22 September 2020: The global healthcare cloud computing market is expected to witness a considerable growth due to factors such as aging population, increase in prevalence of chronic diseases, and integrated information systems in hospitals. Cloud computing provides number of benefits and advantages in the healthcare industry. It helps in reducing operational costs for healthcare providers such as clinics and hospitals by on demand cloud computing and storage facilities.
Cloud can help support the data-heavy health IT technologies and also largely enhance clinical research with maximum support for clinical trial management and knowledge-sharing. Benefits of digital transformation along with IT has positively impacted the healthcare industry and helped healthcare providers make the best treatment decisions and reduce operational costs.
High Demand for Various Applications Fuels Market Growth
Healthcare cloud computing industry is segmented into application, deployment model, pricing model, service model, and end use. Based on application, the non-clinical information system held a significant share of the market in 2018 due to higher penetration of cloud computing services. Various applications of cloud computing technology include supply chain management, revenue cycle management, fraud management, healthcare information exchange, financial management, accounts management, and billing.
The market witnessed lucrative growth opportunities for clinical information systems due to rising demand for applications such as electronic medical records, telehealth, laboratory information systems, etc. Increasing prevalence of chronic diseases is leading to an increased need for storage of a large amount of clinical information and data, which is resulting in high demand for clinical information systems by medical professionals.
The data collected by healthcare providers through radio images, electronic health records (EHRs), pharmacy sales, insurance claims, lab tests, prescriptions, IoT-enabled devices, and wearables is managed through the technology. The data helps companies generate meaningful insights and also helps in decreasing the cost associated with IT infrastructure in laboratories and hospitals.
Market Insights
Growing investments by public organizations and several private entities in healthcare IT infrastructure is fueling the growth of healthcare cloud computing. One of the major factors impelling the healthcare cloud computing industry demand is advanced technology in healthcare infrastructure, especially the hospitals in developing countries. The healthcare cloud computing industry is fragmented due to companies incorporating various strategies such as collaborative agreements, mergers and acquisitions, regional expansion, and new product launches to gain competitive advantage. For instance, in November 2018, Ambra Health Declared a collaboration with Google Cloud for advance research on medical imaging data.
Some of the major companies in the healthcare cloud computing market are CareCloud Corporation; Athenahealth; ClearData Networks, Inc.; Cerner Corporation; Epic Systems Corporation; NextGen Healthcare; Carestream Corporation; Dell, Inc.; DICOM Grid, Inc.; Merge Healthcare, Inc.; Sectra AB; INFINITT Healthcare; Siemens Healthineers; iTelagen, Inc.; NTT DATA Corporation; Ambra Health; and Nuance Communications.
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