Cloud-based technology is rapidly emerging as a new paradigm for delivering population health management solutions market. Cloud computing allows healthcare providers and health systems to use applications without installation and access their personal files or data at any corner of the world with internet access. The prime factors attributed to growing adoption of cloud-based PHM solutions include on-demand self-serving analytics, lower upfront cost, no maintenance cost, quick deployment, scalability, easy backup & recovery, decreasing storage cost, excessive storage flexibility, and greater security in private clouds.
There is a significant rise in the healthcare data generated every day and effective management and utilization of this data is crucial for decision making and delivering the best care for patients. Cloud-based technology is a cost-effective method that enables real-time data collection, data storage and exchange between healthcare organizations. The infrastructure of cloud-based technology is characterized by two important factors, namely, high throughput and high-volume storage that helps in efficient data analysis for a large patient population. Innovative and cost-effective technologies such as cloud-based PHM solutions are increasingly being adopted by the healthcare organizations to find more productive ways in addressing the global challenge of reducing healthcare costs while providing quality care.
To leverage growth opportunities offered by the cloud-based technology, several players in PHM market are launching new products and are indulging into partnerships, mergers and acquisitions to expand their product and services portfolio. For instance, in December 2017, Philips acquired VitalHealth, a leading provider of cloud-based population health management solutions to strengthen its PHM product portfolio. Furthermore, in October 2016, CareCloud entered into a partnership with Lightbeam health Solutions to integrate PHM tools and data analytics into CareCloud’s clinical platform.
Owing to the unique properties of cloud-based technology, cloud-based PHM solutions are witnessing a rapid growth in the global population health management solutions market, which is expected to grow at CAGR of 24.0% to reach USD 58.11 billion by 2023, according to the Meticulous Research®.
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