Expected Revenue Growth:
The global Healthcare Cloud Computing Market is expected to reach USD 64.7 billion by 2025 from USD 28.1 billion in 2020, at a CAGR of 18.1%.
Growth Boosting Factors:
The increasing adoption of big data analytics, wearable devices, and IoT in healthcare and the advantages of cloud usage, such as improved storage, flexibility, and scalability of data, technological advancements in healthcare infrastructure, and increasing cloud deployments in the healthcare industry are the key drivers of the healthcare cloud computing market growth.
Rising patient population worldwide and subsequent increase in the burden on healthcare systems will further upsurge the demand for healthcare cloud computing solutions.
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COVID-19 Impact on the Healthcare Cloud Computing Market
The COVID-19 outbreak, has upended many lives and businesses on an unprecedented scale. However, if there is one sector that has emerged stronger from this event, it would be the cloud computing industry. While many organizations are finding it difficult to run smoothly, the companies that opted for cloud computing infrastructure are functioning well. Cloud computing assists in hassle-free data storage and backup because of its scalability, and also enables one to scale back during hectic days.
Moreover, the social distancing measures have mandated patients with mild symptoms to opt for remote consultation. With many healthcare providers giving consultation over video conferencing and phone calls, in place of this pandemic, the growth of healthcare cloud computing market is likely to augment considerably over the forecast period.
Restrains: Data security and privacy concerns
A major concern related to cloud solutions is that the data hosted by vendors is not as secure as data stored on-premise. Patient information is considered sensitive, and a high degree of privacy needs to be maintained so that this information is accessible to authorized users only. Though the cloud offers various benefits and security measures, the data stored on the cloud is still prone to cyber-attacks.
With the increasing volume of patient data and rising initiatives towards digital transformation in healthcare, data security and privacy concerns are increasing rapidly. Moreover, patients themselves are concerned about the security of their data, which adds to the necessity of maintaining security standards for data protection. Public clouds face similar security issues as traditional IT systems and are thus not preferred. Although private clouds offer more secure access protocols and systems, the healthcare industry is still skeptical about the data security of a private cloud.
Opportunities: Emergence of the telecloud
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. With the rising awareness of telehealth among healthcare providers, the adoption of the telecloud is expected to increase in several countries and thereby offer potential growth opportunities to players operating in the healthcare cloud computing market.
Challenges: 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.
Geographical Growth Scenario:
Asia Pacific to emerge as a potential market for healthcare cloud computing solutions
The global healthcare cloud computing market has been categorized on the basis of four major regional segments—North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to grow at the highest CAGR during the forecast period. The changing demographics in highly populous countries such as China and India, large volumes of patient data generated as a result of the growing disease burden in the region and various government initiatives focusing on healthcare digitization are driving the growth of the healthcare cloud computing market in the Asia Pacific.
In addition, the current outbreak of COVID-19 in the region has resulted in the increased patient pool, leading to subsequent increase in telehealth and virtual care delivery options. Increasing investments for modernization of the country’s healthcare infrastructure is thus, expected to fuel the growth of the healthcare cloud computing market in the APAC region.
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Global Key Players:
The major players operating in the healthcare cloud computing market include IBM (US), CareCloud Corporation (US), athenahealth (US), Hyland Software (US), Siemens Healthineers (Germany), eClinicalWorks (US), Koninklijke Philips NV (Netherlands), NTT DATA (Japan), Allscripts Healthcare Solutions (US), Fujifilm Holdings (Japan), GE Healthcare (US), Dell Technologies (US) and EnSoftek (US).
Healthcare is evolving day by day with the help of latest technologies like AI and Cloud Computing, to provide better medical facilities to the patients.
While initially with the medical records of the patients being stored in the physical forms such as files, or at local data centers, maintaining them over a long period of time and accessing them across different locations posed a major challenge for the Healthcare industry.
Use of Cloud Computing in Healthcare made record-keeping and its management a lot easier.With the Cloud Computing systems such as AWS, Microsoft Azure, and Google Cloud Platform in the medical facilities, tracking of the previous medical records has become possible, without the risk of complete data loss that was largely seen before.
Issues in maintaining the inventory For multi-specialty hospitals keeping up the inventory all the time is essential so as to provide the treatment at the right time.
Lagging speed of the databaseEach second counts when it comes to crucial medical cases, where delay can be fatal.
Having age-old databases can make the retrieval of medical data a lengthy and stringent process that can actually waste a lot of precious time which could be used to cure the patient.3.
