Market Research Report
Clinical Decision Support Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Published by||Mordor Intelligence Pvt Ltd||Product code||391415|
|Published||Content info||115 Pages
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|Clinical Decision Support Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
|Published: March 1, 2021||Content info: 115 Pages||
The Clinical Decision Support Systems Market was valued at approximately USD 1,450 million in 2020 and it is expected to reach USD 2,490 million by 2026, registering a CAGR of nearly 9.4% during the forecast period (2021-2026).
Amid the COVID-19 pandemic, the health systems of countries are majorly dependent on online services. Through video calls, patients are getting appointments with doctors, which is helping in treating and monitoring the diseases, which is likely to propel the clinical decision support systems market.
According to the World Ageing 2019 report, it was estimated that there were 703 million persons aged 65 years or over in the world in 2019. This group of the population mainly suffers from a lot of chronic diseases and needs regular health checks and treatments for the prevention of diseases. Based on the current situation across the world, there might be a lot of people, such as the elderly population and pregnant women, who may in need of health checks, but due to the COVID-19 outbreak across the world, the hospitals and clinics unable to provide services. But several countries are increasingly providing online services, which is boosting the market.
Moreover, the healthcare facilities, such as hospitals, diagnostic centers, and clinics, are showing interest in clinical decision support systems in minimizing medication prescription errors, adverse drug events monitoring, and other medical errors.
The rising demand for reducing healthcare expenditure, need for improvement in the quality of care, and technological advancement in Healthcare IT in hospitals are the major factors that are likely to boost the growth of the clinical decision support systems (CDSS) market.
Furthermore, according to the Organization for Economic Co-operation and Development (OECD) survey report, in 2018, average per capita health expenditure was about USD 7,317 in Switzerland, USD 6,187 in Norway, and USD 5,005 in Australia, respectively. Due to high healthcare expenditure across the world, the rising demand to reduce healthcare expenditure shows a positive impact on the market.
According to a study report by Elena Bellodi et. al. published in the BMC Medical Informatics and Decision Making 2017, the implementation of a clinical decision support system (CDSS) can have a positive impact on health care costs. Furthermore, the experience of using a clinical decision support system (CDSS) can also result in good practice to be implemented by other health care organizations as per the study conducted in Italy.
However, lack of trust in the systems, as CDSS are in the initial stages of development, lack of skilled labour, and suggestions from CDSS for unnecessary diagnostic testing hinders the market growth.
The increasing healthcare expenditure and adoption of cloud computing is the major driver for the expansion of the cloud-based segment of the market. According to a survey by RightScale, nearly 95% of organizations run cloud-based applications. The hardware of electronic medical record (EMR) systems offered by different vendors is different. Hence, developing a standard CDSS software, which can run on multiple EMR systems, is a major challenge.
Furthermore, local knowledge management of CDSS may require extensive processing power and storage capacity, which can result in high operating costs. In contrast, cloud-based applications are operated in remote servers, and executing them does not require a large amount of computational power or large storage space in the user's device.
Cloud-based applications do not depend on web browsers, which makes them inherently safer than web-based applications. In a cloud-based clinical decision support system, processing units are hosted on remote servers, which can be located in multiple data centers across the world, making them less vulnerable to cyberattacks. The increasing availability of cloud technology, owing to their benefit, is expected to drive the usage of cloud-based CDSS, over the forecast period.
The clinical decision support systems (CDSS) market in North America is driven due to the rise in the technological advancement in the CDSS, higher awareness rate among patients, and rising investments in healthcare IT solutions in the region are expected to boost the growth of the market during the forecast period.
As per the Centers for Disease Control and Prevention (CDC) 2019, six in ten Americans have at least one chronic disease, like heart disease and stroke, cancer, or diabetes. These chronic diseases are the leading causes of death and disability in the United States, and they are also a leading driver of health care costs. Moreover, according to the Organization for Economic Co-operation and Development (OECD) survey report, in 2019, the average per capita health expenditure in the United States was about USD 11,072.
In 2016, the Agency for Healthcare Research and Quality (AHRQ) launched a new initiative to disseminate and implement the findings of patient-centered outcomes research (PCOR) through clinical decision support (CDS). The two major goals of the initiative were to accelerate the movement of evidence into practice through CDS and to make CDS more shareable, standards-based, and publicly available. Such research efforts help engage patients, clinicians, provider organizations, and information technology professionals, to improve decision making in healthcare with the help of CDSS. These initiatives will fuel the growth of the CDSS market, over the forecast period, in North America.
The Clinical Decision Support Systems Market has the presence of well-diversified international, regional, and local players. However, some big international players dominate the market owing to their brand image and market reach The studied market is consolidated competitive. The market players are continuously focusing on acquisitions, mergers, provision of customized solutions, and expansion in the untapped commercial markets. Moreover, companies are also investing huge amounts on developing new products and platforms, with enhanced and improved features, as a part of the commercialization strategy.