Healthcare cloud computing refers to the on-demand delivery of computing resources and data storage services through the internet on a pay-as-you-go pricing model. This allows healthcare organizations to access and store patient records, imaging data, and other healthcare services remotely.
Market Dynamics:
Growing need to reduce healthcare IT costs and focus on core competencies in the healthcare industry is expected to drive the healthcare cloud computing market growth over the forecast period. Cloud computing offers healthcare organizations pay-as-you-go pricing model which helps eliminate upfront hardware and software costs. This lowers the overall IT expenses and improve operational efficiency. Furthermore, increasing adoption of electronic health records (EHR) and other healthcare IT solutions across providers is another factor augmenting the market growth. As per the Health IT Dashboard 2022, around 96% of hospitals and over 84% of office-based physicians have adopted certified health IT.
Two Major Market Drivers for Healthcare Cloud Computing
Increasing Need to Reduce Healthcare Costs Through Improved Efficiency
Adoption of cloud computing technologies allows healthcare organizations to move from expensive on-premise systems and data centers to more cost effective cloud based models. This enables organizations to reduce IT infrastructure and maintenance costs significantly. Cloud services also promote collaboration between different stakeholders such as payers, providers and patients. This level of collaboration and data sharing improves overall operational efficiency in the healthcare sector.
Growing Focus on Improving Patient Outcomes Through Better Access to Data and Services
Cloud platforms provide secure access to patient health records and clinical applications from anywhere. This empowers patients to take more control of their health and wellness. It also enables doctors and care teams to offer 24/7 access to services. Medical staff can easily collaborate across different locations to deliver better coordinated care. Additionally, cloud based storage and analytics of large healthcare datasets is improving research outcomes and accelerating discovery of new treatments.
One Major Market Restrain for Healthcare Cloud Computing
Concerns Around Data Security, Privacy and Compliance with Regulations
Despite the benefits, healthcare organizations remain wary of moving sensitive patient data to public cloud environments due to security and privacy risks. Patient health records contain highly confidential information and any leak could severely damage their trust in healthcare providers. Moreover, the healthcare industry operates under stringent regulations around data protection, privacy and compliance like HIPAA in the US. Ensuring that cloud platforms and service providers meet these compliance standards is a challenge slowing down adoption. Additionally, keeping unauthorized access to cloud hosted systems and preventing data breaches requires robust security controls and continuous monitoring. Addressing these security and regulatory compliance concerns is crucial for the market to realize its full potential.
One Major Market Opportunity for Healthcare Cloud Computing
Growing Telehealth and Remote Patient Monitoring Services
The Covid-19 pandemic has boosted the demand for telehealth and virtual healthcare delivery models. Cloud platforms play a critical role in powering these remote services through secure access to clinical applications, real-time communications and storage/analysis of patient health data collected outside hospitals and clinics. This represents a significant growth opportunity for healthcare cloud providers to partner with telehealth startup and equip doctors and nurses to seamlessly offer virtual consultations, monitor patients externally and deliver hospital level care in home setting as well. As advanced technologies like 5Gnetworking and IoT medical devices become mainstream, cloud based telehealth market is expected to grow rapidly in the coming years.
One Major Market Trend for Healthcare Cloud Computing
Increasing Adoption of AI and Analytics in Cloud based Healthcare Applications
Cloud platforms are enabling wider use of AI, machine learning and advanced analytics across variety of healthcare domains including drug discovery, genomics, clinical decision support, medical imaging and population health management. Cloud giants are partnering with leading AI and analytics companies to develop specialized tools and datasets for the life sciences industry. This offers new opportunities for AI and analytics in healthcare like improving diagnostic accuracy, detecting diseases early, personalized treatment recommendations and optimizing clinical trial processes. The combined capabilities of cloud, AI and analytics holds promise to dramatically transform healthcare and deliver step change improvements in outcomes at lower costs. Their adoption will largely define healthcare IT landscape in the coming decade.
Report DescriptionA recent market intelligence report that is published by Data Insights Partner on Healthcare Cloud Computing market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Healthcare Cloud Computing market.
A detailed presentation of forecast, trends, and dollar values of international Healthcare Cloud Computing market is offered.
In accordance with the report, the global Healthcare Cloud Computing market is projected to expand at a CAGR of 30% over the period of forecast.Market Insight, Drivers, Restraints& Opportunity of the Market:Cloud computing is a catchphrase and umbrella term employed to several burgeoning phases of IT (Information Technology).
In India, large as well as small pharma organizations are using Cloud Computing in quality control (QC), quality analysis (QA), research and development (R), clinical development, manufacturing, supply chain, sales, marketing and corporate management by launching various software solutions such as Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) etc.
On the other hand, the global growth of Healthcare Cloud Computing market might be offset by key challenges such as security issues, poor cloud performance, difficulty in integration with in-house IT, limited customization facility, difficulty in moving away from cloud and back to physical server, higher cost, less number of authenticated solution providers and complex regulatory requirements.
Companies such as SAP, TCS iON, QAD, Compiere, Mastercontrol, QUMAS, CEBOS (a division of QAD), Sparta Systems, Medidata, Cognizant, Infosys, Oracle, Veeva, @ris Global, Meditrial, Merge Healthcare, Forte Research System, GT Nexus, Covisint, ASAP Systems, Kinaxis, Logility, Marken, IBM, inhibOX Ltd., Accenture, HCL, Amazone, Microsoft, SAS, Dotmatic, Acelot, Raintree Oncology Services, BioXcel and among others have been profiled into detail so as to offer a glimpse of the market leaders.
