Healthcare Cloud Computing – The real winner from the Pandemic

COVID-19 has generated a major rise in people interested in their own health and wellbeing.

This has allowed for the rapid upscaling of health technology and its increased value across the globe. The pandemic has thrust health into the spotlight and with it, changed perceptions about the importance of personal and societal health. Recent studies have suggested that 42% of Britons have engaged with more health news and content than they used to, with at least one in five tracking their step count, sleep, or physical activity daily. Therefore, the desire to provide health technology services is at an all-time premium, to adjust to more modern, data driven provision of healthcare.

The Healthcare cloud computing market has seen a greater injection of value within the healthcare technology sector. Healthcare cloud computing was valued at USD 23,749,33 million in 2020, and it is expected to reach USD 52,303.35 million by 2026 – a projected CAGR of 14.12% during the forecast period of 2021-2026 according to Mordor Intelligence. The COVID-19 pandemic has therefore been predicted to have a significant positive effect on the market. There is now an increasing understanding of the potential of cloud technologies, which provide data storage and computing resources to help improve the safety, quality, and efficiency of healthcare. This has become crucial in the fight against COVID-19. Due to the voluminous research work and clinical trials being carried out across the world, research data that is being generated needs to be stored in a secure environment. The Cloud computing solves the issue of space constraints and security as it allows the hosting of huge amounts of data on private dedicated channels.

The major factors that are boosting the growth of the healthcare cloud computing market include access to advanced technology, such as machine learning, the rise in information technology in the healthcare sector, and the usage of cloud-based facilities that reduce cost and increase chances of scalability and flexibility. One of the more significant benefits of cloud-based services is that they allow faster implementation and upscaling across a range of different settings. Companies are not required to procure servers needed on premises as all data can be securely stored virtually.

The Electronic Health Record (EHR) Segment is Expected to Hold the Largest Market Share During the Forecast Period

Of all the benefits of cloud computing which were felt during the COVID-19 pandemic, the EHR-based data sharing networks, platforms, and public health information systems have proven to be the most fruitful part of recent Healthtech growth. Since EHR systems can be multi-disciplinary, they can be used to collect and analyse data from public health departments, healthcare organisations, and socioeconomic indicators. This can be of immense importance while preparing to roll out programs designed to tackle COVID-19.Of all the benefits of cloud computing which were felt during the COVID-19 pandemic, the EHR-based data sharing networks, platforms, and public health information systems have proven to be the most fruitful part of recent Healthtech growth. Since EHR systems can be multi-disciplinary, they can be used to collect and analyse data from public health departments, healthcare organisations, and socioeconomic indicators. This can be of immense importance while preparing to roll out programs designed to tackle COVID-19.

EHR refers to an electronic version of patient health information which a lack of interoperability had previously prevented the sharing of this data. Complex healthcare systems require diverse EHR products so that information may be shared seamlessly. By enabling better workflows and reducing ambiguity, interoperable EHR allows data transfer between EHR systems and healthcare stakeholders much more easily. Therefore, within the Healthcare cloud computing market, EHR has been forecasted to experience a high growth rate over the projected period.