CLINICAL INFORMATICS MARKET Challenges and Opportunities

One of the major challenges faced by the global clinical informatics market is the high implementation costs associated with clinical informatics systems. Setting up clinical informatics solutions such as electronic health records (EHR), laboratory information systems (LIS), pharmacy information systems (PIS), and radiology information systems (RIS) requires sizable investments in hardware, software, and customization. Additionally, integrating these systems with legacy systems already in place also leads to increased costs. The costs associated also include expenses related to system integration, training staff, deployment, and maintenance of these systems. This large upfront investment poses significant budget constraints, especially for smaller healthcare facilities and hospitals in developing markets. The high costs have negatively impacted overall adoption rates of clinical informatics systems globally. Entry barriers due to high costs have also limited the number of players able to provide comprehensive clinical informatics suites.

Market Opportunity - Rising demand for telemedicine and remote patient monitoring solutions

One of the major opportunities for growth in the global clinical informatics market is the rising demand for telemedicine and remote patient monitoring solutions. The COVID-19 pandemic has accelerated the need for virtual healthcare delivery models. There is an increasing recognition of the benefits of telemedicine in enhancing access to healthcare in remote areas as well as managing chronic illnesses. This has prompted more healthcare providers and patients to adopt telemedicine and remote monitoring technologies. Leading to growing investments and partnerships among technology providers, payers and providers. The rising adoption of 5G networks will also augment the demand as it supports improved connectivity for virtual care delivery. This growing demand presents sizable revenue potential for clinical informatics players especially those providing telehealth platforms and remote monitoring devices.