This will be revolutionary for the healthcare industry.
Let me explain for those of you who have never dealt with HIPAA. HIPAA requires that an entity possessing protected healthcare information(PHI) keep that data safe and secure. Additionally, any outside entity coming in contact with PHI must sign a business associates agreement also agreeing to keep any PHI in their possession safe. None of the major cloud players will sign such agreements, which means any PHI can't go into the cloud. This means any practical deployment of say a hadoop cluster to reduce the process time of a large ETL job isn't feasible.
Now there is a tiny loophole in that encrypted PHI isn't treated as PHI at all. This means we can pass data through cloud services to backup for example, but doing any manipulating of the data is impossible due to the fact that as soon as you decrypt it, it's PHI and that's a big no-no. And this is where we lead back to homomorphic cryptography being revolutionary for the world of healthcare data.