Chronicle Journal: Finance

Healthcare Cloud Computing Market Size Is Set To Surpass USD $79 Billion By 2027

Palm Beach, FL – October 21, 2021 – FinancialNewsMedia.com News Commentary – The growing awareness pertaining to healthcare cloud computing has uplifted the market growth positively in developed countries. Cloud computing increases real-time data collection and improves accessibility to the data. It has outpaced the conventional paper healthcare system by providing more speed and efficiency in data handling. For instance, cloud computing technology is widely used in remote patient monitoring. Rising demand for stringent regulatory compliance, public awareness, and growing investment from healthcare players such as Cisco, IBM, GE Healthcare, and government organizations are expected to create a demand for this technique during the analysis period. One report projected that the Healthcare cloud computing market to exceed $55 billion by 2025, while another research report by Global Market Insights, Inc. said that the Healthcare Cloud Computing Market size is set to surpass USD 79 billion by 2027.  Cloud computing in combination with rapidly evolving technologies like internet of medical things, big data analytics, and artificial intelligence has enhanced the productivity and opened up numerous avenues of streamlining healthcare delivery. The significant growth in demand for healthcare services due to increasing prevalence of chronic diseases, aging populations, and comorbidities have led to the adoption of cloud computing in healthcare sector.  Active Companies in the markets today include Healthcare Triangle Inc. (NASDAQ: HCTI), Veeva Syatems (NYSE: VEEV), Schrödinger (NASDAQ: SDGR), Omnicell, Inc. (NASDAQ: OMCL), HealthStream (NASDAQ: HSTM).

 

The substantial increase in digitization of medical records; for instance, surge in the acceptance of electronic health records (EHR), electronic medical records (EMR), and personal health records (PHR) offers more voluminous and varied digital data to maximize the potential benefit of cloud solutions. In addition, the growing awareness pertaining to personalized healthcare through ubiquitous and secure data share has led to the significant demand for healthcare cloud computing. Cloud computing continues to allow a step-change in overall standards of public health, by allowing promotion of healthier lifestyles and preventative interventions among society.  A report from Allied Market Research added: “The world healthcare cloud computing market is segmented into service, cloud type, application, end user, and geography. The service-based market consists of infrastructure as a service, platform as a service, and software as a service. Based on cloud deployment model, the market is segmented into public, private, and virtual private cloud. On the basis of application, the market is segmented into the clinical information system and non-clinical information system. Clinical information system is further sub-segmented into computerized physician order entry, electronic medical records, radiology information system, and others. The non-clinical information system is further segmented into automatic patient billing, revenue cycle management claims management, and others. The healthcare cloud computing market is segmented into healthcare providers and healthcare payers by end users.”

 

Healthcare Triangle Inc. (NASDAQ: HCTI) BREAKING NEWSWhat Does Cloud Adoption Look Like in Healthcare? CHIME Survey Reveals Key Trends – Healthcare Triangle Inc. (“HCTI” or the “Company”) a leading provider of cloud and data transformation solutions in healthcare and life sciences, reveals key trends in CHIME Survey.  More than 60% of healthcare IT executives say their organization is taking a hybrid approach to cloud operations—part cloud, part on premise—with just under 18% saying they are not yet ready to make the move to the cloud, according to a recent CHIME survey.

 

The College of Healthcare Information Management Executives (CHIME) is an organization created to serve the professional development needs of CIOs working in the healthcare industry and to promote effective information management.  An online survey of CHIME members conducted in July 2021 shows 61 of the healthcare IT execs surveyed have adopted a hybrid approach to cloud adoption. Nearly 10% say they are “all in” on the public cloud. About 11% rely on a private-cloud approach.

 

But determining the value from healthcare cloud investments is still a work in progress. While 45% say they are getting value from their cloud investment, 47% say it’s too early to tell if their investment is providing value. Among these respondents, one commented that the organization’s mostly software-as-a-service approach to the cloud had resulted in “overall good results.” Another stated, “We are getting what we can afford from the Epic private cloud.”

 

“With the healthcare cloud computing market expected to reach $64.7 billion by 2025, ensuring the value of cloud investments—from the selection of a cloud provider to managing the cloud platform—is a key challenge for healthcare organizations,” says Ashleigh Rogers, Vice President, Healthcare for Healthcare Triangle, a leading provider of cloud transformation solutions. “Capturing the expected value from the move to the cloud requires that healthcare IT leaders manage their cloud platform differently than they would a data center, combining best practices in software development and IT operations. They must also staff their transition to the cloud with the right talent.”

 

The complexity involved in navigating these challenges is one reason why an increasing number of healthcare organizations are beginning to take a managed services approach to overseeing their cloud investment. “A strong cloud foundation is a critical element of digital transformation, yet many healthcare organizations struggle with aspects of cloud adoption, from the cultural shift that the move to the cloud entails to compliance challenges,” says Suresh Venkatachari, CEO of Healthcare Triangle. “Securing specialized support from a managed cloud services team empowers healthcare organizations to fully leverage their investment for optimal value.” CONTINUED…   Read this full release for Healthcare Triangle at:  https://www.healthcaretriangle.com/investors/

 

Other recent developments in the markets include:

 

Veeva Syatems (NYSE: VEEV) recently announced that the number of biotechs using Veeva Vault CDMS to run faster, more effective oncology trials more than doubled over the last year. Vault CDMS, a modern cloud application suite designed to manage clinical data for today’s study builds, delivers the agility and efficiency needed to handle the demands of highly complex studies.

 

Oncology trials are difficult to execute and demonstrate higher rates of amendment than other studies. To address these challenges, biotechs need flexible and agile systems that enable clinical teams to adapt based on trial outcomes. Traditional EDC systems have proven to be slow to configure and hard to adapt, taking an average of 30 days to implement a study amendment.

 

Schrödinger (NASDAQ: SDGR) and Centessa Pharmaceuticals plc (“Centessa”) (CNTA), together with subsidiary Orexia Therapeutics (“Orexia”), recently announced an exclusive collaboration focused on the discovery of novel therapeutics targeting the orexin-2 receptor (OX2R), which is known to play a role in a broad spectrum of sleep disorders, including narcolepsy. The collaboration provides Orexia with substantial access to Schrödinger’s entire computational platform as well as Schrödinger’s extensive expertise in ultra-large-scale deployment of its technology.

 

Orexia will leverage Schrödinger’s computational platform, including LiveDesign and Free Energy Perturbation (FEP+), which facilitates high-performance calculations for drug discovery to enable accurate prediction of potency at the target of interest. The collaboration will be enabled by Orexia’s structural biology capabilities, including the stabilized OX2R StaR® protein exclusively licensed from Sosei Heptares, and high-resolution crystal structures in agonist conformation. The collaboration represents the first time Schrödinger’s technology will be applied in an orexin agonist setting at scale.

 

Omnicell, Inc. (NASDAQ: OMCL), a leading provider of medication management solutions and adherence tools for health systems and pharmacies, recently announced it has opened a new software development center via its India subsidiary based in Bangalore, India. Omnicell’s new center will focus on product innovations to advance the Company’s strategy to deliver the cloud-based infrastructure to support the Autonomous Pharmacy.

 

The software development center in Bangalore will accelerate Omnicell’s cloud strategy and its suite of cloud-based hardware, software, and technology-enabled services designed to enable healthcare providers, including hospitals, retail pharmacies, and other entities, to improve quality, reduce costs, and increase human efficiency. Migrating to a single cloud-based platform and integrating pharmacy systems will allow healthcare organizations to navigate the complexities of medication management and drive stronger, data-driven results.

 

HealthStream (NASDAQ: HSTM), a leading provider for workforce and provider solutions for the healthcare industry, recently announced that Prime Healthcare, an award-winning health system operating 46 hospitals and more than 300 outpatient locations in 14 states, with a workforce of nearly 50,000 employees, has selected to use the American Red Cross Resuscitation Suite™ program enterprise-wide by signing a five-year agreement with HealthStream. The full resuscitation skills training and certification program will be offered through HealthStream’s workforce platform, adding to the line-up of other clinical development programs currently provided to Prime Healthcare by HealthStream.

 

For the past 20 years, the in-hospital survival rate in the U.S. for cardiac-arrest patients receiving CPR has remained close to 26 percent, yet respected medical journals (e.g. Circulation) report that high-quality CPR has a significant impact on survival outcomes. Prime Healthcare’s commitment to procure the best possible resuscitation education program for its clinical staff is indicative of their strong value of delivering quality care—with their performance earning them a ranking among the “Top 15 Health Systems” in the U.S. by Truven. With that objective, Prime Healthcare investigated multiple options in their search for the best resuscitation education available—and they chose the American Red Cross Resuscitation Suite program.

 

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