The healthcare industry is primarily supported by the information technology (IT) sector in two ways:
The process of making drugs
The process of delivering/providing healthcare
These procedures generate a large amount of patient-related data as well as other types of data such as photographs, bills, records, and so on. IT and computers assist the healthcare business in effectively managing this data. The pharmaceutical industry's medication production process is an important mechanism for discovering new drugs through research and development (R&D). IT systems that enable safe and error-free data organization, storage, processing, and sharing across locations, users, and applications are becoming increasingly important. Cloud computing has grown as a cost-effective solution for all of the pharmaceutical industry's needs in terms of drug manufacture and other procedures.
Drivers of the Global Cloud Computing Market in the Healthcare Industry
Over the forecast period, the adoption of a unified database in the healthcare sector is likely to drive the worldwide cloud computing market in the healthcare industry. For example, the government of Dubai declared in August 2018 that it will develop a unified database that would integrate all citizens' medical data, providing all clinicians access to data from hospital visits and lab tests from any healthcare facility.
Furthermore, rising healthcare spending is likely to Cloud Computing Market demand in the healthcare business. According to the Centers for Medicare & Medicaid Services (CMS), health spending in the United States is expected to expand at a 5.5 percent annual pace from 2018 to 2027, reaching almost US$ 6.0 trillion.
In terms of value, IaaS dominated the global cloud computing market in the healthcare business in 2019, accounting for 80.8 percent of the market, followed by PaaS and SaaS.
Restraints in the Global Cloud Computing Market in the Healthcare Industry
The high cost of the Cloud Computing Market is projected to stifle the global cloud computing market's expansion in the healthcare sector. In the healthcare IT business, cloud computing is regarded as a revolution. Cloud solutions are cost-effective for businesses with multiple users and significant amounts of data spread across multiple locations. The same cannot be said for small and medium-sized businesses.
Furthermore, Cloud Computing Market in the healthcare industry has control and visibility challenges, as well as availability and data security concerns. A setup like this is likely to hinder market expansion.
Partnership methods are also being employed by major companies in the global cloud computing market in the healthcare industry to increase their product portfolio. For example, Ambra Health, a cloud-based medical image management suite provider, partnered with Perspectum Diagnostics, a developer of medical image analysis technologies, in March 2020, under which Perspectum's flagship product LiverMultiScan will use Ambra Health's Cloud PACS to enable anytime, anywhere access to images.
In terms of value, IaaS dominated the global cloud computing market in the healthcare business in 2019, accounting for 80.8 percent of the market, followed by PaaS and SaaS.
Restraints in the Global Cloud Computing Market in the Healthcare Industry
The high cost of the Cloud Computing Market is projected to stifle the global cloud computing market's expansion in the healthcare sector. In the healthcare IT business, cloud computing is regarded as a revolution. Cloud solutions are cost-effective for businesses with multiple users and significant amounts of data spread across multiple locations. The same cannot be said for small and medium-sized businesses.
Furthermore, Cloud Computing Market in the healthcare industry has control and visibility challenges, as well as availability and data security concerns. A setup like this is likely to hinder market expansion.
Partnership methods are also being employed by major companies in the global cloud computing market in the healthcare industry to increase their product portfolio. For example, Ambra Health, a cloud-based medical image management suite provider, partnered with Perspectum Diagnostics, a developer of medical image analysis technologies, in March 2020, under which Perspectum's flagship product LiverMultiScan will use Ambra Health's Cloud PACS to enable anytime, anywhere access to images.
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