Global Clinical Information Technology (IT) Market – Industry Trends and Forecast to 2030

Clinical Information Technology (IT) Market Analysis and Size

The clinical information technology (IT) market is fuelled by increased R&D spending in the sector by biotech and pharmaceutical companies, resulting in adopting technologies that provide cost-effective solutions. The growing need for better data standardization is driving market growth. The increased number of clinical trials, particularly in emerging Asia Pacific countries, is creating opportunities for the market growth of clinical information technology solutions. This is expected to be boosted further by pharmaceutical companies' adoption of EDC systems.

Data Bridge Market Research analyses that the clinical information technology (IT) market which was USD 6.77 billion in 2022, is expected to reach USD 18 billion by 2030, at a CAGR of 13.0% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Clinical Information Technology (IT) Market Scope and Segmentation      

Market Definition

Clinical informatics (IT) is the study of information technology and its applications in the healthcare industry. An information-based approach is used by studying and practicing to provide efficient healthcare delivery. The data is structured in such a way that it can be efficiently retrieved and used in an evaluation or report. Clinical informatics (IT) is used in a wide range of healthcare settings, including hospitals, research institutes, physician practices, the military, and others. Today's healthcare industry heavily relies on data and technology to provide better care to patients.

Clinical Information Technology (IT) Market Dynamics

Drivers

• Increasing number of clinical trials

The growing number of clinical trials is propelling the global market forward. ClinicalTrials.gov, for example, currently lists 430,269 studies with locations in all 50 states and 221 countries. Approximately 430,269 studies had been registered as of October 2022, with 55,700 studies having posted results. Over 332,694 interventions account for 77% of the 430,269 studies registered, while 95,884 observational studies account for 22% and nearly 857 are expanded access studies. These are the certain factors that helps the market to grow.

• Increasing R&D spending

Rising R&D spending is propelling the clinical information technology (IT) market. According to UNESCO, global R&D spending has reached approximately US$ 1.7 trillion. Approximately 80% of spending is accounted for by ten countries. As a result, the rising number of clinical trials and R&D expenditures will drive the global clinical information technology market during the forecast period.

Opportunities

• Government Initiatives

Using technology in clinical trials improves efficiency by allowing for better communication with study staff, patients, and communities, and it aids in the easy recruitment of clinical trial participants. People of all socioeconomic backgrounds are increasingly using digital clinical services due to the convenience they provide. Market participants' efforts to develop efficient clinical information technology platforms are helping to drive market growth. For instance, Mednet, a healthcare technology company, will release software with expanded electronic patient-reported outcomes (ePRO) capabilities in December 2020. The ePRO module was created to increase patient engagement and allow for remote participation during the pandemic. In another case, in October 2020, Dassault Systèmes (OTCMKTS: DASTY) acquired Medidata Solutions, Inc. (NASDAQ: MDSO). These are the initiatives which help the market to grow.

Restraints/Challenges

• Data security risk and costs 

Data security concerns and the costs of purchase and installation hamper the clinical information technology market's growth. For instance, there is a constant risk of hacking, putting that data at risk. Furthermore, according to HealthIT Gov, the cost of purchasing and installing an electronic health record (EHR) system ranges between $15,000 and $70,000 per provider. As a result, the security risk and cost slow the growth of the clinical information technology market during the forecast period.

This clinical information technology (IT) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the clinical information technology (IT) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on the Clinical Information Technology (IT) Market

COVID-19 has positively impacted the clinical information technology (IT) market because there was no diagnostic modality or treatment for COVID-19, resulting in increased research and development because the virus was circulating at a rapid pace, resulting in an increase in clinical trials registered. For instance, on the World Health Organization's International Clinical Trials Registry Platform, there are approximately 6,512 ongoing and completed COVID-19 studies (WHO ICTRP). Furthermore, COVID-19 has encouraged the world to improve healthcare IT advancements in order to achieve better results. As a result, the clinical information technology (IT)  market is expected to grow.

Recent Developments

• In June 2022, Oracle Corporation acquired Cerner Corporation, an American provider of health information technology services, devices, and hardware.
• In September 2022, eClinicalWorks released a new version of its ambulatory cloud EHR in October 2022. Talkiatry, a leading tech-enabled psychiatry practice, will partner with eClinicalWorks' cloud HER. As a result of the data presented, the North American region is expected to dominate the global market for the forecast period.

Global Clinical Information Technology (IT) Market Scope

The clinical information technology (IT) market is segmented on the basis of product type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Clinical Data Management System (CDMS)
• Clinical Trial Management System (CTMS)
• Electronic Data Capture (EDC)
• Electronic Patient Reported Outcomes (ePRO)
• Electronic Trial Master File (eTMF)
• Randomization and Trial Supply Management (RTSM)
• Others

Application

• Lab Information Systems
• Clinical Information Systems

Clinical Information Technology (IT) Market Regional Analysis/Insights

The clinical information technology market is analyzed and market size insights and trends are provided by country, type, usage, end-user and application as referenced above.

The countries covered in the clinical information technology (IT) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the clinical information technology (IT) market because of the increase in research and development activities and the presence of big outsourcing firms in the region.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 due to the growth in number of life-science research companies and clinical studies.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The clinical information technology (IT) market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for clinical information technology (IT) market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the clinical information technology (IT) market. The data is available for historic period 2011-2021.

Competitive Landscape and Clinical Information Technology (IT) Market Share Analysis

The clinical information technology market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to clinical information technology (IT) market.

Some of the major players operating in the clinical information technology (IT) market are:

• Oracle (U.S.)
• Parexel International Corporation (U.S.)
• OpenClinica, LLC (U.S.)
• IQVIA (U.S.)
• Dassault Systèmes (U.S.)
• Clario (U.S.)
• Signant Health (U.S.)
• Cerner Corporation (U.S.)
• McKesson Corporation (U.S.)
• General Electric (U.S.)
• Allscripts Healthcare, LLC (U.S.)
• Koninklijke Philips N.V. (Netherlands)
• Cognizant (U.S.)
• athenahealth, Inc. (U.S.)
• UnitedHealth Group. (U.S.)
• 3M (U.S.)
• Advantech Co., Ltd (Taiwan)
• Agfa-Gevaert Group (Belgium)
• Avantas, LLC. (U.S.)
• Avhana Health, Inc. (U.S.)
• BLACK BOOK RESEARCH, LLC (U.S.)

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