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CDSS Market Size to increase from $1.8 billion in 2013 to $4.65 billion by 2018

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CDSS Market Size to increase from $1.8 billion in 2013 to $4.65 billion by 2018

October 13
20:14 2014

Global CDSS market revenue
The global CDSS market is estimated to grow at a CAGR OF 21.5% to reach $4.65bn by 2018 from $1.8bn in 2013.

The Global Clinical Decision Support Systems (CDSS) market is estimated to grow at a fantastic compound annual growth rate of 21.5% to reach $4.65 billion by 2018 from just around $1.18 billion in 2013. In this, North America will lead the market for CDSS during the forecast period till 2018 due to the availability of sophisticated infrastructure, favorable healthcare policies and government support.

The major players in this market include Philips Healthcare, IBM, McKesson Corporation and Isabel Healthcare. The rise in the number of collaborations between third-party CDSS vendors and providers of electronic health records (EHR) is expected to result in a highly integrated and seamless experience for the users in the healthcare organizations.

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Recently, Elsevier Clinical Decision Support, a care plan and order set vendor, improved their clinical workflow integration under a partnership with EHR providers, Allscripts and Epic Systems. Zynx Health was also able to provide similar results in collaboration with Epic Systems and Siemens. Moreover, advanced artificial intelligence technologies, such as the CDSS developed by IBM’s Watson is set to revolutionize the accessibility of clinical information for informed decision making by physicians and healthcare providers.

The healthcare informatics market is expanding at a great pace across North America and Europe, owing to the increased funding for R&D in this sector, both by government and private organizations. Cross-country expansion of the CDSS is still limited due to differences in healthcare laws and the language barriers. But, the market is also expected to slowly expand to South Australia, with the government’s recent introduction of Enterprise Patient Administration System (EPAS) that is aimed at integrating healthcare information across all the public and private healthcare service providers. Increase in technical awareness and disposable incomes, along with emergence of medical tourism market, will result in growth of CDSS market in Asian countries as well, according to the market analysts.

The new advanced CDSS are designed to provide timely and accurate clinical information. McKesson Homecare v13.0- point of care CDSS incorporates the evidence-based principles into the natural flow of a patient visit, while helping to increase the efficiency in both clinical and agency operations. At the same time, it supports collaborative and interdisciplinary care. Such systems are particularly useful for home care clinicians and hospice service providers. With the increase in the percentage of geriatric population, such CDSS will prove beneficial for informed clinical decision-making and reduce costs.

IndustryARC believes that the recent industry acquisitions, such as Wolters Kluwer Health/Lexi-Comp, EBSCO Publishing/PEMSoft, and the acquisition of healthcare division of Thomson Reuters (including Micromedex) by Veritas, demonstrates the potential for growth in the point-of-care decision support systems market. Also, the Asian and Middle-Eastern countries are expected to contribute significantly in the CDSS market in the next 5 years. These are a few of the reasons for the leap in the CAGR for this market in the near future.

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