New York, NY -- (SBWIRE) -- 07/11/2019 -- Clinical informatics is visibly reshaping healthcare services for the better by combining information technology (IT) with informatics. It leads to better interoperability and increased digitization, resulting in efficient patient data management and improved treatment procedures, by helping physicians make informed decisions. All of these factors will eventually revolutionize the healthcare market. The global clinical informatics market is expected to be worth USD 33.31 Bn in 2023, and is projected to expand at a compound annual growth rate (CAGR) of 18.26% during the 2018-2023 period.

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The major players in the Clinical Informatics market are
- Cerner Corp
- Agfa HealthCare Corp
- Allscripts
- Cardinal Health
- CNSI
- Spok, Inc (Formerly Amcom Software)
- Meditech
- eClinicalWorks
- Nuance Communications
- West Corporation

Regional insights:
North America has been leading the market with its technological innovations, accounting for approximately 50% of the global market. However, Asia-Pacific is expected to have the highest growth rate during the forecasted period due to the increased demand for healthcare services in this region. Growing number of patients, rising government funding for health-related IT services, and health awareness are factors which will lead to the growth of the market in the region.

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Key Stakeholders
- Clinical Informatics Manufacturers
- Clinical Informatics Distributors/Traders/Wholesalers
- Clinical Informatics Subcomponent Manufacturers
- Industry Association
- Downstream Vendors
- Available Customizations

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Technology segment insights:
The on-premises software market held the largest market share of about 58% in 2017, mainly due to its widespread availability and usage. On the other hand, the cloud-based software segment is expected to expand at a higher CAGR of 19.63% during the forecasted period of 2018-2023. This high growth can be attributed to the increased adoption of cloud-based platforms, which can provide better security, storage, and efficiency.

Application segment insights:
In the application segment, the diagnostics market had the largest share in 2017, contributing to 39% of the market revenue. The growth of the diagnostics segment has primarily been driven by increasing popularity of non-invasive procedures, advanced visualization systems, and technological improvements in clinical informatics products. It is expected to witness the highest CAGR (18.41%) among all the application segments during the forecasted period. In terms of growth potential, the diagnostics market will be followed by the patient monitoring segment (CAGR of 18.30%).

End user segment insights:
In 2017, the hospitals segment had a global market share of approximately 38%, and is expected to experience the highest growth rate (18.58%) during the 2018-2023 period. This is because of increasingly strict but favorable government policies that mandate the implementation of electronic health records (EHR) across hospitals, coupled with funding and incentives. The physicians' segment is also expected to experience significant growth. The specialty centers segment held approximately 10% of the total market share, while the research laboratories segment held 15%.

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