Healthcare Cloud Computing Market : Opportunities and Challenges

October 28 18:04 2019
Healthcare Cloud Computing Market : Opportunities and Challenges

Some of the players in the global healthcare cloud computing market include CareCloud Corporation (US), ClearData Networks Inc. (US), Athenahealth (US), Cerner Corporation (US), Epic Systems Corporation (US), NextGen Healthcare (US), Carestream Corporation (Canada), Dell Inc. (US)
The growing number of ACOs is expected to offer potential growth opportunities to players operating in the healthcare cloud computing market in the coming years.

The healthcare cloud computing market is projected to reach USD 44.93 billion by 2023 from an estimated USD 19.46 billion in 2018, at a CAGR of 18.2% during the forecast period.

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How will the formation of accountable care organizations provide growth opportunities for the healthcare cloud computing market?

The Affordable Care Act defines ACOs as “groups of providers of services and suppliers meeting criteria specified by the Secretary of Health and Human Services who work together to manage and coordinate care for Medicare fee-for-service beneficiaries.” While operating under this organizational structure, the law stipulates that ACOs should meet quality performance standards, which are established by the Secretary of Health and Human Services. These organizations are eligible to receive payments for shared savings only after they meet the established standards. To achieve these performance standards, community and hybrid clouds are used by ACOs to effectively manage their care process. Thus, the growing number of ACOs is expected to offer potential growth opportunities to players operating in the healthcare cloud computing market in the coming years.

What are the issues related to the interoperability of cloud that may challenge the growth of the healthcare cloud computing market?

One of the major requirements of any hospital or healthcare organization is easy and fast access to patient data. When data is migrated to the cloud by a hospital, it is stored on systems and platforms maintained by the service vendor. This can create various interoperability challenges. For instance, if a patient’s data is stored by one physician who refers the patient to another hospital or specialty clinic, then in such a case, the hospital should be able to access the patient’s health records stored on a different cloud. In order to maintain maximum efficiency, it is ideal if there is a high degree of interoperability and standardization between healthcare solutions for the cloud. Also, bringing the healthcare cloud on one platform is an ideal state, but it is a huge challenge, considering that there are several standards existing currently.

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Several major companies, such as Google, are trying to resolve this problem. In March 2017, Google launched its Cloud Healthcare API (application programming interface) with the aim of addressing interoperability challenges. As APIs promote interoperability among most common data standards, such initiatives by major players are expected to resolve issues related to the interoperability of cloud in the coming years.

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