Mentions of cloud increased by a CAGR of 45% in the medical industry since 2020 

The global medical industry experienced a 45% rise in compound annual growth rate (CAGR) in company filings mentions of cloud since 2020. Key companies in terms of mentions include ResMed, Nano-X Imaging, and Cochlear, according to GlobalData’s analysis of over 1,300 medical company filings.  

Notably, since 2020, cloud was among the five most referenced technology themes in terms of mentions, ahead of digitalisation, artificial intelligence, and Internet of Things (IoT), according to GlobalData's Company Filings database. Mentions related to cloud decreased by 2% year-on-year in 2021 but increased by 23% year-on-year in 2022.  

Of the 50 leading companies in the medical industry, Cochlear had the highest year-on-year increase in references to cloud in 2022. GlobalData identified 93 cloud-related sentences in the company's filings in 2022, 6% of all sentences. Meanwhile, Outset Medical had the highest year-on-year increase in references for cloud in 2021. GlobalData identified 26 cloud related sentences in the company's filings in 2021, 2% of all sentences.

GlobalData’s Company Filings Analytics also applies a sentiment weight to reference sentences, based on how positive the sentiment has turned. Sentiment score is based on the level of positivity on a scale of 0 to 1. The average sentiment score for cloud in 2022 was 0.77, which was more positive compared to the average industry sentiment of 0.53.

GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.  

Global Data’s Company Filings Analytics uses machine learning to uncover key insights and track sentiment across millions of regulatory filings and other corporate disclosures for thousands of companies across the world’s largest industries.