Global Clinical Informatics Market Size, Share, Application Analysis, Regional outlook, Growth, Trends, Key Players, Competitive Strategies and Forecast 2021 – 2030

In a recent published report, Kenneth Research has updated the Market report for Global Clinical Informatics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Clinical Informatics Market Products.

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Clinical informatics is visibly reshaping healthcare services for the better by combining information technology (IT) with informatics. It leads to better interoperability and increased digitization, resulting in efficient patient data management and improved treatment procedures, by helping physicians make informed decisions. All of these factors will eventually revolutionize the healthcare market. The global clinical informatics market is expected to be worth USD 33.31 Bn in 2023, and is projected to expand at a compound annual growth rate (CAGR) of 18.26% during the 2018–2023 period.

According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.

Technology segment insights:

The on-premises software market held the largest market share of about 58% in 2017, mainly due to its widespread availability and usage. On the other hand, the cloud-based software segment is expected to expand at a higher CAGR of 19.63% during the forecasted period of 2018-2023. This high growth can be attributed to the increased adoption of cloud-based platforms, which can provide better security, storage, and efficiency.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

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Application segment insights:

In the application segment, the diagnostics market had the largest share in 2017, contributing to 39% of the market revenue. The growth of the diagnostics segment has primarily been driven by increasing popularity of non-invasive procedures, advanced visualization systems, and technological improvements in clinical informatics products. It is expected to witness the highest CAGR (18.41%) among all the application segments during the forecasted period. In terms of growth potential, the diagnostics market will be followed by the patient monitoring segment (CAGR of 18.30%).

End user segment insights:

In 2017, the hospitals segment had a global market share of approximately 38%, and is expected to experience the highest growth rate (18.58%) during the 2018–2023 period. This is because of increasingly strict but favorable government policies that mandate the implementation of electronic health records (EHR) across hospitals, coupled with funding and incentives. The ‘physicians’ segment is also expected to experience significant growth. The specialty centers segment held approximately 10% of the total market share, while the research laboratories segment held 15%.

Regional insights:

North America has been leading the market with its technological innovations, accounting for approximately 50% of the global market. However, Asia-Pacific is expected to have the highest growth rate during the forecasted period due to the increased demand for healthcare services in this region. Growing number of patients, rising government funding for health-related IT services, and health awareness are factors which will lead to the growth of the market in the region.

Companies covered:

1. Cerner Corp
2. Agfa HealthCare Corp
3. Allscripts
4. Cardinal Health
5. CNSI
6. Spok, Inc (Formerly Amcom Software)
7. Meditech
8. eClinicalWorks
9. Nuance Communications
10. West Corporation

Customizations available
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys  & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  •  Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

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