(EMAILWIRE.COM, January 11, 2025 ) The global Clinical Informatics Market, valued at US$198.33 billion in 2023, is forecasted to grow at a robust CAGR of 16.0%, reaching US$231.45 billion in 2024 and an impressive US$563.18 billion by 2030. Advanced technologies in healthcare are growing due to the increasing use of such technologies, and AI and big data are very important in that regard. The increasing use of digital tools in healthcare, such as data from medical devices, electronic health records, and billing information, is creating vast amounts of data that AI can study to make things better and faster. Such government actions, such as President Biden’s order in October 2023 to create guidelines for AI in healthcare, are supporting new ideas and helping to develop a skilled workforce. AI tools are also crucial in handling disease outbreaks. The World Health Organization uses AI to make early warning systems and epidemic predictions better, which helps improve healthcare decisions.
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Global Clinical Informatics Market Dynamics
DRIVER: Growing telehealth and remote patient monitoring markets
Many countries are increasingly supporting telehealth and remote patient monitoring by establishing statewide coverage, defining reimbursement policies, and developing legal frameworks for telehealth practices. For instance, in April 2019, the Centers for Medicare & Medicaid Services (CMS) updated Medicares telehealth policies to include Remote Patient Monitoring (RPM), enabling patients to access advanced technology and improving healthcare coordination.
RESTRAINT: Lack of interoperability
The lack of interoperability is a major obstacle to effectively implementing clinical informatics solutions and services. Interoperability among electronic systems is crucial for data integration and analysis efforts. Clinical informatics cannot be effective without adequate data exchange and analysis. As of 2021, nearly 4 in 5 office-based physicians (78%) and nearly all non-federal acute care hospitals (96%) adopted a certified EHR [Source: The Office of the National Coordinator for Health Information Technology (ONC)]. This marks substantial 10-year progress since 2011, when 28% of hospitals and 34% of physicians had adopted an EHR. Although many hospitals can use their current EHRs for some information exchange activities that promote interoperability (such as finding, sending, or receiving information), only 23% of hospitals can perform all four information exchange activities (find, send, receive, and use). the eHealth Initiative survey of accountable care organizations (ACOs), approximately 95% of the organizations surveyed cited interoperability as a major obstacle to effectively using and meeting the potential of HCIT. (Source: Premier, Inc.) Hospitals often face poor interoperability and need to create or purchase interfaces to import and export data from various sources, including their EHR, laboratories,admit/discharge/transfer systems, medical devices, and external labs. As a result, a single hospital may require a few dozen interfaces, while a large health system with multiple sites may need hundreds or even thousands.
OPPORTUNITY: Growing focus on real world evidence
Real-world evidence is more crucial with its strong effect on clinical informatics and health choices. RWE is an essential knowledge of how well medical products and procedures work as well as their safety beyond regular clinical trials. RWE has been used by the FDA to monitor the safety after products are launched, making regulatory decisions, and in the development of clinical guidelines. The FDA’s Center for Devices and Radiological Health said that the use of RWE for regulatory decisions increased by 193% from 2015 to 2017. This indicates that RWE is becoming increasingly crucial in speeding up approvals and improving patient care without the need for many new clinical trials. Leading technology companies are increasingly entering the healthcare sector, offering special solutions to handle and analyze large amounts of healthcare data. For example, companies like Amazon Web Services (US) are speeding up the adoption of real-world data (RWD) and creating useful real-world evidence (RWE). The huge investments in research and technology by big companies for using the advantages of RWE have thrown the importance of RWE into the spotlight. Global RWE solutions market will reach USD 78.8 billion by 2030 due to favorable government rules and a shift toward value-based care.
CHALLENGES: Shortage of skilled IT professionals
Currently, there are only a limited number of healthcare organizations that have in-house experts who can translate large volumes of data into valuable insights. A significant barrier to the clinical informatics market’s growth is the lack of skilled data analysts and robust data management capabilities. The lack of IT professionals in healthcare has caused problems and slowed down progress like interoperability. According to an American Hospital Association report, the US is expected to hit as high as 3.2 million healthcare professional deficit by 2026. High turnover cannot give hope for improvement owing to the fact that quitting within the health care industry has increased by three folds in 600,000 by May 2023 from 400,000 in 2020.
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North America dominated the Clinical informatics market in 2023.
The clinical informatics market is studied for the five major regions: North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The clinical informatics market is studied for the five major regions: North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The North American region dominated the clinical informatics market due to factors such as growing recognition in hospitals and health systems to meet simultaneous societal needs for delivery of high-value care, and improvements in community health and health equity. A 2023 report from RTI International states that in the US, there are some critical investments to motivate outpatient practices and hospitals to utilize certified EHRs. Also, the competitive market in North America is making major companies innovate in the products they develop, meaning constant expansion in the services.
Key Players
Prominent players in the Clinical Informatics market include UnitedHealth Group (US), Koninkliike Philips N.V. (Netherlands), GE HealthCare (US), Cognizant (US), Oracle (US), Epic Systems Corporation. (US), ExlService Holdings, Inc. (US), EClinicalWorks (US), Medical Information Technology, Inc. (US), Siemens Healthineers (Germany), TruBridge. (US), Veradigm (US), AdvancedMD (US), athenahealth, Inc. (US), Merative (US), NVIDIA Corporation (US), AGFA HealthCare (Belgium), NXGN Management LLC (US).
Recent Developments of Clinical Informatics Market
-In December 2024, Philips partnered with Mayo Clinic to advance cardiac MRI technology through AI to make exams faster, more efficient, and accessible to the diagnosis of heart disease. Such collaboration will make MRI scans more accessible and less taxing for patients.
-In October 2024, GE HealthCare collaborated with Blackford to add AI solutions to their imaging systems. This helps radiologists handle their work better and improves patient diagnosis.
-In October 2024, Royal Philips (Netherlands) and Siloam Hospitals Group have signed a memorandum of understanding to enhance AI capabilities in Indonesia’s healthcare sector, focusing on improving clinical care, training local professionals, and supporting the government’s healthcare goals.
-In May 2024, EClinicalWorks (US) and The Pacific Islands Primary Care Association and HealthEfficien (US) partnered to enhance healthcare access and quality in community health centers across the Pacific Islands through advanced electronic health record solutions