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Clinical Decision Support System Market to Grow at a CAGR of 8.8% from 2022 to 2031
Clinical Decision Support System Market Outlook 2031• The global clinical decision support system market was valued at US$ 1.2 Bn in 2021
• The global market is projected to grow at a CAGR of 8.8% from 2022 to 2031
• The global clinical decision support system market is anticipated to exceed value of US$ 2.3 Bn by 2031
Overview of Global Clinical Decision Support System Market
Clinical decision support system is an administrative as well as clinical tool that helps in improving operational efficiency of healthcare practices. Hospitals and clinics are required to handle large volume of patient information both administrative as well as clinical information.
In order to handle the large volume of data, medical professionals and front office staff are always in search of an effective way to record, store, and improve access to patient information in an efficient manner. A clinical decision support system aids medical professionals and patients to streamline the workflows of medical practices and improve overall operational efficiency as well as patient care.
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Physician recommendation for updating systems with alert systems and new technological innovation by different key players are likely to accelerate the growth of the global clinical decision support system market.
Technological advancements such as software integration with other electronic health records are projected to fuel the growth of the global clinical decision support system market.
Technological Advancements in CDSS to Drive Global Market
Rise in technological advancements in CDSS, high awareness among patients, and increase in investments in healthcare IT solutions accelerate the growth of the global clinical decision support system market. A surge in group medical practices has been observed in the U.S., which is expected to fuel the growth of the cloud based clinical decision support system in the country during the forecast period.
Technological advancements in CDSS are expected to propel the clinical decision support system market in Asia Pacific, Latin America, and Middle East & Africa during the forecast period.
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Knowledge-based Systems Segment to Dominate Global Clinical Decision Support System Market
The global clinical decision support system market has been segmented based on usage based, application, mode of advice, delivery model, end-user, and region. In terms of usage based, the global clinical decision support system market has been classified into knowledge-based systems, expert laboratory information systems, and machine learning systems.
knowledge-based systems segment dominates the global market. The large share and high growth of this segment can be attributed to several beneficial functionalities of knowledge-based CDSS, such as helping clinicians with knowledge-based reasoning to make clinical decisions in the face of uncertainties.
In 2020, the knowledge-based CDSS segment accounted for the largest share of 61% of the market. This segment is also estimated to register the highest CAGR of 9.2% during the forecast period.
There has been an increase in support in the development of innovative clinical decision support systems; for instance, Boston Children's Hospital launched a clinical decision support innovation Challenge in which the winner receives rewards in the form of direct costs (around US$ 50,000), strategic project management support. and R&D software development support. Moreover, rise in collaboration of hospitals and clinics with healthcare IT firms and increasing incorporation of machine learning algorithms & AI methods will further support the CDSS Market.
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Cloud-based Clinical Decision Support System Aids in Easy Recording, Accessibility; Offers Other Benefits Traditionally, on-premises and web-based clinical decision support systems were most commonly used in dental practices. On-premises software is associated with purchase of expensive servers and other hardware for data storage and backups.
The software is priced on perpetual license model and is highly priced. Cloud-based clinical decision support system enables a user to host clinical applications, allows health information exchange, and data backup & recovery features. These cloud-based clinical decision support systems address specific challenges faced by the multi-location physician group practices as well as for solo practitioners. The cloud-based clinical decision support system facilitates easy recording, storage, and accessibility, and integration and retrieval of both clinical as well as non-clinical data from any point of location with an Internet connection.
Regional Outlook of Global Clinical Decision Support System Market
In terms of region, the global clinical decision support system market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to dominate the global market during the forecast period, accounting for 40% share by 2031. The segment is anticipated to reach US$ 892.66 Mn by 2031.
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The U.S. dominated the market in North America due to factors such as technologically advanced research & treatment platforms for diagnosis of chronic diseases, availability of a large number of reimbursement policies, well-established healthcare infrastructure, and increase in development of IT healthcare organizations. Rise in government initiatives and laws regarding usage of devices, and increase in population to drive the clinical decision support system market in the region.
Asia Pacific is projected to be the most attractive market for clinical decision support systems during the forecast period. The market in the region is anticipated to grow at a high CAGR of 10% during the forecast period due to rise in focus of market players on expanding their presence in the region to leverage the growth opportunities.
Improvement in healthcare infrastructure and commercialization of electronic health record (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.
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Analysis of Key Players in Global Clinical Decision Support System Market
Key players operating in the global clinical decision support system market include Allscripts Healthcare Solutions, Inc., First Databank, Inc., Truven Health Analytics, Cerner, Philips Healthcare, Siemens Healthcare, Optum, Inc. (UnitedHealth Group), GE Healthcare, and Epic Systems Corporation, Inc.
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