Health Cloud Market Size And Future Growth 2022-2030
The Health Cloud Market is projected to grow USD 115.7 Billion by 2030, at a CAGR of 15.6% during the forecast period.
Shraddha Nevase
Health Cloud Market Scenario
The global Health Cloud Market 2020 can expect a substantial growth by the end of the review period at a high CAGR. The market can also scale the projected valuation during the forecast period.
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Health Cloud is a customer relationship management (CRM) platform offered by Salesforce that is specifically designed for healthcare organizations. Health Cloud provides a range of functions to help businesses manage patient data and communicate with patients, including:
- Patient profiles: Health Cloud allows businesses to create comprehensive patient profiles that include medical history, contact information, and other relevant data.
- Care coordination: Health Cloud enables care teams to work together more efficiently by providing a single platform for managing patient data, sharing notes, and collaborating on treatment plans.
- Remote patient monitoring: Health Cloud includes tools for remote patient monitoring, such as mobile apps and wearable devices, that allow patients to track their health and share data with their care team.
- Patient engagement: Health Cloud offers features such as patient portals and email campaigns that enable businesses to engage with patients more effectively and provide personalized care.
In addition to these features, Health Cloud is built on the Salesforce platform, which provides a range of additional tools and integrations that businesses can use to customize their CRM and build their workflows. Overall, Health Cloud is a powerful tool that can help healthcare organizations improve patient care, increase efficiency, and reduce costs.
Rapid technological advances are creating new opportunities for digitalisation across the healthcare sector. Implementation of the Internet of Things ( IoT) in the healthcare sector has led to the generation of substantial volumes of patient data across the organization and is expected to grow signifcantly. Increasing penetration of wearable and smart health devices for health monitoring and tracking purposes also accelerates data generated throughout the healthcare sector; this increases the demand for data storage and analytics capabilities among healthcare providers to understand and obtain insights. In addition, cost-effective features, effective data storage capability, scalability , and flexibility offered by cloud platform such as reducing IT infrastructure-related costs further propels the global health cloud market to grow. However, the cloud platform's data security and privacy concerns and interoperability issues are factors which limit market growth.
Health Cloud Market Segmentation
The global health cloud market has been broadly segmented on the basis of component, deployment, service model, application, end user, and region.
By component, the health cloud market has been segmented into software and services. The services segment has been subsegmented into consulting, implementation and maintenance, and training.
By deployment, the health cloud market has been segmented into private, public, and hybrid cloud.
By service model, the market has been segmented into IaaS, PaaS, and SaaS.
By application, the health cloud market has been segmented into clinical data management, analytics & reporting, data storage, care management, and others.
By end user, the health cloud market has been segmented into hospitals, diagnostic and imaging centers, pharmacies, ambulatory centers, and others.
Regional Review
It is estimated that the global health cloud market will grow at a significant rate over the 2019 to 2024 forecast period. The public health cloud sector geographic research was carried out for North America, Europe , Asia-Pacific, Middle East and Africa and South America.
Over the forecast period North America is expected to dominate the global health cloud market. Healthcare organizations across the region are approving health cloud solutions to improve patient engagement promptly. The region has also witnessed considerable cloud platform adoption due to the various benefits they offer. Europe is trailing North America in terms of its market position in the global health cloud industry. Increasing adoption of cloud technology for better patient engagement across healthcare is driving the region's health cloud market growth. The European government, however, focuses heavily on data security, in which confidential data can not be exchanged outside the country of origin; this is a factor expected to hamper business growth. The region was segmented into the UK, Germany , France , Italy, Spain, the Benelux, and the rest of Europe, by country.
In the forecast period the Asia-Pacific market is expected to grow at a significant pace. Increasing digitalisation and adoption of cloud-based services in these countries has increased demand for health cloud platforms across healthcare organizations to analyze growing healthcare data. Rising adoption of wearable devices for health monitoring and increasing adoption of advanced technologies such as IoT and Big Data Analytics to understand and analyze insights offered to provide personalized patient experience has a positive impact on the growth of the region's market.
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Competitive Dynamics
The prominent players active in the global market of health cloud are Microsoft Corporation (US), Amazon Web Services, Inc. (US), IBM Corporation (US), Oracle Corporation (US), General Electric Company (US), Salesforce.com Inc. (US), Cisco Systems, Inc. (US), Siemens AG (Germany), and ClearData Networks Inc. (US).
Other players include Cerner Corporation (US), Carecloud Corporation (US), Carestream Health (US), PLEXIS Healthcare Systems (US), Athenahealth, Inc. (US), Sectra AB (Sweden), and Eclinicalworks, LLC (US).
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