Clinical Informatics Market to Hit USD 563.18 Billion by 2030 with 16.0% CAGR | MarketsandMarkets™
DELRAY BEACH, Fla., Jan. 14, 2025 /PRNewswire/ -- 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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Generative AI is reshaping healthcare by leveraging Artificial intelligence to enhance diagnostics, offering personalized risk assessments based on genetic and medical history. Many companies are actively pioneering the use of generative AI in healthcare, tackling diverse challenges and shaping the future of the industry. For instance, in June 2024, Cognizant (US) launched healthcare LLM solutions using Google Cloud's generative AI technology to help administrative functions optimize and drive quality care in critical domains such as appeals management, contract management, marketing, and plan selection.
Based on therapeutic area, the clinical informatics market is segmented into oncology, cardiology, neurology, respiratory disease, immunology, metabolic disorders, infectious disease and others. The oncology segment held the largest share of the therapeutic area market in 2023. Cancer care depends on managing and analyzing large amounts of data. With the arrival of personalized medicine, the health care provider would require better systems that enable data integration, easier sharing of patient records, and access to superior tools for information analysis. As treatment becomes more specific to the individual, increased demand will be for tools that enable complex genetic data and support decision making in cancer treatment.
Based on end users, the ambulatory surgical centers, ambulatory care centers, and other outpatient settings segment is expected to register the fastest growth in the clinical informatics market. This growth mainly occurs because healthcare facilities rely increasingly on clinical informatics solutions to manage patient data and improve operations while providing quality care. The facilities expand rapidly because outpatient care is cheaper than inpatient care. According to ASC Data, by the second quarter of 2024, there are a total of 11,555 Medicare and non-Medicare certified ASCs in the US With the growth of Ambulatory surgical centers and outpatient centers are the driving factors of a rising number of clinical informatics solutions implementations.
Based on the region, the clinical informatics market is segmented into five major regional segments, namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The North American region dominated the clinical informatics market because of the integration of emerging technologies, including machine learning and big data analytics, into the healthcare informatics systems in laboratories, clinics, pharmacies, and hospitals for accurate personalized treatment plans. Moreover, government initiatives are led by the Office of the National Coordinator for Health Information Technology (ONC). These initiatives focus on improving health information technology (health IT) systems, enhancing interoperability, and advancing data sharing across healthcare providers. For instance, the ONC has allocated funding for the Health Information Exchange (HIE) and Immunization Information System (IIS) programs, with a maximum award of USD 10 million aimed at enhancing data-sharing capabilities.
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The Clinical Informatics market is dominated by key players. The major players operating in this market are, UnitedHealth Group (US), Koninklijke 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), InterSystems Corporation (US), McKesson Corporation (US), Dedalus S.p.A. (Italy), IQVIA (US), SAS Institute Inc. (US), Wipro (India), Health Catalyst. (US), Tempus (US), Practice Fusion, Inc. (US), MedeAnalytics, Inc. (US), Medecision (US), Chartis (US), Allara Health (US), Surgical Information Systems (Georgia), Anumana, Inc. (US), Memora Health Inc. (US), and MediView XR, Inc. (US).
UnitedHealth Group.
UnitedHealth Group, one of the world's largest healthcare companies, has revenue of about USD 372 billion for the year 2023. Optum (Part of UnitedHealth Group) a health services company, completed a merger with Change Healthcare in October 2022 of a USD 7.8 billion. which gives them access to data from millions of healthcare transactions and boosts their clinical capabilities for the US population. Now the company operates through four business segments: Optum Health, Optum Insight, Optum Rx, and UnitedHealthcare. It offers healthcare products and insurance services and caters to various healthcare providers, such as hospitals, doctors, pharmacies, health plan organizations, and life science companies. The company brought over 900,000 new patients into their value-based care, health benefits, health tech, financial services, and pharmacy services in 2023 only. They care for more than 62 million people through private and government-run health programs and handle more than USD 500 million in annual payments.
Koninklijke Philips N.V.
Koninklijke Philips N.V. (Royal Philips) is the parent company of the Philips Group. The company works in four areas: Personal Health, Diagnosis & Treatment, Connected Care, and Others. The company aims to grow in both natural ways and by buying other businesses to increase its market presence. Strategic partnerships in high-potential markets and collaborations have been Philips' key growth strategy over the years. For example, in November 2023, Philips and NYU Langone Health partnered to focus on patient safety and outcomes. The collaboration integrated innovative health technologies, including digital pathology, clinical informatics, and AI-enabled diagnostics, enabling real-time collaboration among clinicians. Philips has developed partnerships with many large healthcare companies and promising AI start-ups in the healthcare industry, spread across various geographies. In October 2023, Philips collaborated with the World Stroke Organization (WSO) to prevent, treat, and rehabilitate strokes. It emphasized awareness, education, and advocacy. Among its significant subsidiaries are Philips Oral Healthcare, LLC (US), Philips GmbH (Germany), Philips Ultrasound, Inc. (US), and Philips Consumer Lifestyle B.V. (Netherlands).
GE Healthcare
GE HealthCare is a global medical technology, pharmaceutical diagnostics, and digital solutions innovator. The company's products, solutions, and services span the continuum of patient care, including screening, diagnosis, treatment, and monitoring. Its customers include healthcare providers and researchers, including public, private, and academic institutions. It sells to a global sales team as well as its network of partners and distributors and other third-party companies. By the end of January 2023, GE completed the separation of HealthCare as an independent company capable of issuing stock in the public markets. The company operates in more than 170 countries across the Americas, Europe, Asia, and the Middle East & Africa. Its subsidiaries include Dynamic Imaging, LLC (US), Whatman plc (UK), Image Diagnostic International GmbH (Germany), Clarient, Inc. (US), Thomas Medical Products, Inc. (US), Orbotech Medical Solutions Ltd. (Israel), and Biacore International AB (Sweden). The company serves customers in over 160 countries, conducts R&D in 18 countries, and manufactures its products in 20 countries worldwide. The company has a geographical presence in North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa.
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