The rising number of deaths due to medical error is putting enormous financial burden on the global healthcare system. According to the researchers of John Hopkins Medicine, medical errors are the third leading cause of death in the U.S. claiming lives of 2,50,000 people every year. This toll is an outcome of the failure of a planned medical action or error in medical planning during the healthcare delivery process. The error in execution of medical intervention often catalyse the rate of hospital readmissions which further increases the healthcare costs. In order 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 consequently, preventing misdiagnosis or medical error.
These tools are extensively being integrated with the EMR systems which provide a complete medical history of the patient. The CDS systems hence, improve the processes of care by generating alerts (as a popup within the EMR window) whenever it finds the likelihood of occurrence of any medical error is very high as compared to the historical and current state patient data.
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. making the evolution of CDS systems 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 the 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.
BIS Research Report:
According to a new market intelligence report by BIS Research, titled "Global Clinical Decision Support S…recast, 2017-2025", the clinical decision support systems (CDSS) market was estimated at $4.42 Billion in 2016 and is estimated to grow over $10.82 Billion by the end of 2025. The urgent need to reduce the rate of medication errors which significantly increases the healthcare costs is a factor fuelling the growth of this market.
The clinical decision support systems market provides new entrants with innumerable opportunities to expand to the emerging markets and provide solutions for better care management and patient satisfaction.
According to Wahid Khan, an analyst at BIS Research, "The clinical decision support systems market is, to a large extent, 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 the model used to develop a CDSS, knowledge based systems are leading the market with 60.8% 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 and is currently dominating the product segment of the CDSS market. Integrated systems are expected to reach 8.37 Billion by the end of 2025 growing at a CAGR of 11% during the forecast period, 2017-2025.
- Based on the model on which a CDSS is built, knowledge based CDSS are currently dominating the segment with a market value of $2.68 Billion in 2016 and is expected to grow at a CAGR of 11.3% during the forecast period, 2017-2025.
- In terms of CDSS products, integrated software solutions are leading the segment and is expected to witness a CAGR of 11% during the forecast period.
- Based on application, preventive care is leading the segment and held a market value of 2.27 billion in 2016, and is anticipated to grow with a CAGR of 9% during the forecast period, 2017-2025. However, diagnostic application of CDS systems is expected to grow with a CAGR of 11% during the forecast period. The growth in diagnostic applications is primarily due to the rise in the cases of misdiagnosis in a point of care
- Geographically, North America is the largest market for CDSS solutions and is expected to reach $5.73 Billion during the forecast period, 2017-2025. Within North America, the U.S. is the largest market contributing to approximately 96% of the overall North America market.
- Asia Pacific is the region which is expected to witness the highest CAGR of 16% during the forecast period, 2017-2025.
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This market intelligence report provides a multidimensional view of the global clinical decision support systems market in terms of market size and growth potential. The 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 are 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.
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 and opportunities 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 2017 and what will be the shares in 2025?
- How has the clinical decision support systems market evolve and what are the factors that necessitated its evolution?
- How will each segment of the global clinical decision support systems market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2025?
- What are the consumer preferences in terms of adoption of the clinical decision support systems during the forecast period?
- What are the future trends that a vendor must adhere to in order to stand ahead in the highly competitive market?
- What are the key developmental strategies implemented by the key players to stand out in this market?
- Which is the preferred model used for building clinical decision support systems and how will this segment grow 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 will be the scope of the clinical decision support systems market in the emerging countries during the forecast period?
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