Data in the healthcare industry, especially that pertaining to patients’ records, has a string of requisites such as confidentiality, security, authorized access, access trails, ease of preservation and retrieval, and reversibility. Healthcare cloud computing meets all of these requirements, and could be the engine that takes the industry from a paper-records-based system to an entirely digitized one. As it charts this journey, the global healthcare cloud computing market will value US$12,653.4 million by 2020, finds Persistence Market Research in a recent market study.
Healthcare information technology is a branch that’s fast pushing for a complete transformation. That’s because ‘conventional’ healthcare IT has hitherto failed to address important needs such as collaboration and co-ordination between patients and physicians as well as the healthcare community at large. But now, there are several reasons why healthcare cloud computing has taken center stage in the grander scheme of this transformation. For one, cloud computing provides a total solution by catering to virtually every aspect of a truly modern healthcare system – from record keeping to patient monitoring to data offloading to device operation and more.
In this blog post, PMR answers three critical questions about the healthcare cloud computing market:
What factors can be identified as core drivers of the healthcare cloud computing market?
On-demand access to medical records and healthcare data is the foremost factor pushing this market towards new heights. Both patients and physicians are in need of systems that can provide quick, accurate and secure access to data without any of the drawbacks of conventional IT environments. The other factors that augur well for the healthcare cloud computing market are: Governments taking an active interest in promoting the adoption of cloud computing across domains (including healthcare), the cost effectiveness provided by cloud-based systems, IT healthcare players looking at healthcare cloud computing as lucrative business, and an overall increase in the use of wireless and cloud technologies.
Are there any market forces that will work against healthcare cloud computing?
As things stand today, it would be very difficult to educe a very confident “No” to that question. For one, the lack of an experienced pool of professionals stands in the way of the healthcare cloud computing market. There have been reports of healthcare cloud computing still being weak on the privacy and security front – a concern that causes consumers to think twice about investing in these systems. The third equally important factor that will hold back growth of cloud computing in the healthcare sector is the lack of interoperability of IT systems. Legislative restraints in a few countries also obstruct the healthcare cloud computing market to some extent.
Are there any strategic recommendations to help market players overcome these downsides?
The most important fact to bear in mind is that healthcare cloud computing requires highly sophisticated integration strategies. Exciting opportunities can be found in burgeoning areas such as wireless networks, mobile device computing, and the concept of IoT. A successful strategy, in the long run, will be one that leverages these prospects and synchronizes them with virtual healthcare records, connected medical devices, and Healthcare Information Exchanges.