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Clinical Decision Support System Market to Reach USD 1.17 Billion by 2026 | Reports And Data
Clinical Decision Support System Market Size – USD 488.2 million in 2018, Market Growth - CAGR of 11.4%, Clinical Decision Support System Industry Trends – Growing Adoption of Cloud Computing in Healthcare, Rising Government Investment in Healthcare
NEW YORK, Oct. 28, 2019 /PRNewswire/ -- Increasing Geriatric Population, Increasing Number of Emergency Department (ED) Visits, Growing Demand for Data Driven Technology, and a Surge in the Government Investment and Support to Healthcare are key factors contributing to high CAGR of Clinical Decision Support System Market during the forecast period.
According to the current analysis of Reports and Data, the global Clinical Decision Support System Market was valued at 488.2 million in 2018 and is expected to reach USD 1.17 billion by the year 2026, at a CAGR of 11.4%. Clinical Decision Support Systems are tool for improving the operational efficiency of healthcare practices. These tools provide timely patient-specific information and therefore solve the problem of maintaining both administrative and clinical records. Clinical decision support systems comprise of computer applications that are designed to help healthcare professionals with making clinical decisions about individual patients to generate case-specific advice. According to WHO, the geriatric population is expected to rise by nearly 22% by 2050, which is expected to raise the demand for the clinical decision support system. Clinical decision support systems have become more of a necessity today.
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The end-users of these tools require a technique to handle large volumes of patient information and medical records. The cases of errors are already significant in the healthcare Industry. Therefore, clinical decision support systems become the preferred choice of these users. These kinds of decision-support systems allow clinicians and healthcare providers to spot and choose the most appropriate and suitable treatment for patients. The decision-support is entirely based on processes of sophisticated outcomes and algorithms that use knowledge bases to inquire after the newest developments about best practice. The quality of data is equally crucial for accurate and reliable outcomes. Clinicians, healthcare providers, healthcare staff, or patients can manually enter patient characteristics and data into the computer systems.
The critical components of a efficient CDSS is the human-computer interaction, that makes the accessibility of the system much more comfortable and secure. Moreover, speed is one of the main factors in the success of CDSS, and it is of utmost importance for physicians. These tools which are being used are useful in administrative, data management, and clinical experiments. It significantly minimizes the times, efforts, errors, and enhance the accuracy of the diagnosis. Technological advances in the field of healthcare IT is the crucial component of the current health care system and perhaps the major key driver which is expected to influence the market positively. The existence of major regulatory frameworks scenario manages the introduction and use of safe, effective, and efficient technology in health care. It effectively reduces the safety concerns and risks associated with its application.
However, despite all their merits, the clinical decision support systems are often crippled when it comes to facing the challenge of maintaining data privacy and the problems of not having enough healthcare personnel who are trained in IT healthcare methods. Patient data must be adequate to make a valid decision. The problem arises when the clinicians have an immense amount of unspecific data. Moreover, lack of awareness, improper handling of the system, insufficiently skilled professional is expected to create hurdles for the market during the forecast period.
Further key findings from the report suggest
- Clinical Decision Support Systems are being rapidly incorporated by healthcare providers because of their sheer usefulness in nullifying the chances of error in diagnostic and medical prescription.
- Since the installation cost of Clinical Decision Support Systems are pretty much high it is necessary to have a healthcare workforce and providers who are skilled to handle the digital technicalities and operate the system efficiently. This requires further investments on skilling programs for the respective personnel and significantly raises the overall cost of incorporating these systems.
- The market for Clinical Decision Support Systems around the globe is continuously striving towards making interoperability convenient across various end-use segments of the market.
- The services segment is expected to hold the greatest market share among the component division of the Clinical Decision Support System market and is expected to grow at the highest CAGR owing to their recurring nature and applicability at all stages of successfully running the CDSS software.
- Integrated Clinical Decision Support Systems are most popular among the product segment as they enable the usage of several connected application programs that share a common database.
- While the On-Premise Clinical Decision Support System under the mode of delivery segment occupies the largest market share, the cloud-based systems are growing at a very fast pace at a projected CAGR of 11.4% over the period of forecast.
- The Clinical Decision Support System Market is very well established in North America with a market share of almost 38.5% in 2018.This is because of the rising number of cases of erroneous medical prescription and a growing geriatric population base that makes it necessary to own a software that can efficiently record large volumes of patient information, both administrative and medical.
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- Recorded case studies have been undertaken recently where there has been a reduction in the number of unnecessary laboratory tests due to the use of a Clinical Decision Support Tool.
- Key participants include Meditech, Cerner Corporation, Epic Systems Corporation, Allscripts, Mckesson, Philips Healthcare, Wolters Kluwer Health, Hearst Health, Elsevier B.V, and IBM
Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Clinical Decision Support System Market on the basis of type, end use, and region:
Component Outlook (Revenue, USD Million; 2016–2026)
Product Outlook (Revenue, USD Million; 2016–2026)
- Integrated CDSS
- Standalone CDSS
Type Outlook (Revenue, USD Million; 2016–2026)
- Therapeutic CDSS
- Diagnostic CDSS
Mode of Delivery Outlook (Revenue, USD Million; 2016–2026)
- On-Premise CDSS
- Web-Based CDSS
- Cloud-Based CDSS
Level of Interactivity Outlook (Revenue, USD Million; 2016–2026)
- Active CDSS
- Passive CDSS
Setting Outlook (Revenue, USD Million; 2016–2026)
- Ambulatory Care
Usage Outlook (Revenue, USD Million; 2016–2026)
- Expert Laboratory Information System
- Machine Learning Systems
Application Outlook (Revenue, USD Million; 2016–2026)
- Drug Databases
- Care Plans
- Diagnostic Decision Support
- Disease Reference
End Use Outlook (Revenue, USD Million; 2016–2026)
- Diagnostic Centers
- Retail Pharmacies
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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