Healthcare Cloud Computing Market Size, Share, Growth Analysis, By Product Type (Healthcare Provider Solutions, Healthcare Payer Solutions), By Component (Services, Solutions), By Pricing Model (Pay-As-You-Go Pricing Model, Subscription-Based Pricing Model), By Deployment Model (Private Cloud, Hybrid Cloud), By Service Model (Software-As-A-Service, Infrastructure-As-A-Service), By Region - Industry Forecast 2024-2031

Drivers

Growth of High-Speed Internet

• The emergence of high-speed internet like 5G and the implementation of strict controlling acts are increasing the growth of healthcare cloud computing market globally. This high-speed internet helps the patients to smoothly interact with their doctors and physicians. It also helps to seamlessly store huge amounts of data in cloud storage without any disturbances.

Rising Geriatric Population to Increase Adoption of EHR

• The implementation of electronic health records is increasing in most of the regions. This is mainly owing to the developments in IT solutions, e-prescribing, mHealth, telehealth, and more. The increasing geriatric population is one of the main factors responsible for chronic illnesses. For this reason, hospitals globally are dealing with challenges like lack of beds, medical equipment, and other medical facilities. This is pushing the healthcare market towards the implementation of healthcare cloud computing solutions.

Restraints

Increasing Privacy and Data Security Concerns

• Concerns about data portability barriers, data protection, and increasing data breaches in the cloud are restricting the advancement of the healthcare cloud computing market. Furthermore, the lack of skilled IT professionals has also reduced the implementation of this technology. It is extremely challenging to find professionals with HIPAA expertise, so the demand for qualified professionals is growing rapidly. This is slowing down the process of shifting to cloud computing systems. Therefore, this is massively hindering the growth of healthcare cloud computing market.

High Initial Expenses of Implementation

• The initial investment necessary for migration, training, and incorporation can be extremely high. This is especially true for smaller medical providers and startups, which might prevent them from investing in healthcare cloud computing solutions. Factors like subscription fees, data storage, and maintenance expenses can increase costs with time. This will possibly exhaust the budget of medical organizations, particularly the ones that have restricted financial resources.