The clinical risk grouping solution market is expected to grow at a CAGR of 15.1% during the forecast period of 2024 to 2032, driven by the increasing focus on value-based care, the need for accurate risk assessment and stratification, and the integration of advanced analytics in healthcare. Despite the challenges associated with high implementation costs and data privacy concerns, the market offers substantial growth opportunities, particularly in regions like Asia-Pacific, where rapid economic growth and rising demand for advanced clinical risk grouping solutions are driving adoption.
The clinical documentation improvement (CDI) market is expected to grow at a CAGR of 8.3% during the forecast period of 2024 to 2032, driven by the increasing adoption of EHRs, advancements in value-based care models, and the growing emphasis on accurate clinical documentation to improve patient care and healthcare outcomes. Despite the challenges associated with high implementation costs and the complexity of CDI processes, the market offers substantial growth opportunities, particularly in regions like Asia-Pacific, where rapid economic growth and rising demand for advanced CDI solutions are driving the adoption of CDI solutions.
The clinical alarm management market is expected to grow at a CAGR of 17.5% during the forecast period of 2024 to 2032, driven by the growing adoption of nurse call systems, increasing demand for physiological monitors, and the rising need for EMR integration systems. However, challenges related to alarm fatigue and integration difficulties pose significant constraints. Geographically, North America dominates the market, exhibiting both the highest CAGR and revenue percentage.
The wound closure strips market is poised to grow at a CAGR of 7.2% during the forecast period of 2024 to 2032, driven by innovations in flexible and reinforced strips, the growing preference for sterile solutions, and the diverse applications across end-user segments. However, supply chain challenges and raw material shortages present a notable restraint. The market's segmentation by type, sterility, and end-user reveals distinct leaders in revenue and CAGR, reflecting the varied dynamics within the industry.
The hysteroscopy procedures market is expected to grow at a CAGR of 7.9% during the forecast period of 2024 to 2032. The hysteroscopy procedures market stands at the intersection of innovation, evolving healthcare preferences, and a growing demand for advanced gynecological interventions. The drivers propelling its growth are deeply intertwined with the changing landscape of healthcare, emphasizing the market's adaptability and responsiveness.
The pneumatic tourniquet market is expected to grow at a CAGR of 7.3% during the forecast period of 2024 to 2032, propelled by various factors such as technological advancements, increasing demand in medical procedures, and expanding applications across different healthcare segments. While concerns about patient safety and restrictive applications pose challenges, real companies are actively addressing these issues through continuous research and development.
AI in endoscopy market is expected to grow at a CAGR of 27.1% during the forecast period of 2024 to 2032, driven by advancements in diagnostic accuracy, real-time decision support, and workflow optimization. While challenges in integration and standardization pose a restraint, the market is adapting to the shift towards AI-driven services and the increasing emphasis on integrated CAD solutions.
The dental air abrasion market, a crucial segment of the dental care industry, is witnessing notable growth driven by various factors. The Dental Air abrasive market is expected to grow at a CAGR of 6.7% during the forecast period of 2024 to 2032, propelled by the rising adoption of digitally controlled devices, advancements in mechanical device technology, and the growing demand in dental clinics. Cost-related restraints underscore the need for ongoing efforts to enhance cost-effectiveness and accessibility.
The dental water flosser market is expected to grow at a CAGR of 5.2% during the forecast period of 2024 to 2032, propelled by rising consumer awareness, technological advancements, and the increasing geriatric population's dental concerns. Cost sensitivity and affordability present challenges that market players actively address through diverse product ranges. The segmentation by product type and tip type provides nuanced insights into consumer preferences and the industry's commitment to offering versatile oral care solutions.
The smart hospitals market represents a transformative evolution in the healthcare sector, integrating advanced technologies to enhance patient care, streamline operations, and improve overall efficiency. The smart hospitals market is expected to grow at a CAGR of 18.5% during the forecast period of 2024 to 2032. The industry's commitment to technological advancements, patient-centric care, and diverse applications underscores its significance in shaping the future of healthcare.
In terms of revenue, the worldwide healthcare IT market is projected to reach $1300 billion by 2030, expanding at a CAGR of 20% between 2023 and 2030. The usage of e-prescribing, telemedicine, mHealth, and other HCIT solutions drives the market's expansion. Yet, interoperability challenges and security concerns pose certain obstacles to the expansion of the worldwide market.
The epidemic has significantly increased the load on healthcare organizations around the world. The strain on healthcare institutions to develop a well-coordinated environment in which all clinical devices are connected internally and the organization operates in tandem with other healthcare units are great. According to Worldometer, as of December 5, 2022, there were around 650 million verified COVID-19 cases and 66 million deaths worldwide. Several countries' healthcare systems are confronting a severe lack of hospital beds, healthcare professionals, and basic medical equipment due to the rising number of illnesses. So, hospitals and other care facilities are compelled to implement capacity management tools to track COVID-19 patients and manage illness development.
During the COVID-19 pandemic, healthcare providers boosted the usage of interoperability tools to improve healthcare management, price transparency, and specialty pharmaceuticals, according to the Surescripts 2020 National Progress Report. When Surescripts added an additional 63,000 prescribers and 1.91 billion ePrescriptions in 2020, the overall number of ePrescriptions crossed 1 million for the first time. The number of electronic prescriptions for restricted medications increased by 52% between 2019 and 2020, from 134.2 million to 203.6 million. In the first month of COVID-19, there was a 72.5% increase in the number of electronic prescriptions written via telehealth.
In response to increasing pressures on health systems to decrease the cost of treatment, the industry is migrating toward outpatient settings in an effort to lower care costs. An outpatient surgery center procedure is projected to be 30 to 60 percent less expensive than an inpatient hospital procedure. Moreover, convenience is a significant element propelling the growth of ambulatory care. The need for and utilization of HCIT solutions in outpatient settings will increase as the number of outpatient settings and patients increases.
According to a United Health (US)-sponsored survey, around 10% of US hospitals implemented HCIT clinical documentation improvement projects for outpatient settings. In the next six months, it is intended to execute an additional 10% of these services. In addition, fourteen percent of hospitals intended to use innovative solutions in the near future. In the next years, this trend is anticipated to increase the usage of HCIT solutions, such as RCM systems, in outpatient settings.
In addition, as a result of the benefits of HCIT solutions, a number of federal agencies support their use in outpatient care settings. In June 2021, for example, the United States government allocated USD 80 million to a new public health informatics and technology program. This has increased the use of HCIT solutions by stakeholders in outpatient care facilities in an effort to improve patient care and results. Moreover, as a result of the advantages of web-based management for continuous care, an increasing number of patients are opting for outpatient care.
Acute Market Reports is a market research and strategic consulting company that focuses on the Healthcare IT market specifically as its primary area of expertise. Our customers are able to reap the benefits of Acute Market Reports' forward-thinking research methodology, which enables them to make well-timed and well-considered decisions regarding their businesses. In order to deliver cutting-edge strategic research solutions to our international clients, we work closely with a wide range of industry stakeholders.
