Clinical Information System Market | IndustryArcGrowing 5G Utilization In The Clinical Information Domain Has Positioned The Clinical Information System Market FavorablyThe Clinical Information System Market size is estimated to reach $1559.6 million by 2027. Furthermore, it is poised to grow at a CAGR of 7.9% over the forecast period of 2022-2027. Clinical information systems which were earlier only limited to use within the hospitals are now being broadly integrated into various other applications such as within radiology information system. The purpose of such health informatics is to keep track of health records of various medical records-prescriptions- and dictations within the hospital environment. However, CIS has grown from merely helping the doctors within the hospitals but has outgrown to be used in various clinical or pathology labs as a laboratory information system. Furthermore, pharmaceutical giants and biotechnology companies are actively transferring important clinical findings within the point of clinical trial and the head lab, by compiling useful data into medical insights. Additionally, the field of biologics has been gaining immense market traction, owing to its spectacular aim for targeting cancer cells or other pathogenic/malign/ carcinogenic cells/tissues with minimal body decay and reactions. To accomplish within the field of biologics and other potential therapeutic use. The rising investments and other activities pertaining to partnerships and other deals from, both government and private vendors within the IT space have allowed for robust growth in the Clinical Information Systems Industry in the projected period of 2022-2027.
Clinical Information System Market Segmentation Analysis - By Deployment Model
The clinical information systems market based on the deployment model can be further segmented into on-premises and on-cloud. On-cloud held a dominant market share in the year 2021. It is predominantly owing to the heavy cost involved in the on-premises setup. While setting up an on-premises layout, a company would have to spend on both CAPEX and OPEX owing to the initial capital investment required. However, the on-cloud model would only work on OPEX, as one needs to spend license cost, cost of running the IT environment, hardware refresh, and certain up-gradation which would happen time-time.
Moreover, the on-cloud model is estimated to be the fastest-growing, with a CAGR of 8.4% over the forecast period of 2022-2027. It is owing to the benefits as expressed in the above paragraph would allow the model to be extra-operable, and also allows for sharing real-time information to the decision-makers. Moreover, the company is able to save multitudes of amounts in terms of subscription-based on a larger workforce. For example, the subscription fees can cost $3500 for 100 users, whereas for 300 users the cost can be bought down to $9000. Owing to such economies of scale, the segment would outgrow the others.
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Clinical Information System Market Segmentation Analysis - By End-Users
The clinical information system market based on end-users can be further segmented into Hospitals and Clinics, Academic & Research Centers, Pharmaceutical & Biotechnology Companies, and Diagnostic Center. Pharmaceutical and Biotechnology Companies held a dominant market share in the year 2021. It is owing to the pandemic-stricken movement, which is now compelling companies to find better therapeutics to treat COVID mortality and end the pandemic from its shore. As per the data from Clinical Trials, the official website for US medicines, around 82,406 studies are under the stages of “recruiting” “enrolling by invitation” and “active.” The notion emphasizes many of the trials which are under-going to address various medicines or therapeutics or any other clinical-related discipline.
Furthermore, Pharmaceutical and Biotechnology Companies are estimated to be the fastest-growing, with a CAGR of 8.7% over the forecast period of 2022-2027. It is owing to the rising disease burden along with new varieties of antibiotic resistance drugs. As per the CDC AR report, close to 2.8 million antibiotic-resistant infections occur within the US each year-which supplement the death of around 35,000. Owing to the following figures, it would be safe to conclude that the segment would outpace the others.
Clinical Information System Market Segmentation Analysis - By Geography
The clinical information systems market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the dominant market share of 35% as compared to the other counterparts in 2021. It is owing to the presence of a robust medical infrastructure that allows for better R&D pertaining activities. Additionally, the US is the highest spender of healthcare around the globe. As per the latest data revelation, around $4 trillion is spent under the umbrella term of “healthcare expenditure” in 2020. Furthermore, private institutions such as Pfizer and various other giants spend billions of dollars under the umbrella term of clinical investigation and trial study cost. Thereby, showing heavy resilience.
However, Asia-Pacific is expected to offer lucrative growth opportunities to marketers in the projected period of 2022-2027. It is owing to the innovation trends within the med-tech space taking place in the likes of South Korea and China. Additionally, the 5G deployment is incredibly high in the Asian regions which would further allow for easy clinical information investigation procedures.
Clinical Information System Market Drivers
The growing 5G utilization in the clinical information domain has positioned the market favorably
Patients have to suffer from various agonies and pain, apart from which they face various operational challenges-language barriers- distance barriers- and various others. Apart from the patient’s point of view, various clinical findings must be sent in the labs or to the major pharmaceutical giants to find the much-needed insights or follow-up. The files pertaining to imaging are often extremely large in size which reduces the network bandwidth- which in turn reduces the overall transmission rates. Both the factors ultimately lead to a loss in patient’s time and moreover, in terms of opportunity cost for the healthcare/clinical provider. Furthermore, clinical trials have been actively happening in the low-and extremely low-middle income countries for disease eradication. Hence, the companies require extensive bandwidth to cover the said population and opine and give insights on the results so obtained. Lastly, remote monitoring within the space of wearables has allowed the healthcare intermediaries to reduce the costs by up to 16% in the coming five years.
The advent of IoT along with the ease of interoperability using IT tools would help the populations at a broader level
Interoperability refers to the cross-usage of data across the various platforms in various clinical set-ups. The technology of the cloud allows various data of various sub-sets of the population to flow from server to server, which ultimately allows the decision-makers to facilitate a point of action. Additionally, IoT has readily played the role of easy-flow of critical decision markers, both for the care providers and the person in care or observation. In various clinical trials, participants are said to wear a bracelet or band for a period of time, as mentioned by the performer. The said notion would allow the company to look out for critical aspects such as an unregulated drop in pulse or temperature or heart rate or any other critical aspect. As per a company report, the presence of IoT has grown at an industrial level. Healthcare ranks second in the use of IoT and has a share of 30% only after manufacturing and business, which occupy 40% of the IoT devices segment. Moreover, the growth in the last decade has been exponential; from an earlier adoption rate of 12%, it has now scaled up to 30%, which is 2.5X.
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Clinical Information System Market Challenges
The rise in the overall feeling pertaining to hacktivism along with the privacy challenges have impeded the overall market growth
Cases of data theft have been looming since the advent and resilience over cloud grew. Medical records have been considered as sacred information- as pupils feel that they carry the potential to exploit one’s life. Furthermore, the recovery time and data loss impedes the overall confidence of the patients in concern. The recovery time and costs associated with breaches of critical data not only pose significant financial burdens but also hamper the ability of healthcare institutions to provide care, which could ultimately have human costs. Moreover, cyber-attacks against healthcare institutions rose by over 55% in 2020 as compared to the year before that. Additionally, restoration of data, on average took 236 days. Owing to such challenges, 5G in the healthcare market would face ready challenges.
Clinical Information System Market Competitive Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Clinical Information System Market. The top 10- Clinical Information System Market companies are-
IBM
SAS
Allscripts
Mc Kesson
Optum
Mede Analytics
Inovalon
Oracle
Health Catalyst
Cerner
Recent Developments
In August 2021, the Ministry of Health and Welfare and the National Evidence-based Healthcare Collaborating Agency (NECA, HTA agency) have announced that the ‘new Health Technology Assessment (nHTA) Guidance Service,’ which is designed for customized consultative services based on full life cycle approach to expedite the market access of safe and promising technologies, will be implemented. The NECA has been making efforts to provide literature search services and clinical trial planning consultation, etc., to the applicants upon request to make new medical technologies recognized as nHTA by securing evidence for their safety and effectiveness. The overall impact would positively impact the clinical information systems market.
In February 2021, VA and Airforce have tested out 5G within the hospital settings. Furthermore, VA’s 5G-powered hospitals are a sign of modernization which comes in the free-medical space. Furthermore, applications providers set out that the population is growing, so are the cost associated with it. Additionally, healthcare providers are shrinking in volume handling. The VA, along with other agencies such as the Department of Defence is testing 5G to develop and validate healthcare applications that would further improve patient care.
In May 2020, Navi Health has been acquired by United Health Group’s Optum. The former company has been involved in managing 140 hospitals under the CMS- Centre for Medicare and Medicaid. It is then by providing clinical decisions tool for managing post-acute services to patients, while also tracking them for their daily health updates. By acquiring Navi heath, Optum Group plans to use the data-driven insights along with the clinical capabilities to publish personalized-valued based care coordination.
Key Takeaways
Geographically, North America held the dominant market share in the year 2021. It is owing to the presence of robust medical infrastructure, which is supplemented by the growing technology integration facilitated by the high capital-infused med-tech companies. Furthermore, Asia-Pacific is expected to offer lucrative growth opportunities to the marketers in the projected period of 2022-2027 owing to the rising e-health platforms, and various government incentives such as the use of 5G in healthcare and various others.
The rising investments and other activities pertaining to partnerships and other deals from, both government and private vendors within the IT space have allowed for robust growth in Clinical Information Systems Market. However, safety challenges pertaining to data security and high overhead costs have been an impeding market factor.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Clinical Information System Market Report.
Relevant Titles
Clinical Trials Spending Projection Market
https://www.industryarc.com/Research/Clinical-Trials-Spending-Projections-Market-Research-508339
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