Market Trends of Healthcare Cloud Computing Industry
This section covers the major market trends shaping the Healthcare Cloud Computing Market according to our research experts:
Electronic Health Record (EHR) Segment is Expected to Hold the Largest Market Share Over the Forecast Period
An electronic health record (EHR) is an electronic record of patient health information that includes vital signs, patient demographics, progress notes, problems, past medical history, medications, laboratory data, immunizations, and radiology reports. Since EHR systems can be multi-disciplinary, they can be utilized to collect and analyze data from public health departments, healthcare organizations, and socioeconomic indicators. Complex healthcare systems require diverse EHR products to share information seamlessly.
For instance, in March 2022, Microsoft launched a new feature through Microsoft Teams EHR connector for Cerner. The new Cerner-validated application expands the capabilities of the Microsoft Teams EHR connector, making it easier for clinicians to launch virtual appointments with patients or consult with other providers in Teams directly from Cerner PowerChart, effortlessly invite other care team members to virtual appointments, and gain real-time status reports of their visits to help improve patient care. Thus with the cloud EHR, the work for the healthcare team became easy, thereby driving the market over the study period.
Furthermore, the agreements and partnerships among the major players in the market towards cloud computing drive the market. For instance, in January 2022, Visionflex entered a partnership agreement with MediRecords, Australia's provider of cloud-based electronic medical record and practice management systems. The partnership will see the companies work toward integrating Visionflex's video conferencing platform, Vision, with MediRecords' cloud-based electronic health record and practice management software platforms. By enabling better workflows and reducing ambiguity, interoperable EHR quickly allows data transfer between EHR systems and healthcare stakeholders. Thus, the market is expected to witness the largest market share in this segment over the forecast period due to the abovementioned factors.
North America is Expected for the Largest Market Share Over the Forecast Period
North America holds a significant share of the healthcare cloud computing market and is expected to show a similar trend over the forecast period. The United States is a leader in the healthcare cloud computing market, mainly due to the high adoption rate of healthcare IT services and the continuous financial and regulatory support from government agencies.
According to the report of Zivaro, an IT service management company, published in June 2022, the growth of medical data interoperability is the main force behind innovation in cloud computing. Numerous healthcare organizations around the United States produce enormous amounts of medical data. Cloud computing is widely used, which is understandable given the complexity of HIPAA and HITECH governance rules for electronic Protected Health Information (ePHI). It also states that data can be imported and exported into shared database platforms, allowing application services to safely share information inside and outside a secured network architecture, using practically limitless cloud storage solutions. Thus the above factors will help the market to grow in the coming future.
Furthermore, the new partnership and collaborations among the major players in healthcare cloud computing help the market to grow. For instance, in September 2022, LifePoint Health, a diversified healthcare delivery network dedicated to making communities healthier, and Google Cloud entered a multi-year strategic partnership to transform healthcare delivery in communities across the United States through LifePoint's implementation of Google Cloud's Healthcare Data Engine (HDE). Thus the new partnerships towards healthcare cloud computing in the region help to drive the market over the study period.
Thus, the market is expected to witness the largest market share over the forecast period due to all the aforementioned factors.
