Global Clinical Decision Support System Market Expected to Reach USD 1.3 Billion Globally in 2025, Observes Transparency Market Research
Albany, NY -- (SBWIRE) -- 05/17/2018 -- The global clinical decision support system market was valued at US$ 523.8 Mn in 2016 and is projected to expand at a cumulative annual growth rate (CAGR) of 11.2% from 2017 to 2025 according to a new report published by Transparency Market Research (TMR) titled "Clinical Decision Support System Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025" the report suggests that increase in number of patients visits and rise in demand for chair time optimization is spurring the growth of clinical decision support system market in coming years (2017 to 2025). The North America and Europe are projected to dominate the global market owing to increase in demand for efficient and effective management of clinical decision support system. High healthcare IT budgets, high adoption of digital platforms for appointment scheduling, and treatment planning by physician as well as patients are also likely to fuel the North America and Europe clinical decision support system market. The market in Asia Pacific is projected to witness exponential growth rate with more than 12% during the forecast period 2017-2025. The growth of Asia Pacific region is attributed to large base of clinics and hospitals, rising number of geriatric population requiring medical services, and rising adoption of digital technologies in clinical practices. The market for clinical decision support system in Latin America is likely to grow at moderate growth rate during the forecast period.
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Usage Based in Clinical Decision Support System is to Fuel Global Market Expansion
The global clinical decision support system is projected to be potentially driven by the usage based system which offered by the various knowledge-based systems, expert laboratory information system, and machine learning systems to streamline the day to day work flow and increase the revenue of the practices. The clinical decision support system provides the wide range of features and benefits ranging from patient scheduling, treatment planning, alert systems, clinical charting, electronic prescriptions, billing, insurance claims and business analytical solutions to the clinics and hospitals staffs as well as patients. These features help patients and hospitals staffs to streamline their daily workflow and manage their practice efficiently and effectively. The key players offering the clinical decision support system are coming up with the usage based systems such as patient communication and online appointment scheduling features, accounting feature, and imaging modules that eliminates the need for the separate software for each tasks, thereby reducing the overall operating cost and thus, improves the overall effectiveness and efficiency of clinical practices and appointment scheduling. Companies are focusing on the development of software integration facilities in their system so as to effectively integrate the usage based system with imaging tools such as digital radio-graphs, patient education, & awareness programs. These usage based systems saves the operational time of clinicians and help to improve its practice management performance. This increase the patient data pool in hospitals & other clinics, which needs expert laboratory information system to make a track on records, hence the segment is likely to boost the growth rate of the segment by 2025.
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Cloud based Clinical Decision Support System is Projected to be Highly Lucrative Deployment Mode
Traditionally, on-premise and web based clinical decision support system were most commonly used in the dental practices. These on-premise software were associated with purchase of expensive servers and other hardware for the data storage and backups. Also, these software are priced on perpetual license model and are highly priced. The cloud based clinical decision support system enable the user to host clinical applications, allows health information exchange, and data backup and recovery features. These cloud based clinical decision support system addresses specific challenges faced by the multi-location physicians group practices as well as for solo practitioners. The cloud based clinical decision support system facilitates the easy recording, storage and accessibility, integration and retrieval of both clinical as well as non-clinical data from any point of location with an internet connection
Drug Databases & Diagnostic Decision Support Application of Clinical Decision Support System Leads the Market
The report offers the detailed segmentation of the applications of clinical decision support system into drug databases, care plans, diagnostic decision support, disease reference and others. The drug databases and diagnostic decision support segment is poised to account for leading share of the market during the forecast period 2017-2025. The factors attributed to higher share of drug databases and diagnostic decision support application includes multiple tasks performed with this software such appointment scheduling, patient communication and as hassle free billing & insurance claiming, patient charting to streamline day to day workflow. The various benefits available with drug databases, care plans, and diagnostic decision support application has led to key share of the segment in global market.
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Passive CDSS Mode of Advice Clinical Decision Support System Leads the Market
The report offers the detailed segmentation of the mode of advice of clinical decision support system into passive CDSS and active CDSS. The passive CDSS segment is poised to account for leading share of the market during the forecast period 2017-2025.
Diagnostic Centers dominates the market and the segment is estimated to witness the second highest CAGR during the forecast period.
Among the end-user, the hospitals accounted for leading share in global clinical decision support system market and is estimated to gain its market share by the end of 2025 with CAGR more than 11% during the forecast period. Expansion of the specialized diagnostic services, increasing investments of manufacturers on the development of new healthcare IT firms and demands for physicians for robotic system and their management system, are the drivers responsible for the remarkable market growth of the diagnostic centers in the global clinical decision support system market. The high prevalence and incidence rates of chronic diseases, increase in number of cases of cancer cases and prosthetic rehabilitation in global population has resulted in increase in patient flow to clinics. Increasing number of multinational hospital chains, and high digitization budgets is likely to drive the expansion of hospitals segment growth during the forecast period.
Asia Pacific region represents potential business development opportunity.
The North America and Europe region accounted for key share of global clinical decision support system market in 2016 and are likely to gain their market share by the end of 2025. Increase in healthcare infrastructure and commercialization of electronic health record (HER) in hospitals & clinics, high digital healthcare IT budgets provided by society as funds for IT development and government initiative to promote the digital healthcare facilities have contributed to leading share of these region in the global clinical decision support system market. Asia Pacific is projected to be the most attractive market for clinical decision support system market, with highest attractiveness index. The market in the Asia Pacific region is projected to expand at high CAGR of over 12% during the forecast period due to rising focus of the market players on expanding their presence in the country to leverage the growth opportunities in Asia Pacific region. In July 2016, Japan's Ministry of Economy, Trade and Industry announced that it will launch a demonstration project to improve diabetes management through the utilization of IoT and health information. Hospitals & clinics has developed well established clinical facilities and high digital healthcare IT sectors in the countries like Japan, Australia & New Zealand, Malaysia, Singapore etc. Market in Latin America is poised to grow at moderate growth rate during the forecast period.
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Key trend of acquisition and collaboration among the leading players to increase geographic presence has been observed in last few years.
The report also provide profiles of leading players operating in global clinical decision support system market. Allscripts Healthcare Solutions, Inc., First Databank, Inc., Truven Health Analytics (IBM), Cerner, Philips Healthcare, Siemens Healthcare are some of the leading players operating in the global clinical decision support system market accounting for significant market share. Companies operating in the clinical decision support system industry are aiming to increase their geographic presence by means of strategic acquisition and collaboration with leading players in respective domains and geography. The Allscripts Healthcare Solutions, Inc., company has the higher share due to increasing adoption of IT in healthcare sector which is expected to drive clinical decision support system market in the forecast period. Other global players operating in the market include Optum, Inc. (UnitedHealth Group), GE Healthcare, and Epic Systems Corporation Inc.
About Transparency Market Research
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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