In general terms, cloud computing may be defined as an internet based computing where storing, access to data and programs are achieved through internet instead of computer’s hard drive. Cloud computing eliminates the need of local server or personal system for data sharing and other computing resources. One of the major advantages of cloud computing is that it globalizes the workforce at low expenses. People across the globe can have access the data, programs and applications, provided they are equipped with access to internet. Some other advantages of cloud computing include reduction of exspenditure on technology infrastructure, streamlining processes, minimization of licensing new software, increased flexibility, reduction of personnel training burden, cost effective and almost unlimited storage. Along with other verticals, healthcare is also witnessing a rapid adoption of cloud computing technology for delivering improved services in a cost competitive manner. In healthcare research and development, cloud computing reduces cost associated with bringing a new drug into the market by improving inter-operability. Storing massive data associated with next generation sequencing is difficult for local storage to take up which can be easily resolved by cloud computing. Many pharmaceutical companies including Pfizer, Ltd. are also using cloud computing for conducting online clinical research.
Globally, the market for cloud computing in healthcare research and development is driven by increasing spending by major pharmaceutical giants on research and development, evolving next generation sequencing and various advantages associated with cloud computing. The globalization of major pharmaceutical and biopharmaceutical companies is also expected to play a key role in driving the market growth globally as they establish R&D facilities at various locations across the globe. Drug companies house and maintain a large number of central processing unit (CPUs) that are run continuously during the drug discovery processes of research and development. Cloud computing enables scientists working in these research and development programs to use whatever data they require, whenever they needed and wherever they are located.
Globally, North America dominates the cloud computing market in healthcare research and development. It is mainly because major pharmaceutical and biopharmaceutical giants are domiciled in the United States. These drug manufacturers actively participate in various research and development programs, and in order to streamline and optimize their research and development activities adopt cloud computing systems. North America is followed by Europe, Asia-Pacific and Rest of the World (RoW). Over the past few years, developed countries of North America and Europe have been witnessing rapid growth in terms of cloud computing market in healthcare research and development. Developing nations have been slow to adapt to this new technology owing to the technological backwardness and lack of infrastructure availability, and technical know-how. However, during the upcoming years, the market for cloud computing in healthcare research and development is expected to record tremendous growth in these countries under the influence of continuously improving healthcare infrastructure, emerging economy and increasing establishments of research and development facilities by major multinational pharmaceutical companies.
The market for cloud computing in healthcare research and development is highly fragmented as none of the players operating in this market holds more than 5% to 10% share of the overall market. Some of the major companies operating in this market are Oracle Corporation, Microsoft Corporation, Intel Corporation, IBM Corporation, Merge Healthcare, Inc., Cisco Systems, Inc., Carecloud Corporation and Carestream Health, Inc.
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