Microservices in Healthcare Market - Forecast 2021 to 2026

The global microservices in healthcare market is projected to grow at a CAGR of 22.42% during the forecast period to reach US$619.673 million by 2026, from US$150.382 million in 2019. Microservices, also called microservice architecture is an architectural type that structures an application as a combination of services. It offers applications such as system software which provides functional modules with great effectiveness, precision, and interfacing abilities. The microservice architecture facilitates the fast, constant, and dependable delivery of high, intricate applications. It also permits an institution to grow its technology stack. These microservices in healthcare are applied to improve the company process by maintaining the functions, including high speed and delivery, that are more effective than the conventional approach. Microservices in healthcare are practiced extremely in pharmaceutical manufacturing by research organizations, healthcare providers, life sciences industry, and healthcare payers. The global microservices in the healthcare market have been segmented into the delivery model, component, and end-user.

The primary factor driving the market growth are the advantages of microservice architecture like its capability to enhance overall performance and project delivery pace

The growing requirement for automation in the healthcare division, rising demand for improving service deployment, and microservices' capacity to settle complex issues, quick enactment of innovative technology, and rising reliance on cloud-based services are major factors for the growth in the microservices in the healthcare market. Adding to this, growing investments done by the preeminent market performers for developing innovative products and rising information concerning the implementation of microservices will initiate new growth possibilities for the organizations in the global microservices in the healthcare market. Since cloud-based platforms are quickly obtainable and more affordable than private-based platforms, which are very expensive to install and maintain, these cloud-based platforms are observing a huge growth in demand. However, concerns related to data security, the complexity of microservice architecture, difficulties faced by companies for executing microservices, the uncertainty of service providers to shift from conventional design to microservice architecture, and administrative compliance concerns may act as restraints for the global microservices in the healthcare market.

Based on geography, the global microservices in the healthcare market are segmented into North America, South America, Europe, Middle East and Africa, and the Asia Pacific

North America is expected to lead the global microservices in the healthcare market during the forecasted period. Due to constant advancing technological developments, swift enactment of innovative technology, increasing choice for automation of services, rising inclusion of cloud computing technology by the healthcare companies are major determinants for the growth of the market in this region. For instance, in Canada, digital transformation technologies and services are estimated to surpass USD 16 billion due to investment in emerging technologies, as per the data by ITU. Actions by the North American governments towards implementing electronic health records (EHR) and inclusion and communication options prompted the adoption of architecture microservice alternatives by health care specialists. In the region, the US is the preeminent microservices in the healthcare market.

The European market is also anticipated to exhibit strong growth over the forecasted period, due to the assertive measures taken by the government institutions, rising requirements for developing the service set up, fast improvement of healthcare departments in the sector, and reliance on cloud-based solutions.

Microservices in the healthcare market in the region of Asia Pacific is estimated to increase at a prevailing rate during the forecasted period. The key countries of the Asia Pacific microservices in the healthcare market are expected to be India, China, and Japan. The steadily developing healthcare structure, huge investments in healthcare technology, rising per capita healthcare spending, and the mounting need for automation in the healthcare sector are notable factors that can act for the growth of the market in this region.

South Americ microservices in the healthcare market is expected to have a fast growth over the forecasted period due to the expanding investments made by influential companies in the region and actions taken by different governments. The Middle Eastern and Africa market is estimated to exhibit restrained growth prospects because of the absence of information and the deficiency of advanced healthcare facilities.

COVID-19 Insights

Due to an increase in everyday cases across the world, the market demand for the COVID-19 vaccine has also increased and this has further resulted in increasing the digital platform in healthcare for stimulating interoperable medical appliances, ultra-personalized and patient-specific explications, digital twins of human systems for faster drug discovery, and clinical trials, among others. These factors have led to an expansion in the demand for microservices in healthcare technology that will be a noticeable result after the pandemic. Increasing focus of key market players towards new medical and healthcare technologies will also drive the demand for these services. For example, Manorama Infosolutions increasingly used telemedicine & teleconsultation to fight against the COVID-19 pandemic. Moreover, a drastic rise in cloud-native approaches to software development and the adoption of microservices, containers, and DevOps is encouraging the adoption of hybrid cloud architectures, introducing AI in enterprises, and utilizing the full potential of 5G and edge computing throughout this crisis and in future.

Key Market Segments

By Component

• Platforms
• Services
• Consulting Services
• Integration Services
• Services

By Delivery Model

• On-premise Models
• Cloud-based Models
• Private Cloud
• Public Cloud
• Hybrid Cloud

By End-User

• Healthcare Providers
• Healthcare Payers
• Life sciences Industry
• Research Organizations

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• Japan
• Thailand
• Indonesia
• South Korea
• India
• Taiwan
• Others