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 key factors that are driving the growth of clinical decision support systems market are 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.
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 helps to manage diabetes, keep track of individual dosage pattern which can help patients get assistance with disease and medication management and overcome the disease.
The clinical decision support systems market is segmented on the basis of component, delivery mode, application, end user. Based on the component, market is classified as software, services, and hardware. On the basis of delivery mode, market is divided into on premise, cloud- based, and web based. On the basis of application, market is categorized as drug-drug interactions, drug allergy alerts, clinical reminders, clinical guidelines and others. And on the basis of end user the market is segmented as hospitals, ambulatory care centers, and diagnostic labs