Healthcare Cloud Computing Industry to Witness Huge Growth in Revenue Generation in Next FIVE Years

2024-04-24 04:02:42 Industry

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The key factors driving the growth of this Healthcare Cloud Computing Industry include 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 design.

Restraints:
# Concerns Over Data Security and Privacy
# Migration From Legacy Systems is Considered as A Tedious Task By Providers

Opportunities:
# Emergence of Telecloud
# Formation of Accountable Care Organizations

The global healthcare cloud computing market is segmented by application, deployment model, pricing model, service model, component, end user, and region. Based on application, the market is segmented into clinical information systems and nonclinical information systems. The clinical information systems segment is expected to grow at the highest CAGR during the forecast period.

Based on type, the clinical information systems segment is further segmented into EMR, PACS, VNA, and image sharing solutions, PHM, telehealth, LIMS, PIS, RIS, and other CIS. The nonclinical information systems market is categorized into RCM, billing and accounts management, financial management, HIE, fraud management, supply chain management, and other NCIS.

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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.

The healthcare cloud computing market is highly fragmented with players such as 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).

Agreements, partnerships, collaborations, alliances, expansions, acquisitions, and product launches were the major strategies adopted by key players to achieve growth in this market. Agreements, partnerships, collaborations, and alliances accounted for 45.3% of the total strategies adopted by the players in this market. The key players that adopted this strategy include IBM (US), Carestream Health (US), Siemens Healthineers (Germany), Philips (Netherlands), athenahealth (US), and GE Healthcare (US).

For instance, in 2018, Carestream health (US) signed an agreement with Premier Inc. (US). Premier Inc. (US) awarded a three-year group purchasing agreement to Carestream Health (US) for Enterprise Image Management Solutions. This agreement will allow Premier members to take advantage of Carestream?s Clinical Collaboration Platform featuring enterprise image management, vendor-neutral archiving, and Vue Motion enterprise viewer at special pricing and pre-negotiated terms.

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