PUBLISHER: 360iResearch | PRODUCT CODE: 1497881
PUBLISHER: 360iResearch | PRODUCT CODE: 1497881
[193 Pages Report] The Clinical Decision Support System Market size was estimated at USD 1.84 billion in 2023 and expected to reach USD 2.06 billion in 2024, at a CAGR 12.56% to reach USD 4.22 billion by 2030.
A clinical decision support system (CDSS) works as an administrative and clinical tool that improves the operational efficiency of healthcare practices. The ongoing efforts in implementation of government regulations and initiatives increased the adoption of healthcare information technology (HCIT) solutions, significantly driving market growth. Moreover, the growing demand for intelligent software solutions to efficiently manage a rapidly increasing patient pool across the globe is boosting the growth of the global clinical decision support systems market. However, certain factors, such as the unwillingness of healthcare providers in installation and operation of clinical decision support systems, are challenging the market growth. In addition, higher costs of software installations and post-sale supports, along with a shortage of a trained and skilled workforce, are expected to limit market growth in forecast period. Nevertheless, the marketplace is anticipated to witness various innovations following R&D projects backed by significant corporate investments. Integrating cloud computing and interoperability platforms in different systems is expected to promote smooth functioning and seamless data flow further, thereby revving up the adoption of CDSS.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 1.84 billion |
Estimated Year [2024] | USD 2.06 billion |
Forecast Year [2030] | USD 4.22 billion |
CAGR (%) | 12.56% |
Regional Insights
The ongoing surge in demand for healthcare information technology solutions are responsible for market growth across North America, Europe, and the Asia-Pacific regions. The rapid technological advancements and the growing importance of providing quality healthcare services in the U.S. and Canada are making North America dominate the market, with a significant market share. Moreover, the launch of new technologies by the key vendors operating in the U.S. and Canada to integrate existing data handling systems such as electronic health records (EHR) and clinical decision systems offers predictive scenarios for patients, which is responsible for better patient experience and treatment. Moreover, Asia-Pacific is anticipated to be the fastest-growing region in the global CDSS market, attributed to increasing investments in the healthcare sector in Australia, China, India, and Japan. The governments in the APAC region are investing significantly in R&D, increasing the penetration of information technology in the medical field. Furthermore, enhanced collaboration between information technology companies and healthcare institutions is expected to boost the growth of global clinical decision support systems in the Asia-Pacific.
Market Insights
The market dynamics represent an ever-changing landscape of the Clinical Decision Support System Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Clinical Decision Support System Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Clinical Decision Support System Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
GE HealthCare Launches CardioVisio for Atrial Fibrillation, a Digital, Patient-Centric Clinical Decision Support Tool to Enable Precision Care
GE HealthCare has launched CardioVisio for Atrial Fibrillation (AFib), a clinical decision support system that aids healthcare professionals in making informed decisions regarding AFib treatment. Cardiovascular diseases remain the leading cause of global mortality, with AFib being the most prevalent arrhythmia affecting millions of individuals worldwide. This innovative digital tool leverages advanced algorithms to analyze relevant patient data and align it with industry-published guidelines, enabling healthcare providers to deliver personalized and evidence-based care. [Published On: 2023-08-24]
AI Partnership to Reduce Hospital Nurses' Documentation Burden
BayCare Health System and healthPrecision have joined forces to co-develop the Medical Brain platform, a clinical decision support system that harnesses the power of AI technology. This innovative platform aims to alleviate the documentation burden for nurses, enhance patient care, and optimize workflow efficiency. By leveraging AI technology, the Medical Brain platform offers advanced clinical decision support capabilities, enabling healthcare professionals to make informed and timely decisions. [Published On: 2023-05-17]
Medtronic and NVIDIA Collaborate to Build AI Platform for Medical Devices
Medical technology company Medtronic PLC announced its partnership with graphics processor maker NVIDIA Corporation to create a clinical decision support system. This system is aimed to be powered by artificial intelligence and deep learning, allowing it to provide intelligent guidance for users handling medical devices such as pacemakers or insulin pumps. As part of the partnership, NVIDIA Corporation looks to leverage Medtronic's clinical experience while Medtronic could tap into NVIDIA's extensive A.I. capabilities to build a cost-effective, efficient platform that increases safety levels both in hospitals and homes. [Published On: 2023-03-21]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Clinical Decision Support System Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Clinical Decision Support System Market, highlighting leading vendors and their innovative profiles. These include Advanced Computer Software Group Limited, Cedar Gate Technologies, Cerner Corporation, CureMD.com, Inc., EBSCO Information Services, eClinicalWorks, LLC, Epic Systems Corporation, EvidenceCare, LLC, GE Healthcare, Hearst Corporation, Henisaja GmbH, Hera-MI, SAS, Koninklijke Philips N.V., Mocero Health Solutions Private Limited, Optum, Inc., Pinc AI by Premier Inc., Premier, Inc., Raapid.ai, Siemens Healthineers AG, Strata Decision Technology by Roper Industries, Inc., The International Business Machines Corporation, The Medical Algorithms Company Limited, VisualDX, and Wolters Kluwer N.V..
Market Segmentation & Coverage