Growing Acceptance Of Digital Health Services is a Huge Boon for Healthcare Cloud Computing Market

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Jan 20, 2022, 08:55 ET

Palm Beach, Fla., Jan. 20, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Cloud computing increases real-time data collection and improves accessibility to the data. It has outpaced the conventional paper healthcare system by providing more speed and efficiency in data handling. For instance, cloud computing technology is widely used in remote patient monitoring. Rising demand for stringent regulatory compliance, public awareness, and growing investment from healthcare players such as Cisco, IBM, GE Healthcare, and government organizations are expected to create a demand for this technique during the analysis period. The proliferation of high-speed internet and implementation of favorable regulatory acts are also expected to provide growth to the market. A report from Global Market Insights projected that the Healthcare Cloud Computing Market size was valued over USD 29 billion in 2020 and is expected to witness around 13.4% CAGR from 2021 to 2027. The report said: "Rising adoption of digital technologies among healthcare professionals is projected to drive the market growth. Escalating patient population suffering through various diseases leads to higher demand for efficient data management tools. Healthcare cloud computing offers easy access to patient information through secured networks, thus eliminating the data privacy concerns. Therefore, increasing acceptance of these technologies encourages safer data sharing and remote collaborations enabling broader treatment accessibility. Similarly, shift of healthcare industry toward information-centric model enables efficient information sharing and streamlined collaborative workflows. Benefits such as IoT support, data automation and storage that streamline treatment process creates tremendous growth opportunities for cloud computing solutions in healthcare market." Active Companies in the markets today include Healthcare Triangle Inc. (NASDAQ: HCTI), Phreesia, Inc (NYSE: PHR), INOVIO (NASDAQ: INO), Tabula Rasa HealthCare, Inc.® (NASDAQ: TRHC), Health Catalyst, Inc. (NASDAQ: HCAT).

Global Market Insights concluded: "The private cloud segment in the healthcare cloud computing market is estimated to attain a CAGR of 13.5% through 2027. Private cloud enables direct control over stored data in cloud to healthcare staff, thus allowing them to deploy own applications and also provides adherence to compliance issues. Also, various factors such as better control on computation, patient data and infrastructure further stimulate the market revenue. Developing IT infrastructure in emerging countries, and rising necessity to implement healthcare IT tools in healthcare settings will positively impact the market value… Growing acceptance of digital health services will offer significant the market expansion opportunities."

Healthcare Triangle Inc. (NASDAQ: HCTI) BREAKING NEWS: Healthcare Triangle, Inc. Releases Shareholder Update - Healthcare Triangle Inc. ("HCTI" or the "Company"), a leading provider of cloud and data transformation platform and solutions for healthcare and life sciences, today released a shareholder update:

Dear Shareholders: Thank you for your continued commitment and investment in Healthcare Triangle, Inc . Our progress over the past year would not have been possible without your trust and belief in our mission. This is our first shareholder update since our Oct 2021 IPO and it has been a momentous journey and unique in every sense. We work alongside our customers and partners to help them build their own digital capability, creating new businesses, and earn their trust. I am very proud of how we are are using our platforms to help organizations innovate and deliver technology initiatives on the Cloud.

Your Company - Healthcare Triangle ("HCTI") is a healthcare IT provider that delivers personalized healthcare, accelerates drug research, and supports digital transformation through proprietary technology platforms. HCTI is a well-recognized provider of cloud infrastructure migration, AI, data analytics, security & compliance and cloud managed services to Healthcare and Life Sciences customers. Our multi-cloud technology transformation platform CloudEz, data analytics platform DataEz, AI based platform Readabl.AI, and our Cloud EHR Managed Services have been at the forefront of our customer service offering and are leading to deeper partnerships, larger and multiyear cloud engagements. HCTI was recognized as one of the top 100 premier partners of Amazon Web Services, which is a Global community comprising of over 100,000 partners. The company also achieved Premier Partner status with Google Cloud in 2021.

Fiscal Year 2021 was a pivotal year for HCTI. We are focused on becoming one of the top 10 US healthcare IT providers by revenue by 2025. This impacts how we run the company, what investments we commit towards this vision and how we take our platform and services to the market. We recently hired a CRO with strong experience in the Healthcare and Life Sciences market to help us achieve this goal by building a world class sales team.

Strategic acquisition – DevCool Inc - We firmly believe that an expedited way to drive revenue and expand our offerings is by acquiring profitable strategic assets. We recently announced the acquisition of DevCool Inc, an EPIC EHR Implementation and Managed Services company servicing 6 of the top 10 hospitals in the USA. DevCool also specializes in providing healthcare IT services to cancer research hospitals and university medical centres. DevCool generated approximately $20 million in revenues in fiscal year 2020 and has generated consistent top line growth over the past 4-6 quarters and is expected to be EBITDA accretive to HCTI. The combined entity will focus on accelerating healthcare providers' adoption of cloud technologies to improve clinical, operational, and financial performance. The acquisition also opens opportunities to upsell our SaaS Platforms like CloudEz, DataEz, and Readabl.AI to DevCool's existing client base. CONTINUED… Read this full release for Healthcare Triangle at: https://www.healthcaretriangle.com/investors/

Other recent developments in the markets include:

INOVIO (NASDAQ: INO) recently announced updates on the Phase 3 program for VGX-3100 for HPV-associated cervical high-grade squamous intraepithelial lesions (HSIL), including a one-year follow-up of efficacy and safety data in participants from REVEAL1, completing enrollment in REVEAL2, and advancing its pre-treatment biomarker candidate for VGX-3100 to be further developed with QIAGEN. In addition, INOVIO's development partner within Greater China(mainland China, Hong Kong, Macao, Taiwan), ApolloBio Corp. ("ApolloBio"), dosed the first participant in a separate Phase 3 trial in China.

Dr. J. Joseph Kim, President and CEO of INOVIO, said, "We are making strong progress in developing INOVIO's immunotherapies treating HPV-associated cervical HSIL. Left untreated, cervical HSIL may progress to cancer. VGX-3100 has the potential to be the first approved immunotherapy and non-surgical alternative for women with cervical HSIL and we look forward to advancing our efforts from our Phase 3 studies through commercialization."

Tabula Rasa HealthCare, Inc.® (NASDAQ: TRHC), a leading healthcare technology company advancing the safe use of medications, recently announced a five-year contract renewal with Evernorth℠, a premier health services business that connects and coordinates innovative and flexible solutions for health plans, employers, and government programs, to expand use of TRHC's Medication Therapy Management (MTM) programs and other clinical services.

Evernorth renews contract and expands use of TRHC's Medication Therapy Management programs and other clinical services. The new agreement expands upon THRC's previous 10 year relationship with Express Scripts PBM, which is part of the Evernorth portfolio.

"We are thrilled to extend our long-term relationship with Evernorth, helping them to advance the safe use of medication among their customers," said TRHC Chairman and CEO, Calvin H. Knowlton, PhD.

Health Catalyst, Inc. (NASDAQ: HCAT), a leading provider of data, analytics and technology services to healthcare and life sciences organizations, and Datavant, the leader in helping organizations securely connect health data, recently announced a strategic partnership to improve research and care delivery with connected health data.

The partnership between Datavant and Health Catalyst will enable life sciences and healthcare organizations to exchange tokenized, de-identified data within the recently announced Health Catalyst Research Network™ and Health Catalyst Touchstone Match™. "Tremendous waste occurs from failing to recruit patients truly eligible for trials. Improved collaboration through connected healthcare data during the clinical trial process can help solve this problem and increase the potential for new discoveries and treatments for patients," said Sadiqa Mahmood, General Manager & Senior Vice President, Life Sciences Business, at Health Catalyst.

Phreesia, Inc. (NYSE: PHR) recently announced it has acquired Insignia Health, LLC, a founder-led and mission-oriented company dedicated to improving health outcomes through patient activation. The acquisition is a natural extension of Phreesia's commitment to enabling patients to become more active participants in their care.

"Phreesia's core strength is putting tools in the hands of patients to take on tasks—from self-reporting data like social determinants of health to making payments to signing consent forms—that they can do better than anyone else, and that align with the convenient digital experience they want," said Phreesia's CEO Chaim Indig. "We've long admired Insignia's expertise in understanding and activating patients, and we believe this acquisition will help us deliver on our mission to create a better, more engaging healthcare experience."

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