Clinical IT Services Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

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.

Industry Definition and Segmentation

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 American Region is Driving the Growth of the Industry

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.

Best Procurement Practices

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.

Category Management Studies

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.

Technological Developments in the Sector, Further Driving the Clinical IT Services Market

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.

Key Industry Players Mentioned in the Clinical IT Services Industry Report

• Medidata Solutions, Inc.
• Oracle Corporation
• IBM Corporation
• Signant Health
• Perceptive Informatics LLC

Market Landscape

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.

Key Initiatives by Companies

• Microsoft Corp. and Nuance Communications, Inc. announced in April 2021 that they had reached a formal deal under which Microsoft would purchase Nuance for USD 56.00 per share, accelerating the healthcare industry's cloud plan.
• Welldoc, Inc. and Eli Lilly and Company signed a partnership and licencing deal in February 2021 to integrate Welldoc's software into Lilly's presently developing linked insulin solutions.