North American Healthcare Cloud Computing Market size is estimated to reach $18.56 billion by 2025, growing at a CAGR of 11.7% during the forecast period 2020-2025. Healthcare Cloud Computing is done to reduce costs in healthcare eco system by storing, managing, and processing the data, collected from various locations and delivering the required services by using internet. World is developing in the area of Internet; and with increase in adoption of IoT devices in healthcare, along with increasing use for smart wearable devices among patients which keeps track on health are major factors which are set to drive growth of the market in forecast period 2020-2025. The draw back estimated to hamper the growth of the market is the high one-time and maintenance cost.
Application - Segment Analysis
Based on Application North American Healthcare Cloud Computing market is segmented into Clinical Information Systems and Non-Clinical Information Systems. The Clinical Information Systems further segmented in to health Information System, Picture Archiving & Communication System [PACS], Pharmacy Information Systems, Laboratory Information Management System, Radiology Information Systems, Computerized Physician Order Entry, Ambulatory or Outpatient CIS and others. The Non-Clinical Information Systems further has Revenue Cycle Management, Supply Chain Management Solutions, Automatic Patient Billing (APB), Payroll Management System, Claims Management, Cost Accounting and others. The health Information System accounted for highest revenue owing to demand for maintaining data by physicians and doctors. The segment is set to be grow during the forecast period 2020-2025 owing to the enormous data that is produced annually by patients, physicians, and pharmacists.
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Deployment- Segment Analysis
Based on Deployment, North American Healthcare Cloud Computing has Private cloud, Public cloud and Hybrid cloud. The public cloud accounted for highest share in 2019 owing to operations owned by public healthcare organizations that provide data accessible regarding healthcare policies. Private cloud is set to grow with highest CAGR, owing to the single ownership and control over infrastructure, resources, and others during forecast period 2020-2025.
Drivers – North American Healthcare Cloud Computing Market
Rising R&D expenditure
Increase in government expenditure on health care and the investments in R&D activities are set to drive the market of North American Healthcare Cloud Computing Market during the forecast period 2020-2025.
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Challenges – North American Healthcare Cloud Computing Market
High Investment Cost
The North American Healthcare Cloud Computing possess challenge of high investment cost, to set up cloud computing and the additional maintenance cost for on time services.
North American Healthcare Cloud Computing Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the North American Healthcare Cloud Computing market. Prominent companies of the market are CareCloud Corporation, Carestream Health, Inc., ClearData Networks, Inc., Cisco Systems, Inc., EMC Corporation, Dell, Inc., Hewlett-Packard Company, IBM Corporation, Iron Mountain, Inc., athenahealth, Microsoft Corporation, Merge Healthcare, Inc., VMware, Inc. and Oracle Corporation..
Acquisitions/Product Launches
In 2019, Humana invests in ClearData’s $26M funding round for health care cloud computing.
In Feb 2019, Veritas Captial finalizes athenahealth acquisition for $5.7 billion.
Key Takeaways
U.S dominated the North American Healthcare Cloud Computing Market in 2019 owing to high technological advancements.
In terms of Application, Clinical Information System segment has generated high amount of revenue owing to demand for maintaining data from doctors and physicians.
Factors such as government funding for R&D activities is set to drive the demand of market for the forecast period (2020-2025)
Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the market will be provided in the North American Healthcare Cloud Computing Market report.
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