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Computerized Physician Order Entry Systems Revenue is Expected to Reach $1,481.7 million in 2020
A computerized physician order entry (CPOE) system is a healthcare information system which captures, stores, manages and transmits medical practitioner’s instructions electronically, for the treatment of patients. Globally, computerized physician order entry systems market is witnessing significant growth due to need for integrated healthcare systems in healthcare industry. Incidence of medication errors are increasing in different regions in the world. It has resulted in an increase in uses of CPOE systems alerts such as drug dosage support and clinical decision support.
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Increasing demand for better healthcare facilities from rapidly growing aging population and rising prevalence of diseases such as cancer, diabetes and heart diseases. Government initiatives and rise in investments from healthcare IT players has increased the adoption of computerized physician order entry systems. However, lack of experienced professionals, interoperability issues, cost and time consuming installation process and lack of commitment and interest from physicians are inhibiting the growth of computerized physician order entry systems market. The global computerized physician order entry systems market is estimated at USD 999.4 million in 2014. It is likely to grow at a CAGR of 6.8% from 2014 to 2020 to reach USD 1,481.7 million in 2020.
North America has the largest market for computerized physician order entry systems. This is due to government pressure for implementation of CPOE in healthcare facilities for reducing drug errors and high incidence of chronic diseases in this region. In Europe, healthcare spending in IT is increasing which expected to witness moderate growth in the region. In December 2012, the European Commission passed “2012-2020 eHealth Action Plan” which focused on the use of modern devices and technologies to promote personalized medicines in Europe.
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However, Asia has become one of the fastest-growing markets for computerized physician order entry systems market. Increase in aging population and increase in incident rates of various chronic diseases such as diabetes, heart disease, stroke, obesity, cancer and arthritis in various countries including Japan, China and India are expected to provide abundant opportunities to computerized physician order entry systems market.
McKesson Corporation is one of the leading players in the computerized physician order entry systems market. Some of the other major players of computerized physician order entry systems market include Allscripts, GE Healthcare, Cerner Corporation, Siemens Healthcare, Epic Systems Corporation, Athenahealth, Inc., Carestream Health, Inc, NextGen Healthcare Information Systems, LLC and MEDITECH.
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