Computerized Physician Order Entry Market Size and Trends Analysis

The Business Research Company recently released a comprehensive report on the Global Computerized Physician Order Entry Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The computerized physician order entry market size has grown strongly in recent years. It will grow from $1.90 billion in 2023 to $2.08 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to the increasing adoption of electronic health records (EHR) systems, government initiatives and incentives for healthcare digitization, a rising focus on reducing medication errors and improving patient safety, a growing need for efficient and accurate order management in healthcare facilities, and a high demand for improved healthcare workflow and operational efficiency.

The computerized physician order entry market size is expected to see strong growth in the next few years. It will grow to $2.96 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to the continued expansion of value-based care models and accountable care organizations, growth in personalized medicine and precision healthcare initiatives, expansion of interoperability standards and frameworks across health IT systems, rising focus on patient-centered care and engagement solutions, and continued investment in cybersecurity measures for protecting healthcare data. Major trends in the forecast period include the integration of artificial intelligence, the adoption of cloud-based CPOE solutions, the use of machine learning algorithms, mobile and remote access capabilities for physicians, a focus on cybersecurity measures, and the development of advanced user interfaces and voice recognition technology.

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Market Drivers and Trends:

The rising incidences of medication errors are expected to propel the growth of the computerized physician order entry market going forward. Medication errors are mistakes made in prescribing, dispensing, or administering drugs that can lead to patient harm. The numerous incidences of medication errors are due to several factors, such as miscommunication between healthcare providers, incorrect dosage calculations, similar drug names, and inadequate patient information. Computerized physician order entry (CPOE) reduces medication errors by providing automated checks and alerts, ensuring accurate drug prescriptions, and minimizing manual entry mistakes. For instance, in September 2022, according to the World Health Organization, a Switzerland-based intergovernmental organization, medication errors cost one country $2.16 billion, representing 3% of the total national healthcare expenditure. Additionally, 237 million medication errors are reported each year, with 66 million potentially clinically significant. The estimated costs to the government of avoidable adverse reactions to medication are $106.24 million per year. Therefore, the rising incidences of medication errors are driving the growth of the computerized physician order entry market.

Major companies operating in the computerized physician order entry market are adopting a strategic partnership approach to develop wireless and cloud technology for high-volume workloads. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in August 2023, Microsoft Corporation, a US-based technology company, partnered with Epic Systems Corporation, a US-based healthcare software company, to deliver a cloud-based electronic health records (EHR) solution that significantly enhanced the capabilities of computerized physician order entry (CPOE) systems. The integration of Epic's EHR with Microsoft Azure allows healthcare providers to manage large EHR database loads efficiently, facilitating real-time access to patient data and enhancing clinical workflows.

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Major Key Players of the Market:

UnitedHealth Group, McKesson Corporation, Kaiser Permanente, International Business Machines Corp (IBM), Siemens Healthineers, Philips Healthcare Inc., GE HealthCare Technologies Inc., Epic Systems Corporation, Athenahealth Inc., eClinicalWorks LLC, Allscripts Healthcare Solutions Inc., NextGen Healthcare, Medical Information Technology Inc. (Meditech), Computer Programs and Systems Inc., Greenway Health LLC, CareCloud Inc., Medhost, Picis Clinical Solutions, CliniComp International Inc., Zynx Health Inc.

Computerized Physician Order Entry Market 2024 Key Insights:

• The computerized physician order entry market size is expected to see strong growth in the next few years. It will grow to $2.96 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Medication Errors Drive Growth In Computerized Physician Order Entry Market
• Strategic Partnership Enhances Cloud-Based CPOE Solutions Adoption
• North America was the largest region in the computerized physician order entry market in 2023

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