Global Cloud Computing Market in Healthcare Industry to Rise to USD 6.79 Billion by 2018

The global market for cloud computing in the healthcare industry features a highly fragmented vendor landscape as a large number of companies forayed in the area owing to a massive rise in demand for cloud-based electronic medical health record services across developed economies in the past few years. The market has further witnessed increased traction in emerging economies across regions such as Asia Pacific and Latin America in recent times, presenting increased growth opportunities to companies in the field of healthcare cloud computing and the ones that wish to enter into the market. This has made the market more intensely competitive. Some of the leading companies in the market are Qualcomm Life, Merge Healthcare, ClearDATA Networks, CareCloud, Agfa Healthcare, Oracle Corporation, Philips, AT&T, Microsoft, and IBM.

The global cloud computing market in the healthcare industry will rise to a revenue opportunity of USD 6.79 billion by 2018. To achieve this, the market will have registered an astonishing CAGR of 21.3 percent from 2012 to 2018. In terms of service model, the segment of PaaS emerged as the most lucrative owing to its vast benefits that particularly befit the demands presented by the healthcare industry, including simple application and rapid deployment speeds. Moreover, this service model does not require hardware or software reliance from the client as the service provider can offer both. Geographically, North America has remained the top-grossing regional market for cloud computing in the healthcare industry over the years, thanks to invasive and strict reformative regulations prescribing the digitization of the healthcare sector in the region. The region is expected to continue this feat over the near future as well, with the markets in Europe and Asia Pacific following closely.

A number of healthcare reforms across distant corners of the globe, in developed as well as developing economies, are mandating the adoption of electronic medical records and digital modernization of healthcare infrastructure. In response to this, the global healthcare industry is also rapidly adopting information-centric data sharing model. On the verge of this digital transformation, the global healthcare industry is facilitated by cloud computing solutions which present benefits that seem to be tailored for industry. According to a report by the National Electronic Health Records Survey published in 2016, around 87 percent of office-based physicians in the US have adopted some form of electronic health records software, a large share of which is held by cloud-based solutions and services. This rise was mostly triggered due to the implementation of acts such as the American Recovery and Reinvestment Act and the HITECH Act of 2009. An increasing number of countries across the globe, especially across Europe, are making enormous progress on this front and emerging economies across regions such as Asia Pacific and Latin America, while relatively slow, are progressing as well. – Transparency Market Research