Wearables, analytics and devices propel healthcare cloud growth

Huge double-digit growth is expected in the healthcare cloud space over the next six years, as the market sees increased adoption of wearable health trackers, demand for data analytics, and interconnectivity of medical devices. A new report from Data Bridge Market Research predicts a compound annual growth rate (CAGR) of 17.75% by 2029 for healthcare computing worldwide.

“This technology has outpaced the conventional paper healthcare system as it offers more speed and efficiency in data handling,” the report stated.

The overall rise in the healthcare sector feeds this surge in cloud migration, the report noted, but the pace of bringing high-speed internet to more of the world is also a factor. In addition to the noted drivers of connected devices and analytics needs, the firm pointed to financial factors such as new payment models in the sector and better cost efficiency from cloud technologies as influential.

“The rise in the popularity of the technology owning to the various advantages such as flexibility, better storage, and scalability of data offered by cloud computing, and availability of dynamic nature of health benefit plan designs further influence the market” Data Bridge noted. “Additionally, advancements in healthcare infrastructure, surge in disposable income, rapid digitization and formation of accountable care organizations positively affect the healthcare cloud computing market. Furthermore, emergence of the telecloud and use of block chain in the health cloud extend profitable opportunity to the market players in the forecast period of 2022 to 2029.”

This follows a report earlier this year from Grand View Research, which valued the current the global healthcare cloud infrastructure market at $48.1 billion and forecasted a 16.7% CAGR through 2028. It identified key drivers as healthcare digitalization, AI and machine learning advancements, remote working, data siloes, inefficient facility management and overburdened systems.

“The pandemic led to remote working and relying on virtual digital events, which significantly increased the demand for cloud infrastructure implementation,” Grand View reported, adding clinical providers have been quickly shifting to meet the demand and implement advanced solutions. “Furthermore, the implementation of these systems and solutions allows organizations to drastically cut down on their IT spending and focus on seamlessly remote working.”

The Grand View report pointed out the healthcare industry is attracted to increased access to advanced cloud solutions, as well as reduced costs and improved flexibility, storage, and scalability. “Care facilities are burdened with the growing patient population and volume of patient information and demanding real-time data access and integration of data,” the report explained. “The potential of the healthcare IT industry is attracting public and private investments, which are expected to positively impact market growth.”