DUBLIN--(BUSINESS WIRE)--The "Global Clinical Decision Support Systems Market Size, Share & Trends Analysis Report by Product (Standalone CDSS, Integrated EHR With CDSS), Application, Delivery Mode, Component, Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global clinical decision support systems market size is expected to reach USD 8.60 billion by 2028 and is expected to expand at a CAGR of 9.7% from 2021 to 2028
Surging demand for quality care is one of the primary factors driving the market for clinical decision support systems (CDSS). Constant lookout for reliable technology solutions by care providers is also expected to work in favor of the market. The growing interest in enhanced medical care and efficient decision-making is projected to fuel the adoption of CDSS and EHR.
To manage the COVID-19 pandemic, many initiatives are being undertaken by the government and community organizations to support the current healthcare system. These comprised front-line clinics by state governments, a volunteer panel of doctors, and many private telemedicine applications. CDSS is playing a vital role during the pandemic as it is helping physicians make effective choices at the point of care.
As a result, market players are capitalizing on this opportunity to address the problem and provide support to front-line doctors. For instance, in May 2020, DHIndia announced a collaboration with EHRC@IIITB and Healthelife to develop CDSS for COVID-19 screening. This collaboration also included the formation of a minimal triage application for front-line clinicians.
Decision support in critical health situations proves to be significant. Furthermore, these systems analyze patient medical records and provide a list of possible solutions from which the most appropriate is to be selected. Easy compatibility and interoperability of systems with different platforms have enhanced the growth prospects of the market. Collaborative efforts of researchers and software developers to make medical knowledge available to users are anticipated to contribute toward lucrative revenue generation over the forecast period.
At present, CDSS is being widely implemented across various healthcare functions such as diagnosis, drug prescription, and clinical investigations. The importance of CDSS has been acknowledged across several healthcare entities, including public and private healthcare sectors.
Furthermore, healthcare organizations are undertaking initiatives for promoting the installation and integration of EHR and CDSS, which is expected to positively impact the market growth by encouraging hospital and healthcare groups to implement such solutions.
Market players are involved in strategic initiatives such as new product launches, product innovations, acquisitions, and partnerships to gain a competitive edge over each other. For instance, in October 2021, DreaMed Diabetes AI LTD. proclaimed that it has received FDA Clearance for its Type 2 Diabetes AI-based CDSS, thereby enhancing its offering.
Clinical Decision Support Systems Market Report Highlights
- The standalone CDSS product segment accounted for the largest revenue share in 2020 owing to its low cost. The integrated EHR with CDSS segment is poised to witness noteworthy growth over the coming years due to the rapid adoption of healthcare IT solutions by clinicians
- In terms of application, drug allergy alerts held the largest revenue share in 2020 owing to the rising burden of allergies
- By delivery mode, the on-premise systems segment dominated the market with a share of over 40.0% in 2020 owing to its high adoption by healthcare organizations
- Based on component, the CDSS software segment is expected to witness lucrative growth over the forecast period owing to novel innovations for technical support and interoperability of the CDSS software
- North America dominated the market in 2020 due to the presence of a large number of key players and the high adoption of advanced technologies. Asia Pacific is estimated to register the highest CAGR of 13.0% during the forecast period
Market Dynamics
Market driver analysis
- Increase in demand for quality care and technical solutions
- Rise in adoption of CDSS by organizations
- Levels and impact of CDSS use
- Government initiatives for adoption and implementation of health IT solutions
- Rise in technological innovations
- Increasing number of mergers & acquisitions by market players
- Growing incidence of medication errors
Market restraint analysis
- Expensive and time-consuming implementation
- Lack of trained personnel
Market Opportunity Analysis
- Government initiatives for better healthcare in developing countries
- Market Threat Analysis
- Data security concerns
Clinical Decision Support Systems Market Analysis Tools
- Industry analysis - Porter's
- Clinical Decision Support Systems- SWOT Analysis, by Factor (Political & Legal, Economic, and Technological)
Clinical Decision Support System - Unmet Need Analysis
Impact of COVID-19
Companies Mentioned
- McKesson Corporation
- Cerner Corporation
- Siemens Healthcare GmbH
- Allscripts Healthcare, LLC
- athenahealth, Inc.
- NextGen Healthcare, Inc.
- Koninklijke Philips N.V.
- IBM Corporation
- Agfa-Gevaert Group
- Wolters Kluwer N.V.
For more information about this report visit https://www.researchandmarkets.com/r/bkytf5
