Clinical Decision Support Systems Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4280
Clinical Decision Support Systems Market size is projected to experience significant growth from 2019 to 2025.
Growing financial burden on healthcare system due to medication error will stimulate global clinical decision support systems business growth in the coming years. According to the World Health Organization (WHO), the cost associated with medication error is estimated to be around USD 42 billion every year. Increasing error in medical planning during healthcare delivery process will increase the chances of medication error, directly impacting the industry growth. Thus, to combat these injuries and medical costs, the demand for clinical decision-making tools to assist clinician in making well-informed decisions will increase, hence boosting the clinical decision support systems business growth in the forthcoming period.
Increasing demand for quality healthcare will upsurge the adoption of clinical decision support (CDS) system services in the upcoming years. Changing healthcare reforms to improve patient care and reducing hospitalizations in order to reduce healthcare cost will increase the usage of CDS systems in future. Furthermore, technological advancement in CDS systems such as integration with electronic health records and artificial intelligence powered automation will further improve the outcome of such systems, thereby fueling the adoption in the coming years.
However, physicians perceive the tool as a threat to their professional carrier and do not rely to the idea of device. Above-mentioned factor will negatively impact the market growth.
Software component is anticipated to dominate the market over the forthcoming years owing to advancements in the software. Increasing software upgradation and additional features will increase the adoption of software component in coming years. Moreover, data analysis and support to clinicians for decision making will positively impact industry growth.
Integrated clinical decision support systems are anticipated to dominate the market over the foreseeable future. The integration of CDS systems with electronic health record have several benefits such as enhanced health outcomes, avoidance of adverse events, and improved efficiency. Furthermore, easy retrieval of patient data and reduction of medical error will increase the adoption of integrated systems over the forecast years.
Knowledge-based models will grow at a significant pace over the foreseeable future. The growth will be attributed to the precise decision-making capabilities and appropriate data information. The decision is made using relevant knowledge that minimizes error, thereby boosting the segmental growth in the coming years.
Cloud-based systems are anticipated to grow at a robust rate in the coming years due to its flexibility, affordability and scalability. The adoption of cloud-based computing has emerged in healthcare industry for transferring huge amounts of data. Moreover, advantages of cloud computing such as large backup storage capability, ease-of-use, more secure connection, and cost reduction will positively impact the growth of cloud-based systems over the forthcoming years.
Preventive care segment will hold a significant share over the foreseeable future. Clinical decision support systems alert physicians and other healthcare providers to know about unusual results regarding specific patients to prevent further complications. Furthermore, increasing chronic disease cases that can be prevented will increase the adoption of preventive care services.
U.S. will dominate the clinical decision support systems market over the projected timeframe owing to well-established and advanced healthcare infrastructure in the country. The technologically advanced models of clinical decision support systems in the region due to presence of key players will positively impact industry growth. Moreover, rise in incidence of chronic disorders coupled with high medication errors will further pose lucrative business growth opportunity in the foreseeable future. According to the World Health Organization, approximately 1.3 million Americans are injured every year due to medication error. With increasing medication error cases, the demand for accurate decision and monitoring will grow, thereby boosting market growth.
India clinical decision support systems market will grow at a significant rate due to high medication errors occurring in the region. Increasing off-label use of medications will increase the chances of medication error, hence impacting regional growth. Rising government initiatives to bring technological advanced systems in India for improvement of healthcare system will additionally boost Indian business growth and development.
Some of the major market players involved in the global Clinical Decision Support Systems market are Cerner Corporation, Agfa-Gevaert Group, Elsevier, IBM Watson Health among others. Key players are implementing various business expansion strategies such as collaborations, acquisitions and mergers, and new product launch to expand their product portfolio and market foothold. For instance, in January 2018, Elsevier acquired via Oncology to broaden its clinical decision support solutions in cancer care management.
Clinical Decision Support Systems Market by Components, 2014-2025 (USD Million)
Clinical Decision Support Systems Market by Product Type, 2014-2025 (USD Million)
Clinical Decision Support Systems Market by Model Type, 2014-2025 (USD Million)
- Non knowledge-based
Clinical Decision Support Systems Market by Delivery Mode, 2014-2025 (USD Million)
Clinical Decision Support Systems Market by Application, 2014-2025 (USD Million)
- Preventive care
- Therapeutic planning
- Follow-up management
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Cerner Corporation
- Agfa-Gevaert Group
- Athenahealth, Inc.
- Zynx Health Incorporated
- McKesson Corporation
- Epic Systems Corporation Inc.
- Medical Information Technology, Inc.
- Koninklijke Philips N.V.
- Wolters Kluwer
- Hearst Communications Inc.
- IBM Watson Health
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