Cloud Computing Market in Healthcare Research and Development: Overview
Cloud computing, in general terms, is the computing model that allows clients to use only a specific set of services that are required and pay only for them, in contrast to software tools or services that come bundled with a number of tools or services that are not needed. Cloud computing has become one of the most preferred computing models for the healthcare industry in its way to transformation from the conventional paper-based data storage and processing to the more sophisticated and advanced digitally aligned data model.
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By eliminating the need for a local server or a dedicated hardware system for the storage and access of data-heavy entities such as electronic health records (EHRs) and a variety of medical scan images, the cloud computing model provides the healthcare industry an infrastructure that allows for improved use of resources at low initial capital investment. Additionally, cloud computing models help in lowering the barriers for innovation and modernization of healthcare information technology systems and applications owing to their flexible nature, typically not possible with traditional IT solutions. In the area of research and development in the healthcare industry, cloud computing has demonstrated its capability of delivering improved services in a cost competitive manner.
This report on the global cloud computing in healthcare research and development market presents a detailed overview of the state of exploitation of the cloud model in these areas in the healthcare industry. The factors expected to impact the growth and overall development of the market, in positive or negative ways, are examined in great details. As such, the report presents an overview of factors such as drivers, restraints, trends, opportunities, and regulatory factors observed across key regional markets and on a global level.
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Cloud Computing Market in Healthcare Research and Development: Trends and Opportunities
The market is chiefly drive due to the rising expenditure of global pharmaceutical giants on research and development activities aimed at the development of next generation drugs and treatment methods. The globalization of key vendors in the pharmaceutical and biopharmaceutical industries, necessitating the establishment of R&D facilities, is also expected to remain central to the increased scope of adoption of cloud computing in research and development activities in the healthcare industry.
From a geographical perspective, the North America market for cloud computing in healthcare research and development dominates, accounting for the dominant share in the revenue of the overall market. The presence of a large number of some of world’s leading pharmaceutical and biopharmaceutical companies in the region is one of the key factors driving the high adoption of cloud computing for research and development activities in the healthcare sector. The Europe market, which follows North America in terms of market position and contribution of revenue to the global market, also fares well owing to the same factor – the presence of a large number of leading pharmaceutical and biopharmaceutical companies.
Global Cloud Computing Market in Healthcare Research and Development: Competitive Analysis
The global market for cloud computing in healthcare research and development features an exceedingly fragmented vendor landscape. It has been observed that none of the players in the market hold more than 5%-10% share in the global market. With the rising adoption of cloud computing in research and development activities in the healthcare industries and the subsequent rise in growth opportunities offered by the market, a number of new players are expected to enter the market, making the competitiveness more intense.
Some of the key companies in the market presently are Cisco Systems, Inc., Oracle Corporation, Intel Corporation, Microsoft Corporation, IBM Corporation, Carecloud Corporation, Carestream Health, Inc., and Merge Healthcare, Inc.
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