The global Integrated CDSS market size is expected to reach USD 2,562.9 Million in 2028 and register a revenue CAGR of 8.6% over the forecast period, according to the latest report by Reports and Data. Rising demand for precise and error-free tools for handling huge data of patients is driving market revenue growth. Increasing prevalence of chronic diseases across the globe is resulting in rising number of patient footfall in hospitals, which is expected to result in increase in data volume generated by the hospitals. For instance, researchers at the University of Pennsylvania use a machine learning tool to predict patients at highest risk for developing severe sepsis in just 12 hours. This new tool can monitor hundreds of key variables in real-time by taking data from more than 160,000 patients.
Adoption of cloud computing in the healthcare sector is also driving market growth. Increasing usage of healthcare IoT devices and need to document and analyze large volumes of data to deliver both personal and population health management services require cloud computing from business and technology perspectives. Cloud computing also facilitates application of technologies such as Big Data analytics, cognitive computing, mobile collaboration, and information exchange which accelerates delivery of advanced healthcare solutions. Governments of various countries across the globe also play an important role in implementing any new system or technology in the healthcare industry. CDSS is expensive and thus financial support and awareness spread by governments of various countries is expected to support revenue growth of the market.
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However, cost of implementing a CDSS is very high, and it may not be feasible for all hospitals and clinical centers, which could hamper market revenue growth in the near future. In addition, servicing and software upgradation costs of these systems can sometimes be more than the price of original products.
Some Key Highlights from the Report:
- In November 2019, Allscripts Healthcare Solutions entered into a partnership with San Gorgonio Memorial Hospital, which has chosen its Electronic Health Record (EHR) suite named Sunrise Community Care, built particularly for community hospitals.
- Integrated CDSS segment accounted for a larger revenue share in 2020, owing to high demand for CDSS with novel functionalities to collaborate and exchange information amongst healthcare providers.
- By level of interactivity, passive CDSS segment revenue is expected to grow rapidly during the forecast period, as it offers referential links to evidence-based content and resources. Hospitals and clinics often deploy these links to make decisions for evidence-based guidelines, drug libraries, agency policies, and bibliographic searches, among others.
- Inpatient segment accounted for a significant revenue share in 2020 due to need to manage large volume of patient data that can be captured and analyzed by healthcare professionals. Revenue share of this segment is also increasing as CDSS may be economical for healthcare system and can help to reduce length-of-stay, providing advantages such as low-cost medication options and decreasing test duplication.
- Diagnostic decision support segment accounted for largest revenue share in 2020. Increasing prevalence of allergies, especially drug allergies, is driving demand for diagnostic decision support systems for recommending, dispensing, or administering a drug to reduce medication error that may otherwise occur and lead to adverse consequences.
- Market in North America accounted for largest revenue share in 2020, owing to ongoing technological advancement, high awareness of these systems among patients, and increasing focus of government bodies on providing better healthcare services to people.
Research Methodology:
Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Integrated CDSS Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and RD activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and RD activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as RD investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
- Cerner Corporation
- Epic Systems Corporation
- Zynx Health
- Allscripts Healthcare Solutions Inc.
- IBM
- McKesson Corporation
- Siemens Healthineers
- Meditech
- Philips Healthcare
- Wolters Kluwer Health
Integrated CDSS Market Segmentation:
Component Outlook:
- Services
- Hardware
- Software
Product Outlook:
- Integrated CDSS
- Standalone CDSS
Type Outlook:
- Therapeutic CDSS
- Diagnostic CDSS
Mode of Delivery Outlook:
- On-premises CDSS
- Web-based CDSS
- Cloud-based CDSS
Level of Interactivity Outlook:
- Active CDSS
- Passive CDSS
Setting Outlook:
- Inpatient
- Ambulatory Care
Usage Outlook:
- Knowledge-based
- Expert Laboratory Information System
- Machine Learning Systems
Application Outlook:
- Drug Databases
- Care Plans
- Diagnostic Decision Support
- Disease Reference
- Others
End-use Outlook:
- Hospitals
- Diagnostic Centers
- Clinics
- Retail Pharmacies
- Others
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Integrated CDSS market over the forecast period?
- What are the major factors driving the growth of the Global Integrated CDSS Market?
- What are the key challenges impacting the global Integrated CDSS market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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