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June 24, 2021updated 03 Feb 2022 2:04pm

Medical device companies embrace Cloud services

Many medical device companies have moved their systems to the Cloud, which is expected to cause significant growth in Cloud services over the next few years.

By GlobalData Healthcare

When people hear the word ‘Cloud’, they think about it in the context of technological applications. What they don’t know is that it has untapped potential in the medical device industry. Cloud services improve the reach between patients and physicians, as well as the scope of medical research. They can improve the cybersecurity of medical devices by ensuring proper data encryption and protection from cyberattacks.

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Cloud solutions will also help reduce the recall rate of medical devices. Last year, 110 companies were required to recall medical devices due to defective software or software that poses a risk to health. This was especially common for inserted or implanted devices.

The leading Cloud vendors in medical devices include BrightInsight, Euris and Rackspace. BrightInsight links with Google Cloud to store patient information. Euris offers Cloud computing services that help sale reps and marketing teams connect with healthcare professionals, and operation managers to monitor and enhance their teams. Rackspace provides managed Cloud services and serves healthcare organisations with a Business Associate Agreement.

Leading Cloud adopters in the medical device field include Edwards Lifesciences, 3M and Johnson and Johnson. Edwards Lifesciences has moved its entire production system to the Amazon Web Services (AWS) cloud in less than four months, while 3M Health Information Systems is one of the healthcare industry’s largest software providers and has also moved to the Cloud with AWS. Johnson and Johnson’s IT division has also moved to the Cloud, using AWS Cloud to run 120 applications.

Many medical device companies have shifted their systems over to the Cloud to enable scalability, speed and security. This change is taking place across the sector, which will lead to significant growth in Cloud services over the next few years. Global market revenue for Cloud services in medical devices was worth $2bn this year. This is expected to grow to $4.4bn by 2024, at a compound annual growth rate (CAGR) of 17.1%.

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Free Report
img

Medical Device Industry Landscape In Asia-Pacific

GlobalData's APAC Medical Devices Industry Landscape – 2022 free study breaks down the APAC medical devices market by segment and region and includes insights on local and global competitors, pipeline product developments, clinical trials studies, and significant deals in the industry. The APAC medical device industry witnessed significant developments, launches, implementations, and adoption of new medical device technologies in the past decade, however the high cost of devices, regulatory hurdles, reimbursement pressure, and healthcare budget constraints have challenged market expansion across various territories and segments. APAC is the fastest growing regional market for medical device clinical trials, with China and Japan emerging as major clinical trial hotspots. The growth in medical device clinical trials in the APAC region is attributed to an increase in research partnerships between biopharma companies and clinical research organizations (CROs). This report also provides an in-depth analysis of the medical device market's opportunities and challenges, the influence of COVID-19 on the market, and government activities aimed to develop the APAC medical device market.
by GlobalData
Enter your details here to receive your free Report.

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