USD 275 million
Report ID:
SQMIG35D2237 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|Tables:
87
|Figures:
70
Global Microservices in Healthcare Market size was valued at USD 275 million in 2022 and is poised to grow from USD 336.05 million in 2023 to USD 1670.42 million by 2031, growing at a CAGR of 22.2% in the forecast period (2024-2031).
Microservices in healthcare allow the development and deployment of scalable and modular services and solutions. These microservices run individually and are highly effective in improving the interoperability of different healthcare solutions. Rapidly increasing adoption of digital services and solutions in different healthcare applications are slated to bolster the demand for microservices in healthcare over the coming years. Growing investments in healthcare infrastructure development and the rising burden on healthcare establishments could also promote the adoption of microservices in healthcare in the future. The emergence of IoT technologies is slated to create some highly lucrative opportunities for microservices in healthcare companies across the forecast period and beyond.
However, data security and compliance issues are projected to be a major roadblock for microservices in healthcare market development across the forecast period and beyond. Developed economies such as Canada, UK, United States, and Germany are forecasted to be highly remunerative spaces for microservices in healthcare providers going forward.
Global Market Size
USD 275 million
Largest Segment
Cloud-based Models
Fastest Growth
On-premise Models
Growth Rate
22.2% CAGR
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The global microservices in healthcare market is segmented based on component, delivery model, end user, and region. In terms of component, the market is segmented into services and platforms. Based on delivery models, the market is bifurcated into cloud-based models and on-premises models. Based on end user, the market is bifurcated into healthcare payers, research organizations, healthcare providers, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Component
The platform segment accounts for a mammoth share of the global microservices in healthcare demand outlook and is slated to continue to the same stance through 2031. Platforms are essential for the development and deployment of different microservices, which is why this segment holds sway over others. Increasing the scalability and adaptability of microservice platforms will also allow them to gain traction in different healthcare applications going forward.
Meanwhile, the growing deployment of microservices in healthcare is also estimated to bolster the demand for services at a notable pace over the coming years. The growing need for the maintenance of old microservice platforms and the deployment of new ones around the world are slated to create new opportunities in the services segment in the future.
Analysis by Delivery Model
Cloud-based microservices in healthcare platforms account for a dominant share of the global microservices in healthcare market and the growing popularity of cloud platforms is slated to help this segment maintain its dominance going forward. Advancements in cloud technologies and growing acceptance of cloud platforms in healthcare space are also forecasted to help this segment grow across the forecast period and beyond.
Meanwhile, the demand for on-premises microservices in healthcare will also increase at a steady pace over the coming years. Large healthcare establishments looking to localize and secure their data will be key adopters of on-premises microservices in healthcare platforms. High costs associated with the deployment of on-premises microservices in healthcare will be a key factor restraining the growth of this segment in the long run.
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The presence of a developed healthcare infrastructure allows North America to hold a dominant share of the global microservices in healthcare marketplace through 2031. The increasing willingness of people to spend more on healthcare and the rapid adoption of advanced healthcare technologies are also estimated to contribute to the dominance of North America. Efforts of governments in this region to develop and deploy electronic health records are also estimated to favor the demand for microservices in healthcare across the forecast period and beyond. The United States and Canada are slated to be the key markets in this region.
Meanwhile, the demand for microservices in healthcare in the Asia Pacific region is slated to increase at a rapid pace over the coming years. Rising emphasis on healthcare in developing countries of this region and growing digitization of healthcare are slated to create new opportunities for microservices in healthcare companies going forward. India, China, and Japan are slated to be the top markets for microservices in healthcare providers in the long run.
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Drivers
Better Integration and Interoperability
Scope of Scalability
Restraints
Compliance Issues
Data Security
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Microservices in healthcare providers can target developing economies where governments are investing in the development of healthcare infrastructure to bolster their market growth. Companies can also focus on the integration of advanced technologies such as IoT and artificial intelligence to enhance the efficiency of their products. Microservices in healthcare market players should also opt for strategies such as collaborations, mergers, acquisitions, and partnerships to maximize their business potential on a global scale.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, the growing digitization of healthcare and the increasing popularity of microservices are key factors that are estimated to bolster the demand for microservices in healthcare over the coming years. The presence of a developed healthcare infrastructure and high healthcare expenditure are slated to be the key factors allowing North America to account for a prominent chunk of the global microservices in healthcare market share. However, compliance and data security concerns are projected to slow down microservices in healthcare market growth across the forecast period and beyond. Increasing adoption of containerization and Kubernetes in healthcare establishments is estimated to create new opportunities for microservices in healthcare companies in the long run.
Report Metric | Details |
---|---|
Market size value in Healthcare | USD 275 million |
Market size value in 2031 | USD 1670.42 million |
Growth Rate | 22.2% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Microservices in Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Microservices in Healthcare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Microservices in Healthcare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Microservices in Healthcare Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35D2237
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