Demand for cloud computing applications in healthcare facilities like laboratories and hospitals to monitor patient-specific health information will expand the healthcare cloud computing market forecast over the coming years.
Demand for cloud computing applications in healthcare facilities like laboratories and hospitals to monitor patient-specific health information will expand the healthcare cloud computing market forecast over the coming years. Excess of administrative and clinical data generated annually by laboratories and hospitals is processed by cloud computing systems for further health analysis.
Solution providers have come up with specific tools and software to provide healthcare professionals with ease of access to patient data to facilitate accurate and definite decisions. This can be attributed to the consistent adoption of cloud computing software across diagnostic and imaging hospitals as well as ambulatory centers to simplify operations.
Along with this, there is an awareness related to technically advanced systems among consumers with the surge in healthcare expenses in developed and developing countries. It has been estimated that the global healthcare cloud computing market size may reach an annual value of USD 55 billion by 2025.
Scope of clinical information systems
Application of cloud computing solutions in clinical information systems is anticipated to register a 15% CAGR through the next few years. This is owing to the consistent demand for these systems to evaluate and maintain the raw data generated by physicians.
The present coronavirus outbreak has also influenced the development of cloud computing systems. For instance, in October 2020, Cisco launched the Catalyst 8000, a WAN connected edge platform that offers businesses with secure connectivity as well as automated access and visibility to applications across cloud, data center, and edge networks. The software is likely to be used by Adventist Health System to help its hospitals and physicians with real-time connectivity to applications.
To access sample pages of this report titled, “Healthcare Cloud Computing Market Size By Application (Clinical Information Systems {Health Information System, Telehealth, Picture Archiving & Communication System [PACS], Pharmacy Information Systems, Laboratory Information Management System, Radiology Information Systems, Computerized Physician Order Entry, Ambulatory or Outpatient CIS}, Nonclinical Information Systems {Revenue Cycle Management, Supply Chain Management Solutions}), By Component (Services {Software as a Service [SaaS], Infrastructure as a Service [IaaS], Platform as a Service [PaaS]}, Software), By Deployment (Public Cloud, Private Cloud), End-use (Hospitals, Pharmacies, Diagnostic & Imaging Centers, Ambulatory Centers, Private Payers, Public Payers) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents, please click on the link below:
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Hospitals to witness higher deployment
Hospitals show potential in healthcare cloud computing trends and contributed to over USD 4 billion in annual revenue in 2018. The value is likely to reach a significant level up to 2025 with the advent of digital transformation in these facilities to regulate favorable health initiatives with the help of cloud-based solutions. Besides, the implementation of IoT technologies and improved data analytics across hospitals will enhance the treatment approach towards patients.
Demand for lower operational costs
Healthcare cloud computing software industry recorded more than USD 4.5 billion in global share in 2018 and will observe an exponential growth rate through the coming years. This growth can be attributed to the benefits rendered during software up-gradation like reduced operational costs, auto-updating mechanisms, as well as the investment support offered to healthcare providers for effective treatments.
Deployment of public healthcare cloud computing market is projected to hit a 15.5% CAGR through 2025 owing to their scalability, agility, and cost-effectiveness.
North America to see substantial footprint
North America is likely to witness a momentum in the demand for healthcare cloud computing models and the regional healthcare cloud computing market is pegged to record a 15% CAGR through 2025. This is due to factors like technical progressions, a willingness by the consumer to spend on healthcare, and the growing efforts to reduce healthcare costs in the region.
Companies operating in healthcare cloud computing market sector are working on marketing strategies to extend their services across the globe while gaining a competitive edge over other participants. For instance, Carestream Health partnered with Intel in September 2018 to expand its portfolio in radiology. The company also introduced a new cloud-based data center in China in the same year. Athenahealth, Carecloud, Cleardata, IBM, EMC, Merge Healthcare, GNAX Health, and Oracle are some of the other global firms.
The influx of digital transformation across the healthcare sector has paved way for digital modernization as well as electronic medical records. This has led to the adoption of information-centric models to upgrade the real-time collection of data, enhancing the efficiency and data handling speed while offering access to data, hinting towards an increase in demand for cloud computing in healthcare. However, a shortcoming in data privacy and security may hamper the healthcare cloud computing market growth to a certain extent.
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