The global Clinical IT Services market reached a value of about USD 6.35 billion in 2021. The industry is projected to grow at a CAGR of around 9.5% in the forecast period of 2022-2027 to reach a value of about USD 10.95 billion by 2027.
The global Clinical IT Services industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The growing number of clinical trials is driving the market growth. North America is the highest category spender by region, driving the demand for the Clinical IT Services industry.
Clinical IT deals with developing, designing, creating, and maintaining information systems in hospitals, clinics, and other healthcare settings. It offers benefits and potential for enhancing and transforming healthcare, including improving clinical outcomes, minimising human mistakes, increasing practice efficiency, simplifying care coordination, and collecting data over time. The Clinical IT Services industry report comprises segments by end-user (Hospitals, CROs, Academic Institutes, Pharma/Biopharma, and Medical Device) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
North America holds the largest share in the industry due to the increasing adoption of smartphones, internet access, and healthcare IT investment. The region's well-established healthcare industry and superior reimbursement options Because of the higher adoption of digital healthcare in the United States, the high concentration of key market players, and rising investments by companies in research and development activities for the launch of advanced products and improving healthcare quality the market is propelling.
The industry is being aided by the rising rate of chronic illnesses paired with an increasing number of clinical trials. Furthermore, the growing consumer awareness of novel and improved solutions is expected to enhance the market growth. The rising healthcare expenditures and rising customer desire for efficient, effective, and innovative treatment options are furthering the industry's expansion. The various benefits of the services like decreased medical mistakes, improving clinical outcomes, minimising human errors, increasing practice efficiency, simplifying care coordination, collecting data over time, lower operating costs, and better clinical results further expand the market's growth. Other factors such as the growing number of elderly populations, rising prevalence of chronic diseases, their medical expenditures, and demand for home-care services such as remote patient monitoring are expected to drive the market expansion. Also, the initiatives by the government in grants and financing to support clinical trials are likely to boost the market's development.
Despite this, the lack of skilled personnel and technology will likely hamper the market's expansion.
The global Clinical IT Services industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Clinical IT Services regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Clinical IT services incorporate complete IT assessments, strategic IT consulting, and a spectrum of security services to help varied enterprises achieve compliance. These healthcare IT services are designed to their client's requirements and follow industry best practices. These solutions play a vital role in defining distinctive capabilities and making businesses seem like next-generation businesses.
The market is witnessing growth due to the growing trend of digitisation in healthcare, increased demand for preventative care solutions, the creation of numerous entrepreneurial initiatives, and expanding alliances and funding. Furthermore, the market is being driven by the evolution and developments with the help of better IT infrastructure. Market participants are incorporating big data, the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) algorithms into their existing solutions to improve health and medical procedures, thus resulting in the market's growth. In addition, the surge in demand for telehealth and mHealth solutions from many smartphone users and the adoption of cloud technology-related HCIT services are furthering the market's potential. Furthermore, key players are focused on developing new product strategies and increasing their R&D spending, resulting in the development of technologies that give cost-effective solutions which are likely to impact the market positively.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The healthcare information technology industry is fiercely competitive, with numerous prominent companies. A few significant competitors currently dominate the industry in terms of market share. To acquire a competitive advantage and extend their product line and commercial presence, key competitors are focused on technical collaborations, partnerships, and mergers and acquisitions tactics.
1. Executive Summary
2. Clinical IT Services Market Snapshot
2.1. Clinical IT Services Market Outlook
2.2. Clinical IT Services Industry Analysis by End User
2.2.3. Academic Institutes
2.2.5. Medical Device
2.3. Regional Overview
2.3.1. North America
2.3.3. Asia Pacific
2.3.4. Latin America
2.3.5. Middle East and Africa
3. Key Trends in Application
4. Impact of Recent Events
5. Clinical IT Services Value Chain Analysis
6. Clinical IT Services Production Process
7. Trade Analysis
8. Major Risk Factors in Sourcing
9. Clinical IT Services Cost Structure
10. Clinical IT Services Cost Saving Opportunities
11. Clinical IT Services Price Analysis
12. Key Demand Indicator Analysis
13. Key Price Indicator Analysis
14. Clinical IT Services Market Dynamics
14.1. Drivers & Constraints
14.2. Industry Events
14.3. Swot Analysis
14.4. Porter’s Five Forces
14.4.1. Buyer Power
14.4.2. Supplier Power
14.4.3. Threat of New Entrants
14.4.4. Threat of Substitutes
14.4.5. Industry Rivalry
15. Industry Best Practices
15.1. Sourcing Strategy
15.2. Procurement Model
15.3. Contract Structure
15.4. Negotiation Levers
15.5. Pricing Model
15.6. Key Factors Influencing the Quotation
16. Key Supplier Analysis
16.1. Medidata Solutions, Inc.
16.2. Oracle Corporation
16.3. IBM Corporation
16.4. Signant Health
16.5. Perceptive Informatics LLC
The global Clinical IT Services market size was valued at USD 6.35 billion in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 9.5%.
The significant demand for preventative care solutions is one of the essential drivers of the Clinical IT Services market growth.
Medidata Solutions, Inc., Oracle Corporation, IBM Corporation, Signant Health, and Perceptive Informatics LLC are a few of the major players in the market.
The North American region of the Clinical IT Services industry holds a significant share in the market.
The global Clinical IT Services market attained a value of USD 6.35 billion in 2021, driven by the rising rate of chronic illnesses paired with an increasing number of clinical trials. Other factors such as the growing number of elderly populations, rising prevalence of chronic diseases and their medical expenditures, and demand for home-care services such as remote patient monitoring are expected to drive the market expansion. Aided by the growing trend of digitisation in healthcare and integration of big data, the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) algorithms, new product strategies, and increasing their R&D spending, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 9.5%. The market is projected to reach USD 10.95 billion by 2027. Some of the leading players in the industry are Medidata Solutions, Inc., Oracle Corporation, IBM Corporation, Signant Health, and Perceptive Informatics LLC.
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