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Technological Innovations in Healthcare Cloud Computing - A Boon to the Global Healthcare Industry
The global healthcare cloud computing market is expected to reach USD 44.93 billion by 2023 from USD 19.46 billion in 2018, at a CAGR of 18.2%.
The growth of this market is majorly driven by factors such as increasing adoption of big data, wearable devices, and IoT in healthcare; advantages of cloud usage (such as improved storage, flexibility, and scalability of data); implementation of healthcare reforms such as the Patient Protection and Affordable Care Act; and the dynamic nature of health benefit plan designs.
Increasing Adoption of Big Data Analytics, Wearable Devices, and Iot in Healthcare
Healthcare providers generate and collect a large amount of data from a vast array of internal sources, such as electronic health records (EHRs), radiology images, pharmacy sales, prescription information, lab tests, and insurance claims data. The volume of this digital data is growing exponentially every year majorly due to the changes in the payer environment, such as incentives for the meaningful use of EHRs and a shift towards value-based payments. Moreover, technological changes are also resulting in the generation of a larger volume of healthcare data.
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Better Storage, Flexibility, and Scalability of Data Offered By Cloud Computing
Hospitals are realizing the benefits of storing data off-site as it saves space (which can be utilized for accommodating more patients). Moreover, this approach does not require hospitals to maintain an in-house IT staff since the maintenance of data is generally outsourced to hosting vendors. Through cloud computing, healthcare organizations can almost instantaneously scale up or scale down their IT infrastructure (which includes processing power, storage, networking, and the number of users) and adjust it with consumption.
North America to dominate the market in 2018
In 2018, North America held the largest share of the healthcare cloud computing market, followed by Europe. Factors such as the increasing adoption of EHRs among medical professionals and active participation by private sector players in the development of the healthcare industry in that region are contributing to the dominant share of this region.
Some of the players in the global healthcare cloud computing market are CareCloud Corporation (US), ClearData Networks Inc. (US), Athenahealth (US), Cerner Corporation (US), Epic Systems Corporation (US), NextGen Healthcare (US), Carestream Corporation (Canada), Dell Inc. (US), DICOM Grid Inc. (US), INFINITT Healthcare (South Korea), Sectra AB (Sweden), Merge Healthcare Inc. (US), Siemens Healthineers (Germany), iTelagen Inc. (US), NTT DATA Corporation (Japan), Nuance Communications (US), and Ambra Health (US).
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