Global Clinical IT Systems Market - 2022-2029

Global Clinical IT Systems Market - 2022-2029

Market Overview

The global clinical IT systems market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 14% during the forecast period (2022-2029).

Clinical Information Systems are applied at the point of clinical care. Clinical IT is a healthcare information system used by doctors, nurses, and other healthcare providers to offer clinical care to patients. Clinical informatics is the application of information technology to deliver healthcare services. It is also referred to as applied clinical informatics and operational informatics.

Market Dynamics

The key factors driving the clinical IT systems market are the increasing number of clinical trials, increasing prevalence of non-communicable diseases, technological advancements, and increased healthcare spending.

The increasing number of clinical trials boosts global clinical IT systems market growth.

The increasing number of clinical trials is accelerating global market growth. For instance, ClinicalTrials.gov currently lists 430,269 studies with locations in all 50 States and 221 countries. As of October 2022, approximately 430,269 studies have been registered, and 55,700 studies have posted results. Out of the 430,269 studies registered, over 332,694 studies accounting for 77%, are interventional, around 95,884 studies accounting for 22%, are observational, and nearly 857 are expanded access studies. In contrast, out of the 55,700 results, about 52,479 studies account for 94% being interventional, and over 3,221 studies making up 6%, are observational. In 2020, about 362,497 studies were registered; in 2021, over 399,517 studies were registered; as of October 09, 2022, nearly 430,269 studies are registered. There is a 19% increase in clinical studies registered from 2020 to 2022.

Furthermore, the increasing spending on R&D is pushing the global clinical IT systems market. According to UNESCO, global spending on R&D has reached around US$ 1.7 trillion. About 10 countries account for 80% of spending. Hence, this increasing number of clinical trials and R&D spending will fuel the global clinical IT systems market growth during the forecast period.

The data security risk and costs will hamper the global clinical IT systems market growth.

However, the data security concerns and the purchase and installation costs will hinder the global Clinical IT Systems market growth. For instance, there is a continuous risk of hacking which puts that data at a security risk. Furthermore, according to the HealthIT Gov, buying and installing an electronic health record (EHR) system cost about $15,000 to $70,000 per provider. Therefore, the security risk and cost will slow the global clinical IT systems market growth during the forecast period.

COVID-19 Impact

COVID-19 has positively impacted the clinical trials market since there was no diagnostic modality and treatment for COVID-19, which caused increased research and development because the virus was circulating at a high pace, which led to a surge in the clinical trials registered. For instance, around 6,512 are ongoing and completed COVID-19 studies on the World Health Organization's International Clinical Trials Registry Platform (WHO ICTRP). Furthermore, COVID-19 has encouraged the world to augment IT advancements in healthcare to achieve better results. Therefore positively impacting the growth of the global clinical IT systems market.

Segment Analysis

Cloud-based clinical IT systems are expected to grow at the fastest CAGR forecast period (2022-2029).

The cloud-based clinical IT systems are predicted to grow at the fastest CAGR during the forecast period (2022-2029) owing to the increasing adoption of cloud-based clinical IT systems in the healthcare domain. For instance, the Shulan Health Management Group (China) implemented Amazon Web Services to host their “homegrown” system. Also, the University of California, Los Angeles Health (United States) implemented Microsoft Azure for data processing and for integrating electronic health record data and data from other sources.

Furthermore, introducing new products into the market ensures the dominance of cloud-based healthcare platforms in the global clinical IT systems market. For instance, in July 2021, Google Cloud introduced Healthcare Data Engine, an end-to-end solution for healthcare and life sciences organizations that harmonizes data from multiple sources, including medical records, claims, clinical trials, and research data. Therefore, concerning the above data, it is predicted that cloud-based clinical IT systems will dominate the global market throughout the forecast period.

Geographical Analysis

North America holds the largest share of the global clinical IT systems market.

North America dominated the global market and is estimated to dominate during the forecast period (2022-2029). Since most of the key market players are United States based, such as Oracle, Premier, Inc., Allscripts, NEXTGen, Advarra, Eclinicalworks, GE Healthcare, and Athenahealth, these key players have a hold over a large share of the global market through collaborations, acquisitions, partnerships, product launches and other which ensures the dominance of North America on the global clinical IT systems market. For instance, in June 2022, Oracle Corporation acquired Cerner Corporation, an American supplier of health information technology services, devices, and hardware. In October 2022, eClinicalWorks introduced a new version of its ambulatory cloud EHR. In September 2022, eClinicalWorks’ cloud EHR partnered with Talkiatry, a leading tech-enabled psychiatry practice. Therefore, from the data mentioned, the North American region is estimated to dominate the global market throughout the forecast period.

Competitive Landscape

The key players operating in the global clinical IT Systems market are Oracle, Premier, Inc., Allscripts, Eclinicalworks, GE Healthcare, NEXTGen, Accenture, Infermed, Advarra and Athenahealth. The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the global growth of the Clinical IT Systems market. For instance, in August 2022, Advarra launched a dedicated support service for research grant applicants.

Advarra

Overview:

Advarra is an American healthcare solutions company founded in 1992 and headquartered in Columbia, Maryland, United States. Advarra is dedicated to advancing human health. Advarra is a premier provider of institutional review board (IRB), institutional biosafety committee (IBC), data monitoring committee (DMC), endpoint adjudication committee (EAC), site and sponsors technology solutions, and research quality and compliance consulting services in North America with reach across the globe.

Product Portfolio:

McKesson Corporation’s product portfolio for clinical IT systems has Clinical Conductor: It is a comprehensive Clinical Trial Management System (CTMS), scalable to optimize finances, regulatory compliance, and overall clinical research operations for all research sites, site networks, hospitals, and health systems.

The global clinical IT systems market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.