Healthcare cloud computing market to grow by USD 42.21B from 2022-27

The healthcare cloud computing market is estimated to grow by USD 42.21 billion from 2022 to 2027. The market is estimated to be decelerating at a CAGR of 20.55% during the forecast period. North America is estimated to account for 39% of the market growth during the forecast period. The US, Canada, and Mexico are the major adopters of healthcare cloud computing solutions in the region. Various healthcare institutions in the US adopt cloud computing. For instance, LifePoint Health signed a multiyear strategic partnership with Google LLC to implement Google Cloud’s healthcare data engine in its hospitals across the US. Hence, such collaborations are expected to drive the growth of the market in the region during the forecast period.

Healthcare cloud computing market – Vendor landscape
The healthcare cloud computing market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products.

Healthcare cloud computing market – Market dynamics
Major drivers & challenges-
The increased number of cloud vendors drives the healthcare cloud computing market growth. Several vendors have entered the market to provide services such as EHR and EMR facilities. For instance, Alibaba has launched ET Medical Brain, an AI-assisted solution suite that acts as a virtual assistant in medical imaging, drug development, and hospital management. Also, the market is dominated by a few players. However, other companies are providing cloud services by partnering with existing vendors. For instance, Rackspace offers cloud services in collaboration with Amazon.com. Hence, owing to a rise in the number of cloud service providers, the market is expected to grow rapidly during the forecast period.

The shortage of cloud professionals in the healthcare industry challenges the healthcare cloud computing market growth. There is a high demand for trained cloud computing professionals. However, there is a shortage of qualified and trained cloud computing professionals in the industry. Healthcare organizations employing cloud computing will need to hire trained specialists for application development, data security, and management. The cost of hiring these specialists is high due to their demand. Therefore, a shortage of trained professionals will hamper the growth of the market.

Company profiles
The healthcare cloud computing market report includes information on the product launches, sustainability, and prospects of leading vendors, including Allscripts Healthcare Solutions Inc., Athenahealth Inc., CareCloud Inc., Carestream Health Inc., ClearDATA Networks Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., DXC Technology Co., General Electric Co., Intelerad Medical Systems Inc., International Business Machines Corp., Microsoft Corp., NextGen Healthcare Inc., NTT DATA Corp., Oracle Corp., Salesforce.com Inc., Siemens AG, VMware Inc., and Amazon.com Inc.

Competitive analysis
The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others. Technavio