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Global Healthcare IT Market to Grow at a CAGR of 14% from 2021 to 2029

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Pune, India, April 12, 2021 (GLOBE NEWSWIRE) — The global healthcare IT market was valued at 315.3 billion in 2021 and is projected to grow at a CAGR of 14% during the forecast period till 2029. However, with the COVID-19 impact, the global healthcare IT market was valued at USD 315.3 billion in 2021.

Healthcare Information Technology (IT) is a broad field that involves the use of information technology for the design, development, use and maintenance of healthcare information systems. The healthcare IT market is growing rapidly due to technological advancements in the field and increasing demand for improved healthcare facilities worldwide.

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Healthcare IT enables the electronic exchange of health information between organizations. It comprises a variety of services and technologies, ranging from advanced decision-making support to simple graphing and integration with medical technology. For example, the web-based personal health record (PHR) system HealthVault, launched by Microsoft, is designed to store and manage health information. This platform allows to record health statistics for a large number of specific third party applications, including the management of blood pressure and medical image viewers. Several other devices including blood glucose meters and blood pressure monitors are also included.

The importance of IT in healthcare has increased significantly, as it helps manage health data and boosts the growth of advanced healthcare activities. In addition, the increasing use of cloud-based services has also boosted market demand. In this market, big data helps manage population health management programs effectively through data analytics and also reduces expenditure on chronic health conditions.

The sharing of health data with academic researchers has increased with healthcare IT, which in turn, is facilitating the development of new medical therapies and drugs. Furthermore, the provision of precision medicine (PM) can also become easy for individual patients through cognitive computing.

The integration of IT software solutions has significantly increased reporting, evaluation, and monitoring in the healthcare sector, making the appropriate use of data one of the trends in healthcare technology. In addition, healthcare IT is expected to benefit significantly from blockchain in obtaining medical records through a streamlined and secure process.

Some Noted Developments Considered in the Report:

  • In March 2020, Siemens Healthineers announced the launch of teamplay digital health platform. The platform facilitates easy access to solutions for clinical and operational support. In over 60 countries, the platform includes more than 5,000 institutions and 23,000 connected systems. This has helped the enterprise to expand into untapped economies and increase its client base.
  • The Oracle datacenter in the UAE and the Middle East was announced in February 2019. The datacenter has provided its customers throughout the region with cloud applications, thus consolidating the company’s position in the Middle East market.
  • In India, a new COVID-19 digital platform for vaccine delivery called ‘CO-WIN’ was being prepared to deliver vaccines in December 2020. This user-friendly mobile app for recording vaccine data, as a beneficiary management tool with different modules, is in the process of setting up the ‘Healthcare Workers’ database. It is in an advanced stage across all states/union territories.
  • In 2018, Optum worked with Humana (US), MultiPlan (US), and Quest Diagnostics (US) to join a group to explore blockchain technologies in the field of data and reduce healthcare administrative costs.

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COVID-19 Impact on the Global Healthcare IT Market

QMI team has closely monitored the impact of COVID-19 on the global healthcare IT industry, and it has been observed that the demand for healthcare IT decreased slightly during the pandemic period. However, it is anticipated to grow at a healthy pace from mid-2021. To control the pandemic, many countries across the globe have enforced strict lockdown norms, which have hampered all kinds of business activities.

There is a huge demand for maintenance and storage of information related to patient, medical reporting, financial analysis, and many other issues with the increasing number of COVID-19 patients worldwide. The IT solutions for healthcare should help to store and access the medical reporting process of COVID-19 patients. This creates a high demand for products and components, and healthcare IT is one of them. All these factors have been mentioned and analyzed in this report in details.

Global Healthcare IT Market, by Product & Service

Based on product & service, the global healthcare IT market has been segmented into healthcare provider solution, healthcare payer’s solution, and healthcare outsourcing services. The healthcare provider solution market is broadly divided into clinical healthcare IT solution and non-clinical healthcare IT solution.

The clinical healthcare IT solution segment is further subdivided into electronic health record/electronic medical record systems, computerized physician order entry systems, clinical decision support systems, prescribing solutions, and radiology information systems. The segment also includes radiation dose management solutions, specialty information management systems, medical image analysis systems, population health management solutions, patient registry software, healthcare IT integration systems, digital pathology solutions, practice management systems, laboratory information systems, mobile health solutions & applications (mhealth), telehealth solutions, cardiovascular information systems, and infection surveillance solutions.

The non-clinical healthcare segment is sub segmented into pharmacy information systems, medication management systems, healthcare asset management software, workforce management systems, revenue cycle management solutions, medical document management solutions, and financial management systems. The non-clinical healthcare segment also includes healthcare information exchanges, healthcare interoperability solutions, healthcare quality management solutions, supply chain management solutions, healthcare analytics, and customer relationship management solutions.

The healthcare IT outsourcing service segment is divided into provider healthcare IT outsourcing services, payer healthcare IT outsourcing services, operational healthcare IT outsourcing services, and IT infrastructure management services.

Due to the continuous development in the telehealth and mobile health solutions and applications, the healthcare IT market is growing at a fast pace. Moreover, many countries have released their vision for eHealth. For instance, in March 2016, the Swedish government released a new vision called healthcare and social services for eHealth 2025.

The aim of the vision has been brought out explicitly by this one-liner which states that “in 2025, Sweden will emerge as the best in the world to take advantage of the opportunities offered by digitisation and eHealth, thus making it easier for people to achieve good and equal health and welfare”. Such efforts taken by governments of various countries will provide a strong growth stimulus to the healthcare IT market.

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Global Healthcare IT Market, by Component

Based on component, the market has been segmented into service, software, and hardware. The service segment is to dominate the healthcare IT market during the forecast year. Cloud technology is growing at its fastest rate. This is due to various successful technologies, such as Software as a service (Saas), Platform-as-a-service (Paas), Logging as a service (Laas), and others being used in cloud technology. This  in turn, is driving the growth of the service segment.

Global Healthcare IT Market, by End User

Based on end user, the market has been segmented into healthcare provider and healthcare payers. The healthcare provider segment is divided into hospitals, ambulatory care canters, home healthcare agencies, nursing homes & assisted living facilities, diagnostic and imaging centers and pharmacies. The healthcare payers segment is divided into private payers and public payers.

The healthcare provider segment has captured the largest market share in the healthcare IT market. The healthcare payer segment is projected to register a high growth rate over the forecast period due to increased cybercrime activities in the recent past. Cybercrime activities include insider threats, data breaches, ransomware, sophisticated malware assaults, and distributed service denial attacks in hospitals, which can compromise system integrity and disrupt overall patient care services.

Global Healthcare IT Market, by Region

Based on region, the global healthcare IT market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America, as a developed region, is currently dominating the healthcare IT market and is expected to hold a large market share for the next few years as well. A well-established healthcare industry and better reimbursement facilities in the region are the main factors responsible for its largest market share.

Owing to the higher adoption of digital healthcare in the country, the high concentration of key players in the market, and increasing investment of companies in research and development activities to launch advanced products, the United States has recorded the highest growth in the global healthcare IT market.

In Asia Pacific, the IT industry has enormous commercial potential, and India and China are some of the fast growing economies in the region. Consequently, the governments of these countries have made various efforts to improve healthcare services and provide better infrastructure. Healthcare IT acts in such cases as a bridge between all healthcare entities and minimizes manual errors and costs, thereby adding to the growth of the global healthcare IT market.

Some Major Findings of the Healthcare IT Market Report Include:

  • Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries.
  • An in-depth global healthcare IT market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors.
  • Profiles of the major market players operating in the global healthcare IT market, which include Optum, Cerner, Cognizant, Change Healthcare, Philips Healthcare, Dell Technologies, Allscripts, GE Healthcare, Oracle Corporation, Tata Consultancy Services, and Wipro Limited, among others.
  • Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years.
  • Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global healthcare IT market.
  • Impact of the COVID-19 on the global healthcare IT market.

Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “Global Healthcare IT Market by Product and Service (Healthcare Provider Solution, Healthcare Payer’s Solution, and Healthcare Outsourcing Services), Component (Service, Software, and Hardware), End-User (Healthcare Provider and Healthcare Payers), and Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) — Market Size and Forecasting (2018–2029) in depth analysis along with the table of contents (ToC).

Link: https://www.quincemarketinsights.com/industry-analysis/healthcare-it-market

For Query: [email protected]

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Artificial Intelligence

Clario awarded SAS Global Service Provider Partner of the Year

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This award recognizes Clario’s commitment to delivering the levels of excellence and innovation required to ensure data integrity in clinical trials.
Clario receives award for its broad endpoint technology solutions and scientific expertise, which together enhance data integrity and regulatory compliance for its customers.Clario’s services, combined with SAS® analytics solutions, set a new benchmark in data management, underscoring the value Clario brings to its customers.Coupled with Clario’s support of 62% of last year’s FDA approvals and the two recent data security certifications, these accomplishments emphasize its significant contribution to healthcare research advancements.PHILADELPHIA, April 23, 2024 /PRNewswire/ — Clario, a healthcare research and technology company that delivers the leading endpoint technology solutions for clinical trials, today announced it has been awarded the 2024 SAS Global Service Provider Partner of the Year for delivering superior value to its customers. SAS, a leader in data and AI, celebrated the recipients of its annual partner awards at SAS Innovate, its flagship event for business leaders, technical users and SAS Partners. This award recognizes Clario’s commitment to excellence and innovation, which together ensure that the clinical trial data Clario delivers to its customers meets stringent data integrity standards and global regulatory compliance requirements.

Clario has consistently demonstrated its expertise in developing and integrating advanced technological solutions to meet the evolving clinical trial needs of its customers. Clario’s services, combined with SAS technology, standardize clinical data for regulatory compliance purposes. This standardization streamlines the regulatory review process, ensures data integrity, and facilitates compliance with regulatory standards set by entities such as the Food and Drug Administration (FDA) and the European Medicines Agency (EMA).
“We are honored to be recognized as the SAS Global Service Provider Partner of the Year. This award reaffirms our commitment to leading the way in innovative technological solutions for high-quality and more consistent clinical trials for our customers around the world,” said Jay Ferro, Chief Information, Technology and Product Officer at Clario. “Having supported 62% of the FDA approvals last year, along with our recent data security milestones ISO 27001:2022 certification and SOC2 Type II attestation, Clario is powering the advancement of healthcare research, ensuring we meet the highest standards in data management.”
Clario’s broadest endpoint technological solutions and its partnership with SAS address the challenges of data management in healthcare research. This collaboration not only ensures data integrity and streamlines regulatory processes but also underscores the value it brings to its customers.
For more information on Clario and its clinical trial data management platform, please visit Clario.com.
About Clario
Clario is a leading healthcare research and technology company that generates the highest quality clinical evidence for our pharmaceutical, biotech, and medical device partners. We offer comprehensive evidence-generation solutions that combine eCOA, cardiac safety, medical imaging, precision motion, and respiratory endpoints.
Clario’s science, technology, and operational experts have helped deliver over 26,000 trials and contributed to over 800 regulatory approvals in more than 100 countries. For more than 50 years, we have provided deep scientific expertise and the broadest endpoint technologies to help transform lives around the world.
Clario Media Contact:Alexis NavratilCommunications [email protected]
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Clarivate Acquires Global QMS, Inc., Expanding Life Sciences & Healthcare Segment into New Markets

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Acquisition supports critical client workflow and reporting needs with proprietary SaaS platform, automating regulatory report authoring and compliance across manufacturing operations, supply chain and quality management
LONDON, April 23, 2024 /PRNewswire/ — Clarivate Plc (NYSE:CLVT) a leading global provider of transformative intelligence, today announced that it has acquired Global QMS, Inc., known as Global Q, a provider of cloud-based solutions that enable life sciences clients to automate regulatory reporting and compliance management. Financial terms of the transaction were not disclosed. 

Global Q supports leading pharma, medtech and biotech companies by providing comprehensive access to linked and standardized workflow-ready data via its SaaS platform, Optiqs360 Digital™. The platform includes MediGPT – WorkCenter™ and MediGPT – IntelliWriter™, solutions that provide clients with interconnected data visibility and common user interfaces, across internal and external sources of record. The tools support the complex workflows and reporting needs of clinical, regulatory, product lifecycle and quality management professionals, significantly streamlining annual product reviews, medical device reports and supply chain insights. 
Clarivate brings together connected data, deep expertise and intelligence solutions to empower life sciences and healthcare companies to deliver safe, effective and commercially successful treatments to patients faster. The acquisition of Global Q bolsters a robust integrated platform of life science intelligence solutions from pre-clinical and clinical offerings and further expands Clarivate capabilities in manufacturing and supply chain management to include regulatory report authoring and compliance management. The workflow and reporting capabilities of Global Q complement the Clarivate Cortellis Generics Intelligence solution for Active Pharmaceutical Ingredient (API) tracking. The addition of these cloud-based solutions will serve to embed Clarivate into critical client workflows and enable the expansion of Clarivate services into new markets.
Henry Levy, President, Life Sciences & Healthcare, Clarivate, said: “Clarivate continues to explore, develop and integrate next-generation workflow automation software that streamlines and digitizes manual workflows. The acquisition of Global Q builds on our strategy to deliver solutions that empower our clients to advance treatments that improve patient lives. The combined expertise, data and technologies of Clarivate and Global Q will help to address the client need for connected data to support complex analyses and evidence-based decisions in the life sciences.”
Mitch Hayes, Founder & Chief Executive Officer, Global QMS, Inc., said: “The acquisition of Global Q by Clarivate reinforces our joint missions to help global organizations obtain profound insights and efficiencies in bringing life-saving therapies to their patients worldwide. The combined business will further the vision of putting contextually aware intelligence directly into our customers’ workflows and facilitating their daily tasks in ways never before possible.”
Life sciences professionals responsible for new product development, manufacturing and regulatory compliance are looking to connect the dots across multiple data points to accelerate their treatment and prevention efforts and realize better patient health outcomes. Harmonized and connected data sources can address the industry need for content authoring automation spanning multiple systems and workflows. The acquisition of Global Q enables Clarivate to seamlessly tap into the digital thread market, allowing for proprietary data and insights gleaned from Clarivate solutions to frictionlessly be integrated into customer workflows.
Following the successful acquisition and integration of companies, including Decision Resources Group (DRG), Bioinfogate, Patient Connect, Dialog (part of ProQuest) and IP from MotionHall, the acquisition of Global Q further demonstrates the continuing investment by Clarivate in high-value data, analytics and innovative technology paired with deep subject matter and technical expertise within its Life Sciences and Healthcare segment.
As a trusted partner in shaping the future of healthcare, Clarivate proactively addresses industry demands through intelligence platforms that connect data and use AI and advanced analytics to revolutionize patient engagement, overcome access barriers and fulfill unmet needs. The complementary solutions of Clarivate and Global Q will better position the company in a market that favors innovative tech-enabled providers with end-to-end capabilities and unique market-leading data sets.
Forward-Looking Statements This communication contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future business, events, trends, contingencies, financial performance, or financial condition, appear at various places in this communication and may use words like “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “see,” “seek,” “should,” “strategy,” “strive,” “target,” “will,” and “would” and similar expressions, and variations or negatives of these words.  Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include those factors discussed under the caption “Risk Factors” in our most recent annual report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission (“SEC”). However, those factors should not be considered to be a complete statement of all potential risks and uncertainties. Additional risks and uncertainties not known to us or that we currently deem immaterial may also impair our business operations. Forward-looking statements are based only on information currently available to our management and speak only as of the date of this communication. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, except as otherwise required by securities and other applicable laws. Please consult our public filings with the SEC or on our website at www.clarivate.com.  
About Clarivate Clarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com 
About Global QMS, Inc.Global QMS, Inc., known as Global Q, is a provider of a cloud-based intelligent workflow platform that gives our customers an interconnected workspace that allows them to have a composite view of all their product data (“digital threads”), including internal R&D, post market, regulatory, manufacturing, and others, as well as external feeds and real-world data.
Media Contact: Catherine Daniel, Director, External Communications [email protected]
Investor Relations Contact  Mark Donohue, Head of Investor Relations [email protected]  
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9fin grows leadership team with VP Content promotion

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9fin has bolstered its senior leadership team with an internal promotion for a newly created VP Content positionThe promotion demonstrates the strong bench of leadership talent at 9fin and will ensure the company’s content offering continues to be best in classThe company continues to expand with open roles in its US and UK officesNEW YORK, April 23, 2024 /PRNewswire/ — 9fin (https://9fin.com/), a news and analytics platform for debt capital markets, has announced the promotion of Will Caiger-Smith to VP Content, as the business continues to scale rapidly across Europe and the US.

Will was previously 9fin’s US Managing Editor. In his new VP Content role, he joins Jen Speirs, who was promoted to VP Operations last year, in the company’s growing leadership team.
Both VP positions have global mandates and demonstrate 9fin’s continued investment in people and its commitment to rapidly progressing talented leaders within the business.
As VP Content, Will directs all news and analytics across the editorial, credit, legal and ESG teams. The promotion comes as 9fin has expanded from its core leveraged finance coverage into private credit, distressed debt, and structured credit (CLOs) across Europe and the US. These new verticals further the company’s mission to be the #1 provider of data, news and analytics globally across debt capital markets.
Will continues to report directly to 9fin’s CEO and co-founder Steven Hunter.
Will Caiger-Smith commented:
“I joined 9fin because I believed the company and its founders had the vision and technology to build the comprehensive debt intelligence platform the market needs,” said Will. “In my two and a half years at this company, that belief has only intensified. I’m delighted to be driving forward the content side of the business.”
Steven Hunter, CEO and co-founder of 9fin, said:
“I’ve been incredibly impressed by Will’s contributions to scaling 9fin in just a couple of years. He opened and scaled our US office from scratch and has built a world-class team. I am delighted to see him promoted into a new expanded role and join Jen as part of our VP level leadership. I am excited to work with them both to take 9fin to the next level”
About 9fin
9fin is the faster, smarter way to find intelligence on leveraged credit. Our AI-powered data and analytics platform centralises everything that’s needed to analyse a credit or win a mandate in one place, helping subscribers win business, outperform their peers, and save time. 9fin is trusted by the largest asset managers in the world, leading law firms and advisers  in debt capital markets, and nine of the top 10 investment banks.
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