Healthcare Cloud Computing Market Size US$ 40 Bn

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Healthcare Cloud Computing Market
Healthcare Cloud Computing Market

The global healthcare cloud computing market is estimated to grow at CAGR above 14 % over the forecast time frame 2019- 2026 and reach the market value around USD 40 billion by 2026.

Cloud computing is one of the most frequently used healthcare applications. Healthcare organizations have a strong interest in patient information privacy and safety, and the pressure to manage growing healthcare data has driven economic solutions such as cloud computing. Health companies therefore accept cloud computing as an effective data storage solution. This technology offers various advantages, such as business agility, privacy and security, lower costs, etc.

Cloud computing is one of the most frequently used healthcare applications. Healthcare organizations have a strong interest in patient information privacy and safety, and the pressure to manage growing healthcare data has driven economic solutions such as cloud computing. Health companies therefore accept cloud computing as an effective data storage solution. This technology offers various advantages, such as business agility, privacy and security, lower costs, etc.

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Increased use of IT in the healthcare industry has led to the increased acceptance of cloud computing by the global healthcare cloud industry. This market, however, faces major challenges such as high initial investment and the lack of qualified staff. The adoption by healthcare providers of cloud computing is expected to increase considerably. Polycom, a US-based enterprise producing video conferencing equipment, offers on-demand cloud video conference solutions to reduce infrastructure costs on-site. Strong and recoverable data cloud solutions are expected to reduce IT expenditure in healthcare institutions.

Confidential data is, however, a risky move as the world has witnessed the jinx of cloud computing when a number of personal and public personal data has been leaked in recent years. The transfer of such data to a third party also attracts patients ‘ scepticism and anxiety. The mistakes and inefficient disaster protection are also key constraints that curb the health care industry’s use of cloud computing. In addition, incorporating a company with tech may hamper the medical organization’s existence if the former loses its operational and financial stability or, worse, fails.

Industry Outlook

The worldwide cloud computing market is expected to expand substantially as a result of favorable regulation, increased healthcare investments, a widespread use of high-speed internet, government organizations, increased public awareness, increased demand for regulatory adherence, new models of payments and patient-care implementation data privacy issues, the increasing number of cloud data violations, and data portability complications are the restriction factors for the global health cloud computing market. In the global healthcare cloud computing market, responsible health organizations develop opportunities for cloud and telecloud healthcare to create opportunities for cloud computing. The current trend in this market is to increase cloud computing for telemedicine.

Clinical information system comprises pharmacy, computerized physician ordering, radiology, electronic health records and other information systems. Non-clinical information system covers management of the income cycle, the automatic billing of the patient, claims and others. The market is ranked in health care providers and healthcare providers on the basis of the end user application. The dominant segment in the global healthcare cloud computing market is the non-clinical information system. The electronic medical record system is the dominant segment in the clinical information system.

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Key Players & Strategies

The Healthcare Cloud Computing market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players are Cisco, Carecloud, Cleardata, GNAX Health and Cleardia Healthcare: IBM, EMC, Merge Healthcare.

These players carry out a number of strategic projects including fusions, acquisition and new products to maintain their position on the market. For example, the Cisco Service Exchange Platform (SXP) for radiology was introduced in November 2014. This will make a positive impact on company growth with the introduction of new software.

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