As Essential Covid-19 Treatments and Services Become More Needed, Healthcare Cloud Computing Is Booming

Financialnewsmedia.com News Commentary

Palm Beach, FL, Oct. 27, 2020 /PRNewswire/ -- Over the years, the adoption of cloud computing in healthcare has increased owing to the rising need to curtail healthcare costs and improve the quality of healthcare and convenience for the patients. The healthcare industry often utilizes software as a service (SaaS) to increase software versatility and accessibility without having to install and run applications on multiple computers and data systems. SaaS is currently dominating the cloud computing market, especially in the healthcare industry, and as time goes by, it will only become more prevalent, according to industry observers. A recent report from one such observer, MarketsAndMarkets said that 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. 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.  Active companies in the markets this week include: GeoVax Labs, Inc. (NASDAQ: GOVX), ITOCO INC. (OTCPK: ITMC), AstraZeneca PLC (NASDAQ: AZN), Vir Biotechnology, Inc. (NASDAQ: VIR), Moderna, Inc., (NASDAQ: MRNA).

The report added: "The COVID-19 outbreak, has upended many lives and businesses on an unprecedented scale. However, if there is one sector that has emerged stronger from this event, it would be the cloud computing industry. While many organizations are finding it difficult to run smoothly, the companies that opted for cloud computing infrastructure are functioning well. Cloud computing assists in hassle-free data storage and backup because of its scalability, and also enables one to scale back during hectic days. Moreover, the social distancing measures have mandated patients with mild symptoms to opt for remote consultation. With many healthcare providers giving consultation over video conferencing and phone calls, in place of this pandemic, the growth of healthcare cloud computing market is likely to augment considerably over the forecast period."