Medical Computing System Industry 2021

 The market for healthcare cloud computing is expected to grow from USD 28.1 billion in 2020 to USD 64.7 billion by 2025, at a CAGR of 18.1% during the forecast period.

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 Growth in the healthcare cloud computing market can be attributed to factors such as technological upgradation in healthcare industry, increasing focus on healthcare digitization and increasing deployment of cloud-based HCIT solutions by healthcare providers to improve the care process

Healthcare providers generate and collect a large amount of data from a vast array of internal sources, such as electronic health records (EHRs), radiology images, pharmacy sales, prescription information, lab tests, and insurance claims data. The volume of this digital data is growing exponentially every year, majorly due to changes in the payer environment, such as incentives for the meaningful use of EHRs and a shift towards value-based payments. The effective management of a large volume of data requires significant computing power and IT bandwidth. In the on-premise storage of data, healthcare providers are required to invest more in IT infrastructure with an increase in data load. As a result, on-premise storage is not considered as a viable option for the storage of a large volume of healthcare data. Cloud computing, on the other hand, enables all big data operations through the provision of large storage and processing power. Additionally, cloud-based analytical tools help providers better manage patients by transforming health data into actionable insights.