Healthcare Cloud Computing Market is Driven by Rising Demand for Stringent Regulatory Compliance

Cloud computing is one of the most commonly used applications in healthcare. Healthcare organizations are highly concerned about the privacy and security of patient information, and the pressure of managing the growing healthcare data has driven the implementation of cost effective solutions such as cloud computing. Therefore, healthcare companies are accepting cloud computing as an effective solution for data storage. This technology provides various benefits such as business agility, privacy & security, reduced cost and so on. Increasing utilization of information technology in the healthcare industry has led to rising adoption of cloud computing by the global healthcare cloud computing industry. However, this market faces major challenges such as high initial investment and shortage of skilled work force. Adoption of cloud computing by healthcare providers is projected to significantly rise. Polycom, a U.S-based company that produces video conferencing equipment, provides cloud-based on-demand video conferencing solutions which helps to decrease on-premise infrastructure costs. Cloud solutions for strong and retrieving data are expected to reduce IT expenditure in healthcare institutions.

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The global healthcare  cloud computing market is expected to expand substantially due to implementation of favorable regulatory acts, growing investment from healthcare players, proliferation of high speed internet, government organizations, public awareness, rising demand for stringent regulatory compliance, new payment models, and the implementation of the Patient Protection and Affordable Care Act. The restraining factors for the global healthcare cloud computing market are issues related to data privacy, rising number of cloud data breaches, and data portability complications. There are opportunities in global healthcare cloud computing market to development responsible care organizations to increase scope for healthcare cloud computing and Telecloud to create opportunities for healthcare cloud computing market. Increase of cloud computing solution for telemedicine is current trend for this market.

The global healthcare cloud computing market is segmented by service, cloud deployment model, application, end user, and by region. By service, the market is divided into platform as a service, infrastructure as a service, and software as a service. On the basis of cloud deployment model, the market is segregated into public, private, and virtual private cloud. By application, the market is further categorized into clinical information system and non-clinical information system. Clinical information system includes pharmacy information system, computerized physician order entry, radiology information system, electronic medical records and others. Non-clinical information system covers revenue cycle management, automatic patient billing, claim management and others. Based on end- user application, the market is classified into healthcare payers and healthcare providers. Non-clinical information system is the dominant segment in the global healthcare cloud computing market. In clinical information system, electronic medical record system is the dominant segment.

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The key players operating in the healthcare cloud computing market include IBM Corporation, Microsoft Corporation, CareCloud Corporation, Carestream Health, Inc., Athenahealth, Inc., Cisco Systems, Inc.  ClearData Networks, Inc., EMC Corporation, Dell, Inc.,  Iron Mountain, Inc., Hewlett-Packard Company, IncMerge Healthcare, Inc., Oracle Corporation and VMware, Inc. In order to gain competitive advantage in the industry, key players are actively involved in providing variation to products and services, and also indulging in continuous new product launches. Collaborations, partnerships, and agreements are some of the important strategies followed by market players to stay ahead of the competition.

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