Research On Global Markets
Syndicated Market Research Report
Clinical informatics, also known as health informatics is the application of informatics and information technology to healthcare services. This leads to better digitization increased interoperability and improved patient data management. Given the amount of digital patient information from electronic health records, physicians, nurses and pharmacists rely on up-to-date data so that they can create a patient treatment plan. According to a global clinical informatics market research conducted by Research on Global Markets, the global clinical informatics market is expected to expand at a compound annual growth rate (CAGR) of 18.26% and be worth USD 33.31 Bn during the 2018–2023 period. The global clinical informatics market is classified based on the following segments- technology, application, end users, and regions. Based on technology, the market is bifurcated into on-premises software segment and cloud-based software segment. While the on-premises segment dominated the market share with 58% in 2017, the cloud-based software segment is expected to expand at a CAGR of 19.63% until 2023. This growth can be attributed to the improved security, storage and efficiency promised by cloud-based platforms. Based on application, the diagnostics market contributed to 39% of the market revenue in 2017 and is expected to witness the highest CAGR (18.41%) among the applications segment during the 2018-2023 period. The diagnostics market will be followed by the patient monitoring segment with a CAGR of 18.30%. Based on end-user, the market is segmented into hospitals, specialty clinics, pharmacies, and research laboratories. The hospital segment held a global market share of 38% in 2017 and is expected to experience a growth rate of 18.58% during the 2018-2023 period. The specialty centers segment held 10% of the market share and research lab segment held 15% of the market in 2017. Geographically, North America held approximately 50% of the global market, however, the Asia Pacific region is expected to grow significantly due to the increased demand for healthcare services in this region.
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