloud computing services to manage the growth in patient data, the report stated. Researchers explained that the healthcare cloud computing market is divided into three service models: software-as-a-service (SaaS), infrastructure-as-a-service (laaS), and platform-as-a-service (PaaS).

The SaaS model is projected to grow at the highest CAGR rate during the period between 2019 and 2024. The SaaS segment offered numerous advantages including security, lower total cost of ownership, faster deployment time, and limited up-front capital expenses. It also had control over the largest share of the healthcare cloud computing market in 2018.

The IaaS model will also see growth through 2024, researchers. The service model is slated to grow at the highest CAGR during the forecast period. Notably, IaaS does not require upfront charges, bandwidth utilization fees, or minimum term commitments, which will result in greater adoption in the coming years, researchers predicted.

Healthcare providers will largely help to boost the healthcare cloud computing market, the report showed. Based on the product, the healthcare cloud computing industry is divided into provider solutions and payer solutions.

The healthcare provider solutions segment accounted for the largest share of the healthcare cloud computing market in 2018, the report showed. The increase in growth can be accredited to a growing population and rising prevalence of diseases. This ultimately leads to an increase in volume of patient data.

Furthermore, during this forecast period, North America is expected to account for the largest share of the global healthcare cloud computing market. This large share is due to the increasing adoption of electronic health records (EHRs) among medical professionals, the approach of government health IT programs, and active participation by private sector players in industrial development.

The increasing implementation of EHR systems leads to enhanced access to care and improve healthcare facility security. And a recent partnership between Google Cloud and Meditech offers one of the first EHR platforms available on Google Cloud.

With easy implementation of cutting edge EHR technologies, the platform further advances cost-effective, rapid, and easy implementation of cutting edge EHR technologies while reducing infrastructure costs and continually providing some of the most advanced technologies available, which is appealing to healthcare organizations of all sizes and scopes, explained Howard Messing, Meditech CEO.

Overall, EHR adoption among medical professions is used to produce greater efficiencies in the healthcare system while delivering greater access to patient data, facilitating interoperability, and enhancing scalability. But the amount of data generated through digital records and other technologies is prompting providers to invest in cloud solutions to securely store the information.

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Global Healthcare Cloud Computing Market to Reach $51.9B by 2024 - HITInfrastructure.com