Need For Apt And Precise Healthcare Solutions To Drive The Medical Network Solution Market

According to Persistence market Research, the global medical network solution market will witness a double digit CAGR in the next 10 years.

An efficient medical network solution is mandatory due to real-time data needed for monitoring the patients. It can, thus, help in securely exchanging medical data all across rural setups through voice communication or videos. The patients can thus be provided with the best solutions irrespective of location. The medical network solution, apart from supporting voice communication, does extend support to telemedicine applications and VoIP as well.

However, maintenance of network interoperability is a query to be resolved. As of now, privacy is assured by VPN (Virtual Private Network). An advanced level of security will be needed for more secure operation of medical network solution market.

Shifting to virtualized medical network solution may see the system in merely 1 or 2 boxes, which, in turn, would help in space management as well. Plus, improvement in healthcare infrastructure is the top priority of majority of governments in wake of the unforeseen circumstances (like the ongoing pandemic). This factor is also one of the major revenue generators to the medical network solution market.

The way the medical network solution market progresses

Deployment-wise, the medical network solution market comprises on-premise and cloud. By size of organization, it’s small & medium enterprise and large enterprise. Out of these, cloud holds the largest market share as it replaces conventional on-premises solutions, thereby reducing on the costs and ascertaining high performance. There are four models of cloud-based deployment available – public, community, private, and hybrid. The International Data Group states that over 69% of the companies are making use of cloud technologies at the global level.

By Geography

North America holds the largest market share, thanks to the US government’s relentless support regarding healthcare solutions. Research states that the healthcare expenditure in the US rose by 4.6% in the year 2019 alone. Companies like Summit Health, Corepoint Health, and Intersystem Corporation are impacting the market herein on the positive note.

Europe stands second on this count. Tech Nation’s Data Commons states that the UK is home to around 100 new-fangled start-ups that are into development of healthcare solutions. These start-ups are expected to generate a business of US$ 1 Bn herein. Package of around 1.25 Bn pounds has been announced by the government of the UK for start-ups. The Asia-Pacific is expected to grow at the fastest rate due to growing awareness regarding need of medical network solution.

The Competitors’ View

The key players in the medical network solution market include McKesson Corporation, TriZetto Corporation, Ayasdi, Inc., Genpact Ltd., Optum, Inc., Vestica Healthcare, Mphasis Ltd., Aldera, Inc., Syntel, Inc., and Infosys. As far as developments are concerned, Change Healthcare, in the year 2020, did take over PROMETHEUS Analytics unit for enhancing and strengthening medical network offerings and solutions. EXL, in 2018, did acquire Scio for accelerating the healthcare analytics solutions. The year 2018 witnessed a new set of medical facilities by Mphasis. A year before, Cognizant went on to expand the operations in Brazil.