Major Strategies Adopted by Key Players to Achieve Growth in Global Healthcare Cloud Computing Market

 Makarand Vaidya

The global healthcare cloud computing market is projected to reach USD 44.93 billion by 2023 from USD 19.46 billion in 2018, at a CAGR of 18.2%.

The healthcare cloud computing market is highly fragmented with players such as CareCloud Corporation (US), ClearData Networks Inc. (US), Athenahealth (US), Cerner Corporation (US), Epic Systems Corporation (US), NextGen Healthcare (US), Carestream Corporation (Canada), Dell Inc. (US), DICOM Grid Inc. (US), INFINITT Healthcare (South Korea), Sectra AB (Sweden), Merge Healthcare Inc. (US), Siemens Healthineers (Germany), iTelagen Inc. (US), NTT DATA Corporation (Japan), Nuance Communications (US), and Ambra Health (US).

Agreements, partnerships, collaborations, alliances, expansions, acquisitions, and product launches were the major strategies adopted by key players to achieve growth in this market. Agreements, partnerships, collaborations, and alliances accounted for 45.3% of the total strategies adopted by the players in this market.

The key players that adopted this strategy include IBM (US), Carestream Health (US), Siemens Healthineers (Germany), Philips (Netherlands), athenahealth (US), and GE Healthcare (US). For instance, in 2018, Carestream health (US) signed an agreement with Premier Inc. (US).

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Premier Inc. (US) awarded a three-year group purchasing agreement to Carestream Health (US) for Enterprise Image Management Solutions. This agreement will allow Premier members to take advantage of Carestream’s Clinical Collaboration Platform featuring enterprise image management, vendor-neutral archiving, and Vue Motion enterprise viewer at special pricing and pre-negotiated terms.

Product launches accounted for 21.7% of the total strategies adopted by the players in the healthcare cloud computing market from 2015–2018. Players adopted this strategy to strengthen their existing product portfolios, increase their global presence, and enhance customer experience. The market players that adopted this strategy include IBM (US), CareCloud (US), eClinicalWorks (US), Philips (Netherlands), Allscripts (US), NTT DATA (Japan), and GE Healthcare (US). For instance, in 2018, eClinicalWorks launched acute care EHR and revenue cycle management and in 2015 GE launched 25 new products, services, and digital solutions.

Incorporated in 1911 and headquartered in New York (US), IBM is an information technology company that provides business, technology, and consulting services. The company operates through five business segments, namely, Cognitive Solutions, Global Business Services, Technology Services & Cloud Platforms, Systems, and Global Financing. Through the Cognitive Solutions segment, the company mainly provides analytics and data management platforms, cloud data services, Watson Platform, and Watson Health solutions. In April 2016, IBM acquired Truven Health Analytics (US), which helped it to expand its healthcare analytics segment offerings. Furthermore, in 2015, IBM acquired Merge Healthcare (US) which helped the company expand its image management and image informatics solution offerings including VNAs, PACS, and CIS solutions.

Philips operates as a health technology company worldwide. The company offers mother and childcare, and oral healthcare products; male grooming and beauty products; kitchen appliance, coffee, air, garment care, and floor care products; and sleep, respiratory care, and respiratory drug delivery products. It also provides diagnostic X-ray, integrated clinical, magnetic resonance imaging, computed tomography, and molecular imaging solutions.

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Philips offers its products through five segments Personal Health, Diagnostic & Treatment, Connected Care & Health Informatics, and Health Tech other. The Connected Care & Health Informatics business is further segmented into Patient Care & Monitoring Solutions, Healthcare Informatics, and Population Health Management. The Healthcare Informatics segment provides solutions such as Universal Data Management solutions, Picture Archiving and Communication Systems (PACS), and fully integrated Electronic Medical Record (EMR) systems.

Through its Health Tech Other segment, the company offers Philips HealthSuite, a cloud-based connected health ecosystem of devices, apps, and digital tools. In 2018, Philips partnered with Samsung (South Korea) to connect Samsung’s ARTIK Smart IoT Platform to the Philips’ HealthSuite Digital Platform. In 2017, Philips acquired VitalHealth (Netherlands) to enhance the portfolio of current population health management and to deliver integrated solutions for care providers and patients.

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Domain: Medical
Category: Equipment
Posted By: Makarand Vaidya and Contact Makarand Vaidya

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