Global Clinical Decision Support Systems market to reach $3.49 billion by 2028
FREMONT, California, July 9, 2019 /PRNewswire/ -- According to the new market intelligence report by BIS Research, "Global Clinical Decision Support Systems Market - Analysis and Forecast, 2019-2028", the global clinical decision support systems (CDSS) market generated a revenue of $1.57 billion in 2018 and is estimated to grow over $3.49 billion by the end of 2028. The market is projected to grow at a CAGR of 8.30%, during the forecast period from 2019 to 2028. The urgent need to reduce the rate of medication errors, which significantly increases healthcare costs, is a factor fueling the growth of this market.
The rising number of deaths due to medical-related errors is leading to an enormous financial burden on the global healthcare system. According to the researchers of John Hopkins University School of Medicine, medical errors are the third leading cause of death (after heart disease and cancer) in the U.S., claiming lives of 2,50,000 people every year. This toll is an outcome of failure of a planned medical action or error in medical planning during the healthcare delivery process. The error in execution of medical interventions often catalyze the rate of hospital readmissions which further increases the healthcare costs. To combat these preventable deaths and avoidable medical costs, there is an increasing demand of clinical decision-making tools which assists a clinician in making well-informed decisions at the point of care, thus preventing misdiagnosis or medical error.
The CDS tools are extensively being integrated with the electronic medical record (EMR) systems which provide complete medical history of the patient. These systems, hence, improve the processes of care by generating alerts (as a popup within the EMR window) whenever it finds that the likelihood of occurrence of any medical error is high in comparison with the historical and current state patient data.
BIS Research Report: https://bisresearch.com/industry-report/clinical-decision-support-systems-market.html
According to the American Association of Medical Colleges (AAMC), it is expected that by 2025, there will be a shortage of 130,600 physicians in the U.S. Consequently, the evolution of CDS systems can be an indispensable step for improving patient care as well as clinical outcomes. Apart from this, there is a shift in the entire healthcare delivery process which strictly focuses on improving the quality of care being provided to patients. In addition to this, Centre of Medicaid and Medicare Services (CMS) is also reimbursing medical services which can measurably improve clinical performance and reduce medical costs.
The clinical decision support systems market provides new entrants with huge opportunities to expand to emerging markets and provide solutions for better care management and patient satisfaction.
According to Swarup Chakrabarty, Analyst at BIS Research, "Clinical decision support systems market is largely going to be driven by the urgent need to reduce global healthcare costs and rising number of deaths due to preventable medical errors. In terms of models used to develop a CDSS, knowledge-based systems are leading the market with 85.0% market share. Healthcare providers such as hospitals and physician groups are the largest end users for clinical decision support systems. The integration of CDSS with EMR systems is gaining more popularity in recent years and is currently dominating the product segment of the CDSS market."
Based on the model on which a CDSS is built, knowledge based CDSS dominated the segment with a market value of $1.33 billion in 2018. In terms of CDSS products, integrated software solutions are leading the segment and are expected to witness a substantial growth during the forecast period.
Based on application, preventive care is leading the segment with a market value of 800.5 million in 2018. Growth in diagnostic applications is primarily due to the rise in cases of misdiagnosis in a point of care Geographically, North America is the largest market for CDSS. Within North America, the U.S. is the largest market contributing to approximately 96.7% of the overall North America market.
Asia-Pacific region is expected to witness a double-digit CAGR during the forecast period, 2019-2028.
Source: BIS Research Analysis
This market intelligence report provides a multidimensional view of the global clinical decision support systems market in terms of market size and growth potential. This research report aims at answering various aspects of the global clinical decision support systems market with the help of key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that is going to shape the future trajectory of the market expansion. The study considers the growth-share matrix model for a comprehensive study of the global clinical decision support systems market and assesses the factors governing the same.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with recent market activities such as product launches, regulatory clearance, and certifications, partnerships, collaborations, business expansion as well as mergers and acquisitions etc. The research report provides a comprehensive analysis of product sales, manufacturers and trend analysis by segments, and demand by geographical regions.
This report is a meticulous compilation of research on more than 150 players in the market ecosystem and draws upon insights from in-depth interviews with key opinion leaders of more than 60 leading companies, market participants and vendors. The report also profiles 28 companies including many key players such as Cerner Corporation, McKesson Corporation, Allscripts Healthcare Solutions, Inc., The National Decision Support Company, Zynx Health, VisualDx, FirstDataBank, Elsevier B.V, IBM Corporation (through acquisition of Truven Health Analytics).
Key Questions Answered in the Report:
What is the total addressable market (TAM), segmental addressable market (SAM) and the potential market opportunity of the global clinical decision support systems market?
What are the major market drivers, challenges, opportunities and key development strategies implemented in the global clinical decision support systems market and their case studies?
What is the market share of the leading segments and sub-segments of the global clinical decision support systems market in 2019 and 2028?
Which is the preferred model used for building clinical decision support systems and how will this segment grow over during the forecast period? What will be the growth rate of cloud-based CDSS tools during the forecast period?
Which application segment will be the highest revenue generator in this industry during the forecast period?
What is the scope of clinical decision support systems market in the emerging countries during the forecast period?
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.
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Press Release, "Global Clinical Decision Support Systems market to reach $3.49 billion by 2028," BIS Research, July 9, 2019
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