Clinical Decision Support Market Revenue, Future And Business Analysis By Forecast 2032
The global clinical decision support market demand is likely to reach a valuation of US$ 2.2 Billion in 2022. However, Government recognition and initiatives to encourage the adoption of CDSS and EHR systems are estimated to further increase the demand for clinical decision support market is projected to grow at a robust CAGR of 8.2% between 2022 and 2032, totaling around US$ 4.9 Billion by the end of 2032.
A clinical decision support system is an active knowledge system, which uses variables of patient data to produce advice regarding health care. This implies that a CDSS is simply a decision support system that is focused on using knowledge management.
A clinical decision support system improves the patient’s care in multiple ways. A clinical decision support system helps in the reduction of medical errors, and excessive drugs, ensuring comprehensive treatment of patient illness and conditions and also minimizes expenses over time.
Regionally, North America, spearheaded by the U.S. dominates the global clinical decision support market, during the forecast period. The market is likely to garner US$ 1.5 Billion while exhibiting a CAGR of 7.7% from 2022 to 2032.
Growth in the North American clinical decision support market is driven by increasing investments in HCIC solutions, the implementation of CDSS in the healthcare industry, and the strong presence of leading clinical decision support system market players in the region.
On the other hand, Europe remains the world’s second-largest market for clinical decision support after North America. FMI’s latest clinical decision support market projections further reveal that countries like Germany, UK, and Russia will emerge as the most lucrative markets for clinical decision support across Europe during the forecast period.
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Clinical Decision Support Demand Analysis (2015 To 2021) Vs Market Outlook (2022 To 2032)
“Rising Prevalence of Chronic Diseases, High Investments in R&D, and Innovations in Clinical Decision Support Systems Augmenting Clinical Decision Support Market Growth”
As per Future Market Insights, the global demand for clinical decision support is anticipated to grow at a healthy CAGR of 8.2% during the forecast period between 2022 and 2032, in comparison to a 9.2% CAGR registered from 2015 to 2021.
Growth in the clinical decision support market is driven by it the increasing prevalence of chronic and infectious diseases worldwide, growing demand for advanced clinical decision technologies, surging investments in R&D, innovations in clinical decision support systems, and a rise in clinical decision support applications across hospitals and diagnostic centers.
Clinical Decision Support is gradually becoming quite popular across the healthcare industry. As clinical decision support has a variety of tools to enhance decision-making in the clinical workflow.
These tools include computerized alerts and reminders to care providers and patients, clinical guidelines, condition-specific order sets, focused patient data reports and summaries, documentation templates, diagnostic support, and contextually relevant reference information, among other tools. This will boost the growth of the clinical decision support system in the coming years.
Similarly, increasing government initiatives and investments to provide access to better clinical decision systems for high-quality diagnosis, particularly across developed nations like the United States, United Kingdom, and China will expand the clinical decision support market size during the forthcoming years.
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For Instance, The Office of the National Coordinator for Health Information Technology (ONC) collaborated with the National Academy of Medicine (NAM) to engage key experts and develop a series of strategies and recommendations to optimize CDS in support of improved care.
The project’s goals were to identify actionable opportunities to accelerate progress in CDS creation, distribution, and use; inspire action on priority opportunities amongst diverse stakeholder groups; and to drive progress towards a usable, interoperable CDS.
In addition to this, factors such as the rising geriatric population, the introduction of new technological innovations by different key players are likely to accelerate the growth of the global clinical decision support system market, and growing awareness about the benefits of clinical decision support systems are expected to boost the sales of clinical decision support system applications.
Leading clinical decision support system manufacturers are increasingly focusing on introducing novel compact and advanced clinical decision support systems to support medical professionals and patients to streamline the workflows of medical practices and improve overall operational efficiency as well as patient care. This will significantly improve the global clinical decision support market share during the forecast period.
Which Factors Are Restraining The Growth Of The Clinical Decision Support Market?
“Risk of data privacy Can Impede the Clinical Decision Support Market Growth”
Despite optimistic growth projection, the global clinical decision support market is facing various obstacles that are restraining its growth to some extent. Some of these factors include the risk of data privacy, and the lack of technically qualified and skilled staff to implement the CDSS and resolve related issues that may impede the growth of the clinical decision support system market.
Also, the lack of awareness regarding technologically advanced systems and improper handling issues may restrain the growth of the market.
Country-Wise Analysis
Which Factors Are Pushing the Clinical Decision Support market in the US?
“Rise in government initiatives and laws regarding usage of devices, and increase in population to drive the clinical decision support system market in US
Over the years, sales of clinical decision support system devices have risen at a substantial pace across US and the trend is likely to continue even during the forecast period, owing to the rapid surge due to increasing need for advanced clinical decision solutions, rising healthcare spending, favorable government initiatives, and presence of large number of clinical decision support market players in the region.
The rise in improvement in healthcare infrastructure and commercialization of electronic health records (HER) in hospitals & clinics, high digital healthcare IT budgets provided by society as funds for IT development, and government initiatives to promote digital healthcare facilities contributed to the leading share of these regions.
North America is projected to dominate the global market during the forecast period, segment is anticipated to reach US$ 1.5 Billion by 2032.
Similarly, an increase in the number of hospitals and healthcare facilities adopting various types and levels of clinical decision support systems, indicating a significant potential for increased deployment will improve the clinical decision support system in US.
How Will Growth Unfold in the U.K Clinical Decision Support Market?
“Rapid technological advances in healthcare to boost the growth of the clinical decision support system market”
As per FMI, the clinical decision support market in Europe is poised to exhibit strong growth on the back of surging technologically advanced research & treatment platforms for the diagnosis of chronic diseases, expanding healthcare infrastructure, and advancement in IT healthcare organizations.
Over the years, medical hyperspectral imaging has gained immense traction across the U.K on increasing government initiatives and laws regarding the usage of devices, and increase in population to drive the clinical decision support system market in the region.
The rapid technological development in biotechnology is expected to boost the growth of the clinical decision support market across Europe during the forthcoming period. According to Future Market Insights, the U.K market is slated to reach US$ 196 Million by 2032, flourishing at a CAGR of 6.8%.
Category-Wise Analysis
Which Product Segment Dominates the Global Clinical Decision Support Market?
“The Integrated CDSS Systems to Grow Exponentially During the Forecast Period”
Based on product, the global clinical decision support market is segmented into integrated CDSS and standalone CDSS. Among these, the integrated CDSS segment is likely to account for the largest share of the global clinical decision support market during the forecast period.
This can be attributed to the rising adoption of integrated CDSS across hospitals and diagnostic centers, and also increasing global adoption of electronic medical records with advanced capabilities. A CAGR of 7.7% is projected for this segment until 2032.
Similarly, increasing investments in developing and upgrading healthcare facilities across developing regions and rising demand for clinical decision support systems will further support the growth of this segment during the forecast period.
Which Delivery Mode Holds The Maximum Potential For Clinical Decision Support Market Growth?
“On-premises to Remain the Most Lucrative Delivery Mode of Clinical Decision Support System
By delivery mode, the clinical decision support market has been segmented into the on-premises and cloud-based clinical decision support system markets. However, FMI’s latest report on the clinical decision support market forecast the on-premises segment to grow at a 7.7% CAGR during the assessment period.
On the other hand, cloud based segment is also expected to grow at a significant pace during the forecast period, owing to the increasing investments in research and development, rising healthcare expenditure.
Who Are The Leading Players In Clinical Decision Support Market?
Some of the leading clinical decision support services manufacturers include Cerner, Epic, MEDITECH, Wolters Kluwer Health, and Zynx Health.
These key clinical decision support system providers are adopting various strategies such as new product launches and approvals, partnerships, collaborations, acquisitions, mergers, etc. to increase their sales and gain a competitive edge in the global clinical decision support market.
Key Segments Of Clinical Decision Support Industry Survey
Clinical Decision Support Market by Product:
- Integrated CDSS
- Standalone CDSS
Clinical Decision Support Market by Delivery Mode:
- On-premises Clinical Decision Support
- Cloud-based Clinical Decision Support
Clinical Decision Support Market by Model:
- Knowledge-based Clinical Decision Support
- Non-knowledge based Clinical Decision Support
Clinical Decision Support Market by Type:
- Clinical Decision Support for Therapeutics
- Clinical Decision Support fort Diagnosis
Clinical Decision Support Market by Component:
- Clinical Decision Support Service
- Clinical Decision Support Software
- Clinical Decision Support Hardware
Clinical Decision Support Market by Application:
- Advance CDSS
- Conventional CDSS
Clinical Decision Support Market by Level of Interactivity:
- Active CDSS
- Passive CDSS
Clinical Decision Support Market by Setting:
- In-patient Clinical Decision Support
- Clinical Decision Support in Ambulatory Care Settings
Clinical Decision Support Market by Region:
- North America Clinical Decision Support Market
- Latin America Clinical Decision Support Market
- Europe Clinical Decision Support Market
- Asia & Pacific Clinical Decision Support Market
- Middle East & Africa (MEA) Clinical Decision Support Market
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