Clinical Decision Support Systems Market Worth US$ 5,983.38 million by 2027 Global Analysis and Forecasts by Component Says, The Insight Partners
Clinical Decision Support Systems Market: Insight
According to The Insight Partners market research study titled ‘Clinical Decision Support Systems Market to 2027 – Global Analysis and Forecasts by Component, Delivery Mode, Application, End User and Geography. The global clinical decision support systems market is expected to reach US$ 5,983.38 Mn in 2027 from US$ 2,772.60 Mn in 2018. The market is estimated to grow with a CAGR of 9.2% from 2019-2027. The report highlights the trends prevalent in the global clinical decision support systems market and the factors driving the market along with those that act as challenges to its growth.
Clinical decision support systems (CDSS) are computer-based programs that are used to analyze the patient data in order to assist the hospitals, clinics, and ambulatory care centers. CDSS analyses the data from EHRs to assist the physicians by providing the prompts and reminders about the patients and their medication. The growth of the Clinical Decision Support Systems in healthcare market is attributed to the rising pressure on healthcare institutions to provide quality health at reduced costs, rising prevalence of chronic diseases, growing adoption of big data & health IT tools, number of initiatives taken by governments, rising developments in the fields of healthcare IT, rising number of hospitals. However, the growth of the market is restrained by factors such as the concerns regarding data privacy.
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Clinical Decision Support Systems Market: Competition Landscape & Key Developments
The major players operating in the clinical decision support systems market include Cerner Corporation, Medical Information Technology, Inc., BD, Wolters Kluwer N.V., Baxter International Inc., Premier, Koninklijke Philips N.V., RELX (Elseiver), PeraHealth, and Epic Systems Corporation among others. The market has carried out various organic and inorganic growth strategies in the market. The companies have equally utilized organic strategies that have assisted in strengthening their product offering and position in the global clinical decision support systems market.
The market for clinical decision support systems is expected to grow significantly due to factors such as rising pressure on healthcare institutions to provide quality health at reduced costs, rising prevalence of chronic diseases, growing adoption of big data & health IT tools, number of initiatives taken by governments, rising developments in the fields of healthcare IT, rising number of hospitals. However, the growth of the market is restrained by a factor such as concerns regarding data privacy.
Growing Applications of Clinical Decision Support Systems in Healthcare to Drive Clinical Decision Support Systems in Healthcare Market Growth
Healthcare providers face various challenges in the industry that impacts the performance of these companies and become hindered by the administrative element of the profession. In an industry that is as competitive as healthcare, the main aim of the business is to find out ways and solutions to reduce expenses for the operational and functional costs due to increasing government pressure regarding the elevating prices of healthcare drugs and devices. The adoption of a value-based care system is also one of the major reasons. The healthcare industry is in a constant pressure to reduce healthcare delivery costs and thus have to implement methods that help to enhance health plans, evidence-based patient care, manage regulations, and consolidate healthcare systems simultaneously. The rising price pressure and patent cliffs compel healthcare providers to cut on drug prices, encourage the use of generics instead of branded and scale back the reimbursement. This, in turn, is gradually reducing the profit margins and annual net sales of the healthcare providers that lead to the immediate requirement of a strategic plan to cut down on the operational costs.
Healthcare IT system helps in reducing the costs associated with chronic diseases, by helping the healthcare provider to keep a real-time track of patient’s health status. As per the American Diabetes Association, the estimated costs of diagnosed diabetes rose to $327 billion in 2017, including $237 billion in direct medical costs and $90 billion in reduced productivity. This cost can be managed efficiently by including a clinical decision support system that to help manage diabetes, keep track of individual dosage pattern which can help patients get assistance with disease and medication management and overcome the disease.
For instance, in September 2017, Mayo Clinic has developed a CDS tool, “CareSelect Lab” in collaboration with the National Decision Support Company (NDSC). CareSelect Lab provides the comprising recommendations for lab test order. CareSelece Lab enables to deliver of EHR-integrated guidelines with the more than 1,500 best-practice care models—maintained by Mayo Clinic. Epic Systems partnered with Mayo Clinic in September 2017. Together they have launched “Ask Mayo Clinic.” It offers a web-based symptom assessment system by leveraging the capability of “Epic MyChart.” It assists patients in managing their care. Such kind of collaborations provide potential opportunities for CDSS players to grow in future.
Clinical Decision Support Systems Market: Segmental Overview
In terms of component, the Clinical Decision Support Systems in healthcare market is segmented into software, hardware, and services. In 2019, the software solution segment held larger share of the market. Also, the same segment is estimated to register highest CAGR during the forecast period.
Based on application, the Clinical Decision Support Systems in healthcare market is segmented into drug interaction, drug allergy alerts, clinical reminders, clinical guidelines and others. In 2018, the drug allergy alerts segment held the largest share of the market, by application. However, the clinical reminders segment is also expected to grow at the fastest rate during the coming years.
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