Healthcare cloud computing market to reach $120.6b by 2029

The APAC region witnessed the fastest market growth throughout the forecast period.

The global market for healthcare cloud computing is expected to reach $120.6b by 2029 at a compound annual growth rate (CAGR) of 17.5%, according to MarketsandMarkets.

The report revealed that the market is primarily driven by the increasing adoption of health information technology (IT) solutions, such as electronic health records (EHR), e-prescribing, and telehealth platforms.

“Additionally, the proliferation of new payment models and the cost-efficiency of cloud services, along with the dynamic nature of health benefit plan designs, further contribute to market growth,” The report said.

Meanwhile, the Asia-Pacific (APAC) region exhibited the fastest market growth throughout the forecast period due to a rising adoption of digital health solutions.

Moreover, healthcare infrastructure reforms in China, the rapidly growing healthcare industry in India, and the implementation of health IT programmes in Australia and New Zealand have also contributed to the region’s market expansion.