Global Clinical IT Market Report and Forecast 2024-2032

Clinical IT Market Size

The global clinical IT market was valued at USD 7.55 billion in 2023 due to growing demand for remote patient monitoring across the globe. The market is expected to grow at a CAGR of 12.50% during the forecast period 2024-2032.

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Clinical IT Market Outlook

• In April 2023 , Epic and Microsoft joined forces to utilize generative AI to improve EHRs. This collaboration includes incorporating the Microsoft Azure OpenAI Service into Epic's EHR system, improving features such as interactive data analysis and natural language queries. Such collaborations are expected to boost market value in the forecast period.

• The World Health Organization states that chronic diseases result in around 41 million deaths annually, making up 74% of total global deaths. Increasing disease prevalence will contribute to elevated market demand for clinical IT solutions.

• In July 2024 , Ochsner Health's investment branch establishes a USD 10 million fund to support early-stage health companies in Louisiana. A surge in investments is amongst the major market trends.

Clinical IT Market Overview

Clinical IT is the use of information technology in healthcare to enhance clinical processes and patient care. It includes systems like electronic health records (EHRs), clinical decision support systems (CDSS), and telemedicine platforms to manage patient data and improve workflows. Medical data storage, retrieval, and analysis call for strong systems from providers.

Healthcare professionals depend on clinical IT to address the challenges of healthcare services and patient-focused care needs. Efficiently storing, retrieving, and analyzing medical data is vital for minimizing administrative burdens, and errors, as well as enhancing diagnoses and treatments.

Clinical IT Market Growth Drivers

Technological Advancements Drive Increased Demand in the Market Growth

The global clinical IT market is experiencing growth due to technological advancements like AI, ML, cloud computing, IoT, blockchain, and telemedicine. These advancements are revolutionizing healthcare delivery by transforming data management, enabling predictive analytics, improving data accessibility and storage, facilitating real-time patient monitoring. In April 2023 , Epic and Microsoft joined forces to utilize generative AI to improve EHRs. This collaboration includes incorporating the Microsoft Azure OpenAI Service into Epic's EHR system, improving features such as interactive data analysis and natural language queries. For instance, a study in 2024 estimated that AI will transform the healthcare sector through electronic health records. It will allow data extraction from unstructured sources, enhancing clinical decision-making, and enabling real-time access to patient information.

Growing Prevalence of Chronic Diseases to Boost Global Clinical IT Market Demand

The World Health Organization reports that chronic diseases, also known as non-communicable diseases, result in around 41 million deaths annually, making up 74% of total global deaths. Chronic diseases such as diabetes, heart disease, and cancer need continuous observation and care, backed by strong clinical IT platforms. Approximately 20 million new cancer diagnoses and 9.7 million fatalities were recorded in 2022. The growing number of chronic illnesses is fueling the expansion of the global market for the clinical IT.

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Clinical IT Market Trends 

The market is witnessing several trends and developments to improve the current scenario. Some of the notable trends are as follows:

Growing Need for Big Data Analytics

Big data analytics is transforming the market by managing a large amount of data. The data from various sources such as EHRs and clinical trials can be analyzed easily which helps to healthcare providers to predict outcomes and prepare personalized treatment for an individual. It enhances operational efficiency, aids clinical decision-making, and fosters innovation in healthcare delivery and research.

Increased Focus on Patient-Centered Care

Healthcare services to suit the specific needs and preferences of each patient is amongst major market trends. Clinical IT systems, such as patient portals and mobile health apps helps to improve communication and ensures the patient feedback and values in treatment. Tailored treatment strategies based on data analysis and digital medical records enhance patient satisfaction and well-being.

Growing Demand for Remote Patient Monitoring

The increase in remote patient monitoring is transforming the global market. Remote patient monitoring (RPM) enables healthcare providers to track patients continuously in non-clinical environments, providing advantages to individuals with chronic illnesses, post-surgery recovery requirements, and the elderly population. Utilizing remote monitoring devices for tracking vital signs leads to better patient health management, decreased readmissions, increased patient involvement, and improved treatment compliance.

Rising Government and Private Funding

Governments are funding into healthcare IT infrastructure to enhance the quality and availability of care. These funds are provided for initiatives such as EHR, telemedicine, and data standards to encourage the adoption of clinical IT. Investors in the healthcare industry, including venture capitalists, are also funding to establish AI in healthcare with an aim to enhance data management, diagnostics, and personalized medicine. This is speeding up research efforts and transforming how healthcare services are provided. For instance, in July 2024 , Ochsner Health's investment branch established a USD 10 million worth Ochsner Louisiana Innovation Fund to support early-stage health companies in Louisiana. The fund looks for companies with creative business models and effective leadership that match Ochsner's focus on value-based care, digital transformation, and community health.

Clinical IT Market Segmentation

Market Breakup by Product

• Clinical Trial Management System (CTMs)

• Clinical Data Management System (CDMs)

• Electronic Trial Master File (eTMF)

• Electronic Data Capture (EDC)

• Randomization and Trial supply Management (RTSM)

• Electronic Patient Reported Outcomes (ePRO)

• Others

Market Breakup by Application

• Clinical Information Systems

• Lab Information Systems

• Others

Market Breakup by End User

• Hospitals and Clinics

• Insurance Companies

• Research and Development Organizations

• Government Agencies

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Clinical IT Market Share

Market Segmentation Based on Products to Witness Growth

Based on the product, the market is divided into clinical trial management system (CTMs), clinical data management system (CDMs), electronic trial master file (eTMF), electronic data capture (EDC), randomization and trial supply management (RTSM), electronic patient reported outcomes (ePRO), and others. Electronic data capture (EDC) is expected to dominate the market because they can simplify data collection and management for clinical trials. It helps in enhancing precision, minimizing mistakes, and enabling immediate data retrieval to accelerate the trial procedure. Their connection to other tools and data analysis skills are essential for meeting regulatory requirements and conducting effective research.

Market Share Based on End User

End users of the market include hospitals and clinics, insurance companies, research and development organizations, government agencies, and others. Among these, hospitals and clinics are expected to lead the market during the forecast period. Hospitals and clinics use clinical IT system for patient record management, workflow improvement, and care coordination enhancement. The combination of electronic health records, clinical decision support systems, and telehealth platforms improves the patient outcomes and operational efficiency. These systems play a crucial role in securely handling large quantities of patient information in healthcare environments.

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Clinical IT Market Analysis by Region

Based on region, the market report covers North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.

North America is expected to dominate the market with its sophisticated healthcare infrastructure, widespread use of EHRs, and substantial investments in healthcare IT. The increase in adoption of EHRs is rising significantly in the United States. As per Health IT reports, until 2021, nearly 9 out of 10 U.S.-based physicians had adopted EHR. The market growth is additionally driven by the region's emphasis on patient-focused care and regulatory requirements.

Europe is also poised to have a significant market share because of support from the government, strong research and development (R&D), and the digitalization of healthcare. The market in the Asia-Pacific region is rapidly expanding due to increased healthcare spending, adoption of digital health, expansion of healthcare facilities, large population, and an increase in chronic diseases.

Leading Players in the Clinical IT Market

The key features of the market report include patent analysis, grant analysis, funding, and investment analysis as well as strategic initiatives including recent partnerships and collaborations by the leading players. The major companies in the market are as follows:

Iqvia, Inc. 

IQVIA Holdings Inc (IQVIA) was founded in 1982 and is based in North Carolina, U.S. The company offers information, technology solutions, and clinical research services to healthcare companies. Its IQVIA CORE solution utilizes data, technology, and analytics to provide actionable insights for improved healthcare outcomes, leveraging industry expertise in diseases, regions, and scientific advancements.

Oracle Systems Corporation

Oracle Corporation, based in Austin, Texas, is a multinational computer technology company. In September 2023 , Oracle introduced new enhancements to its healthcare solutions, including cloud-based EHR capabilities, generative AI services, public APIs, and back-office improvements tailored for the healthcare sector.

OpenClinica, LLC 

OpenClinica is a proprietary open-source program designed for collecting electronic data and managing clinical data during clinical trials. OpenClinica’s electronic  data capture (EDC) platform provides interactive electronic case report forms (eCRFs), streamlining data capture and allowing researchers to gather improved data more efficiently.

Other players in the market Clario, Inc., Cognizant Technology Solutions Corporation, Dassault Systemes, McKesson Corporation, Parexel International (MA) Corporation, and Signant Health.

Key Highlights of the Report

Key Questions Answered in the Clinical IT Market Report

• What was the global clinical IT market value in 2023? 
• What is the global clinical IT market forecast outlook for 2024-2032? 
• What are the regional markets covered in the EMR report?
• What is market segmentation based on product? 
• What is market segmentation based on application? 
• What is market segmentation based on end users? 
• What are the major factors aiding the global clinical IT market demand? 
• How has the market performed so far and how is it anticipated to perform in the coming years? 
• What are the major drivers, opportunities, and restraints in the market?  
• What are the major trends influencing the market?  
• Which regional market is expected to dominate the market share in the forecast period?  
• Which country is likely to experience elevated growth during the forecast period?  
• Who are the key players involved in the global clinical IT market? 
• What are the current unmet needs and challenges in the market? 
• How are partnerships, collaborations, mergers, and acquisitions among the key market players shaping the market dynamics?