Advanced Clinical Decision Support Platforms Market

Advanced Clinical Decision Support Platforms Market Research, 2031

The global advanced clinical decision support platforms market size was valued at $496.4 million in 2021, and is projected to reach $1,175.0 million by 2031, growing at a CAGR of 9.0% from 2022 to 2031. An advanced clinical decision support platform is a comprehensive suite of tools and technologies designed to facilitate better clinical decision-making. It is designed to assist clinicians in making more informed, evidence-based decisions by combining data-driven analytics, clinical guidelines, and patient-specific data. Advanced decision support platforms provide a range of features such as patient-specific risk stratification, treatment protocols, predictive analytics, and patient-reported outcomes. These tools can alert the physician about potential errors, remind them to provide preventive care, help them to make diagnosis, and assist with treatment. They are also used to improve patient outcomes and reduce costs associated with care.

The advanced clinical decision support platforms market growth was slightly positive during the lockdown period owing to rise in the demand for evidence-based decisions for diagnosis and treatment purposes.

Historical overview

The advanced clinical decision support platforms market size was analyzed qualitatively and quantitatively from 2021 to 2030. The advanced clinical decision support platforms market experienced growth at a CAGR of around 8.7% from 2021 to 2030. Most of the growth during this period was derived from North America owing to the rise in the number of advanced clinical decision support platforms industry that provides advanced clinical decision support system, increase in adoption of electronic health records as well as well-established presence of domestic companies in the region.  

Market Dynamics

Growth of the global advanced clinical decision support platforms market is majorly driven by increase in incidence of medical error, increase in application of electronic health record system, rise in number of advanced clinical decision support platforms industry and increase in prevalence of chronic diseases. Increase in incidence of medical error is anticipated to drive the demand for advanced clinical decision support platform by professionals to get accurate information for diagnostic and therapeutic purposes. Thus, rising incidents of medical error is anticipated to boost the market growth. Medical errors are any preventable events that may cause or lead to inappropriate medical care or harm to a patient. Examples of medical errors include wrong diagnoses, improper or delayed treatment, or preventable adverse events. Clinical decision support systems (CDSS) are computer-based systems that help clinicians make decisions about patient care. CDSS can help to reduce medical errors by providing healthcare professionals with relevant and timely evidence-based information. For example, CDSS can provide alerts when a patient is prescribed a medication with potential interactions or adverse effects. It helps clinicians identify potential diagnosis or treatment options for a patient based on the patient's medical history and current symptoms. It also helps to ensure that the patient receives the most appropriate care and is not exposed to unnecessary tests or treatments.

Rise in the adoption of electronic health record system is anticipated to drive the growth of market. As advanced clinical decision support platform is a component of an electronic health record (EHR) system, thus, rise in application of EHR system in hospitals boosts the growth of market. In an EHR system, CDSS provides evidence-based recommendations and alerts to clinicians to help them make informed decisions about patient care. CDSS can help to reduce the risk of medical errors by providing timely, evidence-based information to clinicians. In addition, CDSS can help clinicians identify potential diagnosis or treatment options for a patient based on the patient's medical history and current symptoms. For instance, according to Center for Disease Control and Prevention, in January 2023, it was reported that, 88.2% of office-based physicians use any EHR system is and 77.8% of office-based physicians use a certified EHR system.

Increase in the number of geriatric populations is anticipated to augment the prevalence of chronic diseases such as heart disease and diabetes. Thus, this factor is anticipated to increase the demand for advanced clinical decision support platform among healthcare providers for correct diagnosis of diseases and accurate treatment for such chronic diseases. The elderly population is at an increased risk of developing chronic diseases due to age-related changes in the body, such as increase in cholesterol levels, decrease in elasticity of the arteries, and an accumulation of calcium deposits in the arteries. Thus, these factors are attributed to drive the market growth. For instance, according to the U.S. Census Bureau data published in December 2021, more than 56 million adults ages 65 i.e., 16.9% of population of the nation and by 2050, it is estimated to rise to 85.7 million. Moreover, according to report shared by World health Organization (WHO), it was reported that, population aged 60 years and over increased from 1 billion in 2020 to 1.4 billion in 2030 across the globe. As per the same report, it was estimated that, by 2050, people aged 60 years and older of the world is anticipated to double (2.1 billion).

Moreover, advanced clinical decision support platform aims at preventing cardiovascular diseases (CVD) by assessments of patients’ risk for developing CVD based on their history, risk factors, and clinical test results. Thus, rise in the prevalence of chronic diseases such as cardiovascular diseases is expected to increase the application of advanced clinical decision support system in hospitals and other healthcare settings. Thus, this factor is anticipated to drive the growth of market. For instance, according to the American Heart Association (AHA), it was reported that, the incidence of cardiovascular diseases (CVD) in U.S. men and women is 40% from 40–59 years, 75% from 60–79 years, and 86% in those above the age of 80

On the other hand, global advanced clinical decision support platform market expansion is constrained by worries about data security associated to CDSS that are in the cloud. Patient information is regarded as sensitive, and a high level of privacy must be upheld to ensure that only authorized individuals can access this information.

Legal frameworks have scrutinized patient information globally, for example, the data privacy regulations made law by Health Insurance Portability and Accountability Act (HIPAA). The EU Data Safeguarding Regulation, which has implications for the protection of sensitive health data, is also in effect in the European Union. Protected health information (PHI) of a patient is frequently prohibited from being transferred outside of the nation of origin. Public cloud is not recommended as it has the same security vulnerabilities as conventional IT systems. Even though private clouds offer more access to protocols and systems, the healthcare industry is not assured of its effectiveness.

As per study conducted by Ermetic, a cybersecurity investigation company, 81% of healthcare organizations have experienced cloud data security breaches in the last 18 months, as of June 2020. Around 31.25% of healthcare organizations experienced breaches where user access was denied. Major concerns related to data security also arise owing to the need for access to patient data through multiple departments. This, in order, creates security gaps, which can be misused by hackers to gain access to sensitive information. Thus, several large hospitals still prefer on-premises solutions over cloud-based solutions.

The COVID-19 pandemic had a significant impact on the advanced clinical decision support platform market. The demand for advanced clinical decision support platform has increased slightly due to the increased need for accurate and timely clinical decision making during the pandemic. The demand for advanced clinical decision support platform has risen due to the increasing demand for remote patient care and telehealth services. Advanced clinical decision support platform has enabled healthcare providers to make more informed decisions about patient care and provide better treatment options. In addition, advanced clinical decision support platform has allowed healthcare providers to provide more efficient and accurate clinical decision making for patient care. Furthermore, the pandemic has also created an increased demand for data-driven healthcare solutions. As advanced clinical decision support platform is one the data-driven solutions that can provide the necessary data to make more accurate and timely decisions. Thus, rise in application of advanced clinical decision support platform during pandemic fueled the market growth.

Segmental Overview

The advanced clinical decision support platforms market share is segmented into Type, Model, Setting, and Region. By type, the market is bifurcated into therapeutic and diagnostic. The diagnostic segment is further divided into hospitals and ambulatory care. Therapeutic segment is further classified into hospitals and ambulatory care. By model, the market is categorized into knowledge based and non-knowledge based. By setting, the market is segregated into hospital and ambulatory care. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

By type, the market is bifurcated into therapeutic and diagnostic. The therapeutic segment dominated the market in 2021 and is expected to continue this trend during the advanced clinical decision support platforms market forecast period owing to rise in the prevalence of chronic diseases and increase in the adoption of advanced clinical decision support platforms for therapeutic purpose.

By model, the market is classified into knowledge-based and non-knowledge based. The knowledge-based segment dominated the market in 2021 and is expected to continue this trend during the forecast period owing to rise in number of product launch for knowledge-based clinical decision support system.

By setting, the market is divided into hospital and ambulatory care. The hospital segment dominated the market in 2021 and is expected to continue this trend during the forecast period owing to rise in expenditure by government to develop healthcare infrastructure and increase in number of hospitals.

North America advanced clinical decision support platforms market share is expected to grow during the forecast period owing to rise in the number of populations suffering from chronic disorders such as cancer, cardiovascular diseases, diabetes, and others. For instance, according to the American Cancer Society’s, in 2022, it was reported that, approximately 1,918,030 number of populations suffering from cancer. Thus, this factor is anticipated to drive the application advanced clinical decision support platform in hospitals for diagnostic and therapeutic purpose and boost the market growth. In addition, rise in product provision for clinical decision support platform in cancer fuels the advanced clinical decision support platforms market growth. For instance, Elsevier, a global information analytics company, provides ClinicalPath (formerly Via Oncology), a tool for Evidence-based oncology decision support and analytics for cancer care.

Asia-pacific advanced clinical decision support platform market is expected to witness growth during the forecast period owing to, economic development and low operating costs. The major driving factors for the market growth in this region include surge in prevalence of chronic diseases such as cancer, cardiovascular diseases, diabetes and rising geriatric population who are more susceptible to chronic diseases. Moreover, the increasing demand for cost-effective healthcare services and the need to reduce healthcare costs have been driving the growth of the advanced clinical decision support platform market in the Asia Pacific region. The expansion of healthcare IT infrastructure across the region has been driving the demand for clinical decision support platform.    

COMPETITION ANALYSIS

Some of the major companies that operate in the advanced clinical decision support platforms market include Siemens Healthineers, Wolters Kluwer, Zynx Health, Oracle Corporation, IBM Watson Health, NextGen Healthcare Inc., Veradigm Inc., Meditech, Epic Systems Corporation, and Elsevier B.V.

Some examples of product launch in the market

In January 2022, Epic launched Connection Hub, a new site for vendors to share their ability to interoperate with Epic software. The site open in January 2023 and allow vendor having connection to Epic to list their app and self-report, if they achieved successful data exchange.

Some examples of collaboration in the market

In March 2020, IBM Watson Health, a healthcare technology solutions company, and EBSCO Information Services (EBSCO), the leading provider of research databases, e-journals, magazine subscriptions, announced a strategic collaboration to enhance clinical decision support system (CDSS) and operations for healthcare providers and health systems

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the advanced clinical decision support platforms market analysis from 2021 to 2031 to identify the prevailing advanced clinical decision support platforms market opportunity
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the advanced clinical decision support platforms market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global advanced clinical decision support platforms market trends, key players, market segments, application areas, and market growth strategies.

 Advanced Clinical Decision Support Platforms Market Report Highlights