According to a new report published by Allied Market Research, titled, “Advanced Clinical Decision Support Platforms Market by Application, Technology, and end user: global opportunity analysis and industry forecast, 2021–2030," the global advanced clinical decision support platforms market was valued at $0.45 billion in 2020 and is projected to reach $1.04 billion by 2030 registering a CAGR of 8.70% from 2021 to 2030.
Advanced clinical decision support platforms are an essential part of the healthcare information technology landscape. The implementation of a clinical decision support system (CDSS) is assisted by technology developments that allow for faster decision-making, data processing, and improved workflow efficiency in patient care. The adaptable features of this system are assisting in the growth of the clinical decision support system market. The industry has evolved significantly as a result of the rising number of deaths caused by medical errors, developing reimbursement systems, and the healthcare delivery framework, and solutions based on CDSS technology are improving clinical performance. The industry has evolved significantly as a result of the rising number of deaths caused by medical errors, developing reimbursement systems, and the healthcare delivery framework, and solutions based on CDSS technology are improving clinical performance.
CDSS technology is still in its early stages, doctors, patients, and other stakeholders will be required to offer continual input in order to effectively integrate CDSS technology in order to enhance relevant applications, decrease costs, and improve treatment outcomes, thus significantly boosting the market growth. The rise in the elderly population, increase in the number of hospitals, growing need for data-driven technologies, and the number of emergency department (ED) visits are the main drivers driving market expansion. In the coming years, the healthcare system is projected to face a physician shortage, necessitating the use of decision-making technologies to efficiently manage physician time and prevent errors.
Furthermore, COVID-19 pandemic has created new challenges in the health-care ecosystem. Huge growth in the number of critically sick patients, as well as personnel shortages and capacity constraints, challenge hospitals and health systems. It has directly led to the rise in usage of CDSS tools for immediate medical treatment with fast diagnosis. The increased usage of clinical decision support software in COVID-19 has emphasized the global need for uniform healthcare data while shortening decision-making timelines owing to excessive stress. Many health care providers have altered their clinical decision support system vendors to get the desired outcomes quickly.
The advanced clinical decision support platforms market growth is strongly driven by rising government initiatives, self-health awareness worldwide, and advancements in development of newer advanced clinical decision support platforms. Furthermore, increased funding from major companies for R&D activities for development of CDSS tools in developed countries such as the U.S. and Canada further boosts the demand for advanced clinical decision support platforms globally. However, higher costs associated with the development of tools, technologies and stringent regulatory requirements, security breaches of patient’s personal data, are expected to hinder the market growth.
The advanced clinical decision support platforms market is segmented on the basis is segmented on the basis of type, application, setting and region. By type, it is bifurcated into therapeutic and diagnostic, the diagnostic type dominates the type segment and is most commonly used. By application it is bifurcated into advanced CDSS and conventional CDSS. By setting type it is bifurcated into hospitals and ambulatory care. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY FINDINGS OF THE STUDY
- Based on type, the Therapeutic segment held the largest share in the global advanced clinical decision support platforms market in 2020.
- On the basis of model, the Knowledge based segment held the largest market share in 2020 and is expected to remain dominant throughout the forecast period.
- On the basis of setting, the hospitals held largest market share in 2020 and is expected to remain dominant throughout the forecast period.
- Based on region, North America is expected to experience growth at the highest rate, registering a CAGR of 8.10 % during the forecast period.
North America accounted for the largest market share in 2020 and is expected to retain its dominance throughout the forecast period. This is attributed to the increased in geriatric population, rise in hospitals and emergency department visits and growth in technological advancements for CDSS. In addition, Asia-Pacific is expected to have a significant growth during the forecast period, owing to the increasing population in regions such as China and India.