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Healthcare Cloud Computing Market - Emerging Trends Majorly Boosts the Global Growth

Research Methodologies Followed:

Primary Research:

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations operating in the Healthcare Cloud Computing Market. The primary sources from the demand side included industry experts, purchase & sales managers, doctors, and personnel from research organizations. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends and key market dynamics.

Secondary Research:

The secondary research process involved the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the Healthcare cloud computing market.

Major Growth Driving Factors:

The growth of the healthcare cloud computing market is mainly driven by factors such as the growing adoption of EHR, e-prescribing, telehealth, mHealth, and other healthcare IT solutions due to COVID-19; the increasing adoption of big data analytics, wearable devices, and IoT; increasing cloud deployment in the healthcare industry; better storage, flexibility, and scalability of data offered by cloud computing; the proliferation of new payment models and cost-efficiency of the cloud; and the dynamic nature of health benefit plan designs. On the other hand, data & security concerns and complex regulations governing cloud data centers are factors expected to restrain the market growth to a certain extent.

Expected Revenue Growth:

The global healthcare cloud computing market is projected to reach USD 89.4 billion by 2027 from USD 39.4 billion in 2022, at a CAGR of 17.8%.

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Data Triangulation:

After arriving at the overall market size—using the market size estimation processes explained above—the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Recent Developments:

# In February 2022, IBM (US) acquired Neudesic, LLC (US) which was aimed at expanding IBM's portfolio of hybrid multi-cloud services and further advance the company's hybrid cloud and AI strategy.

# In February 2022, Lyniate (US) acquired SAP SE (Germany) which was aimed at providing technology and consulting expertise to make it easier for clients to embrace a hybrid cloud approach and move mission-critical workloads from SAP solutions to the cloud for regulated and non-regulated industries.

# In January 2022 Francisco Partners (US) signed an agreement with IBM (US) to acquire healthcare data and analytics assets from IBM that are currently part of the Watson Health business, including Health Insights, MarketScan, Clinical Development, Social Program Management, Micromedex, and imaging software offerings.

# In January 2022, IBM (US) acquired ENVIZI (Australia) which was aimed at building on IBM's growing investments in AI-powered software.

Opportunities: Emergence of telecloud and telehealth consultations

The convergence of wireless technology and the cloud is proving to be a very strong mechanism for patient care delivery to remote locations. In several countries, most physicians and specialists work in metros and cities. Hence, advanced care facilities are only available in such places, leaving patients in rural areas unattended. This problem can be addressed through the use of a telecloud, as it enables physicians and healthcare specialists to diagnose and treat patients over large distances in real-time and at affordable costs.

Clinicians have been focusing on remote monitoring of affected patients due to the COVID-19 pandemic and the contagiousness of the disease. Physical assistance is taking a toll as there are increasing cases of doctors getting infected with the pandemic despite proper protection and care. The Italian Doctors Association stated that in March 2020, at least 50 doctors lost their lives treating COVID-19. It is, therefore, essential to minimize physical assistance and encourage telehealth. Thus, telehealth that includes remote monitoring of patients and the use of interactive medicines is expected to gain traction in the coming years.

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Challenges: Rising interoperability and portability issues

One of the major requirements of any hospital or healthcare organization is easy and rapid access to patient data. When data is migrated to the cloud by a hospital, it is stored on systems and platforms maintained by the service vendor, who can create certain interoperability challenges. Cloud APIs and interfaces pose the main challenge to organizations attempting cloud computing interoperability. The lack of standardization among the cloud service providers limits the data sharing between different cloud tools leading to portability issues.

For instance, if a patient’s data is stored by one physician who refers the patient to another hospital or specialty clinic, then, in such a case, the hospital should be able to access the patient’s health records stored on a different cloud. To maintain maximum efficiency, it is ideal if there is a high degree of interoperability and standardization between healthcare solutions for the cloud. Major companies such as Cerner and Amazon Web Services are trying to resolve this problem.

In 2019, Cerner announced the launch of a cognitive healthcare platform to deal with interoperability issues by removing the need for manual steps. The platform is being developed under the name ‘Project Apollo.’


on September 16 at 6:18

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