The global market for cloud computing in the healthcare industry features a highly fragmented vendor landscape as a large number of companies forayed in the area owing to a massive rise in demand for cloud-based electronic medical health record services across developed economies in the past few years, observes Transparency Market Research in one of its market intelligence reports. The market has further witnessed increased traction in emerging economies across regions such as Asia Pacific and Latin America in recent times, presenting increased growth opportunities to companies in the field of healthcare cloud computing and the ones that wish to enter into the market. This has made the market more intensely competitive.
Some of the leading companies in the market are Qualcomm Life, Merge Healthcare, ClearDATA Networks, CareCloud, Agfa Healthcare, Oracle Corporation, Philips, AT&T, Microsoft, and IBM.
According to the report, the global cloud computing market in the healthcare industry will rise to a revenue opportunity of US$6.79 bn by 2018. To achieve this, the market will have registered an astonishing CAGR of 21.3% over the report’s forecast period, i.e. from 2012 to 2018.
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Healthcare reforms propel adoption of cloud computing in healthcare industry
A number of healthcare reforms across distant corners of the globe, in developed as well as developing economies, are mandating the adoption of electronic medical records and digital modernization of healthcare infrastructure. In response to this, the global healthcare industry is also rapidly adopting information-centric data sharing model. On the verge of this digital transformation, the global healthcare industry is facilitated by cloud computing solutions which present benefits that seem to be tailored for industry.
According to a report by the National Electronic Health Records Survey published in 2016, around 87% of office-based physicians in the U.S. have adopted some form of electronic health records software, a large share of which is held by cloud-based solutions and services. This rise was mostly triggered due to the implementation of acts such as the American Recovery and Reinvestment Act and the HITECH Act of 2009. An increasing number of countries across the globe, especially across Europe, are making enormous progress on this front and emerging economies across regions such as Asia Pacific and Latin America, while relatively slow, are progressing as well.
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