Clinical Decision Support Systems (CDSS) Market Scope
Market Research Future (MRFR) recently launched an extensive report on the global clinical decision support systems (CDSS) market 2020, which states that its value in 2017 was USD 890 million. MRFR also believes that the market can potentially achieve a considerable growth rate during the forecast period, which is from 2018 to 2023.
Growth Boosters and Key Barriers
The dire need to bring down the rate of medication errors and the subsequently rising healthcare costs can significantly boost the growth of the clinical decision support systems market. The increasing number of deaths brought on by medical-related errors has given way to a massive financial burden on the global healthcare system. Researchers at John Hopkins University School of Medicine report that medical errors are counted in the top three leading causes of death in the United States (U.S.), claiming more than 2,50,000 lives every year. This number is an outcome of errors in medical planning during the delivery process in healthcare.
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The failure in the execution of medical interventions generally demotivates the rate of hospital readmissions, which also negatively affects healthcare costs. In order to combat these issues, the demand for clinical decision-making tools has ramped up substantially, as they help clinicians make well-informed decisions that can prevent medical errors or misdiagnosis. These factors are believed to be working in favor of the overall market and can induce further growth in the near future.
Furthermore, CDS tools are increasingly being integrated with electronic medical record (EMR) systems, which helps provide the entire medical history of the patient. Together, these systems enhance the processes of care by producing alerts whenever there is a likelihood of any medical error occurring. These kinds of technological integration and advancements can translate to excellent market growth in the following years.
Key Clinical Decision Support Systems (CDSS) Market Growth Opportunities
Clinical Decision Support Systems (CDSS) Market can find a number of vital growth opportunities in the rising use in the area of patient surveillance, in interface between the clinical workflow and EHR complexity, as well as in services that cover the population health to elevate the patient outcomes and also enhance the role of clinical data to achieve success.
The MRFR report has categorized the CDSS market with respect to component, product type, model, delivery mode, mode of advice, setting, type, and application.
Given the component segment, the global market consists of hardware, services, and software.
The product-wise segments covered in the report are integrated as well as standalone variants.
The market, depending on the model, includes knowledge-based as well as non-knowledge-based CDSS.
The delivery modes mentioned in the report are cloud and on-premise.
With regard to the mode of advice, the global market has been considered for passive and active.
Setting-based market segments include ambulatory care and inpatient settings.
Type-based market segmentation covers therapeutic and diagnostic CDSS.
The applications of CDSS are advanced and conventional.
North America, Asia Pacific (APAC), Europe and the rest of the world (RoW) are the primary regions among which the clinical decision support systems market is anticipated to expand considerably over the next few years.
North America has the highest possibility of achieving the leading position in the global market for clinical decision support systems, thanks to the well-advanced healthcare sector and the continuous technological advancements taking place in it. The region is constantly abuzz with these types of advancements, thanks to the high concentration of renowned players, who offer a vast range of state of the art models of clinical decision support systems. High healthcare expenditure also stimulates market growth to a great extent.
Europe is also expected to note favorable growth in the global clinical decision support system market in the next couple of years, backed by the increasing technological innovations within the healthcare sector. Supportive government initiatives boosting the use of HCIT solutions, an increase in government funds on healthcare systems, and the rising number of qualified IT experts also benefit the regional market.
APAC is making notable strides in the global market and is all set to reach a formidable position in the coming years. The rapid expansion of the healthcare sector in emerging countries like India and China coupled with the surging government efforts to induce technological advancements within the healthcare industry to be at par with the Western countries, also favors the regional market.
Top Market Participants
Wolters Kluwer Health, Agfa-Gevaert Group, Hearst Health, Epic Systems Corporation, Cerner Corporation, Athenahealth, Inc, Meditech, Carestream, Allscripts, Elsevier B.V., are the top market participants profiled in the report.
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