Clinical IT Market Size to Grow at a CAGR of 12.5% in the Forecast Period of 2023-2028

The 'Global Clinical IT Market Share, Size, Price, Trends, Report and Forecast 2023-2028' by Expert Market Research gives an extensive outlook of the global clinical IT market, assessing the market on the basis of its segments like type and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.

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The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 12.5%

The global clinical IT market is expected to register growth during the forecast period on account of the increase in the adoption of electronic health records in developed and developing countries.

The surging number of healthcare facilities in urban as well as rural areas and the increasing number of advanced research centres are expected to drive the market growth of clinical IT across the globe.

Rapid integration of the Internet of Things, big data, machine learning, and artificial intelligence by several market players in their present solutions to boost health and medical processes is further expected to bolster the clinical IT market growth over the coming years.

With the surging prevalence of chronic diseases like hypertension, diabetes, cardiovascular, and cancer diseases, the demand for improved clinical IT solutions is likely to enhance. Moreover, clinical IT offers several advantages including reduced medical errors, and minimised operational costs along with improvement in clinical outcomes which is further expected to aid the adoption of such advanced technology solutions.

Clinical IT Industry Definition and Major Segments

Clinical IT, also known as health IT, is the interdisciplinary study of information, computing technology (ICT), communication, and data, in connection with healthcare. This includes comprehending, integrating, developing, as well as applying ICT innovations to improve the management and offerings of healthcare providers for better clinical results.

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Based on type, the market is classified into:

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

On the basis of region, the market is divided into:

• North America
• Latin America
• Asia Pacific
• Europe
• Middle East and Africa

Clinical IT Market Trends

Geographically, the North American region is anticipated to drive the clinical IT market growth on account of the rise in healthcare IT spending and better internet connectivity. Going further, advancements in healthcare infrastructure along with the presence of a well-established healthcare industry and the rising digital literacy are further expected to enhance the market growth of clinical IT.

The strong presence of major market players in the region such as Oracle Corporation, and Medidata Solutions, Inc., among others are expected to fuel the market growth in the North American region. The rapid adoption and implementation of IT service in the healthcare industry to enhance the patient care experience along with reducing medical costs are likely to propel the market growth in the region.

Meanwhile, the Asia Pacific region is expected to gain momentum in the clinical IT market share over the coming years on account of the large population providing a sizable consumer base in the region. The increasing disposable income, rapid urbanisation, increasing access to the internet, and hectic and busy lifestyles are driving the market growth of clinical IT across the region.

With the robust economic growth in the countries such as India and China, market players are expected to witness promising growth opportunities in the Asia Pacific region. This is due to the increasing economic and government initiatives for digitalising and automating various healthcare organisations such as hospitals, pharmacies, and nursing homes, among others.

Key Market Players

The major players in the global clinical IT market report are:

Oracle Corporation
Medidata Solutions, Inc.
Parexel International Corporation
Signant Health
Cenduit, LLC
BioClinica, Inc.
OpenClinica, LLC
DATATRAK International, Inc.
Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.

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