Healthcare Cloud Computing Market is Expected to Register Exponential Growth at 21.3% CAGR -Transparency Market Research

The healthcare industry has been a little late in catching up with the perks that cloud computing technology offers. However, it is slowly beginning to learn as it has realized the inevitability of upgrading their operations in line with the latest technology to enhance the quality of services. American Recovery and Reinvestment Act of 2009 (ARRA), brought into action by the federal government, encourages entities in the healthcare industry to adopt and utilize latest technologies, such as healthcare cloud computing for maintaining electronic records. Technologies incumbent in IT industry are converging with time, leaving behind the legacy systems which hospitals and healthcare providers previously used.

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Cloud technology is fast replacing the traditional systems known to the healthcare industry by offering them easier and faster access to data and introducing them to safer and secure ways to store information. Hospitals and healthcare sectors worldwide have engaged in a drive to adopt cloud based services. In the past couple of years, a surge of inclination towards cloud computing among leading players has also been noted. According to a recently published report, the healthcare cloud computing market in the healthcare industry will exhibit an exponential rate of growth at 21.3% CAGR in the next three to four years. The market which stood at US$1.82 billion in 2011, is expected to reach US$6.79 billion by the end of 2018.

Patient-Centered and Data-Driven Approach Fuelling Adoption of Cloud Computing in Healthcare Industry

The global healthcare industry is fast adopting digital platforms to become data driven and more patient-centered. The evolving tenets of delivering healthcare services to patient fraternity together with globally increasing geriatric population and augmented economic development in different parts of the world are driving growth of the cloud computing market in healthcare industry. Cloud computing makes sharing information stored across different systems in real time easier, thereby increasing productivity and cost-efficiency. These factors are expected to bolster the demand for cloud computing across the global healthcare industry by manifolds.

Healthcare organizations until recently were facing trouble with managing and optimizing their complex IT systems. The increasing adoption of cloud computing to a large extent is attributed to the need of providing faster and more flexible healthcare delivery to patients and physicians. In order to achieve this, the healthcare industry seeks latest mobile and easy access systems, in compliance with regulatory standards. Deployment of cloud computing in healthcare organizations helps them to manage their complex processes and data securely, and reduce the overall expenditure.

Data Relocation from Established System is a Major Challenge

One of the major concerns that IT engineers face is the challenge of safely relocating the data from already established system without tampering information or compromising on its security. In fact, integrating data in updated systems along with maintaining their consistency is yet another challenge that organizations have to face, which often kills their interest in adoption of the latest cloud-based technology. However, boost in data sharing through ACOS and innovation of radical wireless technology is expected to ease out the pressure of information transfer from previous systems to its contemporary cloud counterparts.

North America PaaS to Emerge as the Fastest Growing Segments

North America held the majority of the market share in 2011, followed by Europe and Asia. The region is also expected to register fastest growth in the forthcoming years owing to the large market size and presence of a large number of biopharmaceutical companies. On the basis of product segment, platform as a service or (PaaS) is the fastest growing segment, since it simplified deployment of cloud technologies.

The global healthcare cloud computing market is highly competitive, since none of the key players were able to pocket more than 5% to 10% of the market share. The fragmented nature of the market is often attributed to presence of multiple dynamic cloud service providers in the market such as ClearDATA Networks, Agfa Healthcare, CareCloud, Carestream Health, Merge Healthcare, Microsoft, Oracle Corporation, IBM Corporation, and others.

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