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.
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%.