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Press Release / News & Society / Healthcare Decision Support System Market Expected to Reach USD 2,220 million by 2024

Healthcare Decision Support System Market Expected to Reach USD 2,220 million by 2024

By josepht on March 15 2018 | 78 Views

Healthcare Decision Support System Market : Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024

Overview

Global healthcare decision support system is designed to improve the quality of clinical decision making. It also helps in enhancing the ability to address the rising information burden faced by clinicians along with offering a platform for integrating the evidence-based knowledge into care delivery. The majority of healthcare decision support system (HDSS) applications operate as components of the EHR systems, though stand-alone HDSS systems are also used.
Value

The global healthcare decision support system market was valued at around USD 870 million in the year 2016 and it is expected to reach approximately USD 2,220 million by 2024. The global healthcare decision support system market is expected to exhibit a CAGR of more than 12% between 2017 and 2024.

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Drivers and Restraints

The major factor driving the growth of the healthcare decision support system market is the increasing adoption of the electronic health records (EHR) in the global market. An electronic health record is a vital component that eliminates the hard work of moving the clinical information from paper to online systems. The healthcare sector holds a dominant position in the global market. Globally, there is a huge focus in the healthcare sector as efforts are being made such as initiatives to manage accelerating cost, improve quality & excellence, and expanding the access of the healthcare facilities.

Other factors that are propelling the growth of the healthcare decision support system market are the rising demand for the digital healthcare systems and the growing technological advancements in the healthcare sector.

The adoption of the healthcare decision support system will eliminate any chances of medical errors thus improving the clinical outcomes. Improvements in the healthcare delivery framework and the reimbursement policies have contributed positively to the growth of the market.

The opportunities for the market is growing owing to the improving healthcare reforms worldwide for improving the quality of patient care, minimizing the healthcare costs, and reducing the hospital readmission rates. The demand for the healthcare decision support system will increase in the coming years owing to the smooth integration of the healthcare decision support system with the electronic health records.

Segmentation

By offering, it is anticipated that the services segment holds the dominant position. In 2017, the services segment contributed a major market share of more than 50%. The growing demand for the healthcare services such as training and education, consulting, ongoing IT support and implementation, and others are increasing the demand for the services segment.

By product type, the integrated HDSS solution segment held the dominant position. In 2017, the integrated HDSS solution held around 67% of market share. Increasing requirement for accuracy and quality care has increased the demand for the integrated HDSS solution.

On the basis of model type, the knowledge-based model holds the major share of the market. The knowledge-base model has the ability to apply rules to the patient’s data using an inference engine and displays the results to the end user. In addition, the knowledge-base model is used for information collection and optimization of the organization thus augmenting its preference over the non-knowledge-base model.

By deployment type, the web-based solutions anticipate contributing the largest market share in the global healthcare decision support system market. As data security is one of the major concerns in the healthcare IT market, the web-based solutions are majorly applied in order to enhance the security and accessibility of the healthcare decision support systems. Owing to these factors there is an increased implementation of the web-based solutions.

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By application, drug-drug interaction accounted for the significant share in 2017. Increasing R&D and easy use of healthcare decision support systems contribute to the growth of the segment with the highest CAGR during the forecasted period.

The increased adoption of the healthcare decision support systems in the North American region has contributed around 39% of market share globally. Thus this region dominates the global healthcare decision support system market. However, Asia Pacific region anticipates registering the highest CAGR during the forecast period. Increasing healthcare infrastructure, advancements in the technology, and the growing adoption of the improved healthcare facilities contribute to the market growth in Asia Pacific region.

Industry Players

The report includes detailed profiles of the prominent market players that are trending in the market. The list of the players that are compiled in the report include 3M Health Information Systems, Agfa-Gevaert Group, Allscripts Healthcare Solutions, Inc., Carestream Health, Cerner Corporation, Epic Systems Corporation, GE Healthcare, IBM Corporation, McKesson Corporation, Philips Healthcare, QSI Management, LLC, Quintiles IMS, Siemens Healthcare GmbH., Surgical Information Systems, Wolters Kluwer Health, Zynx Health Incorporated, and much more.

The prominent market players maintain the competitive edge in the global market by making investments in the mergers and acquisitions and by increasing their product portfolio. In May 2017, Agfa HealthCare released the newest version of its Integrated Care Suite, which is already being implemented and used in hospitals around the world. With new features such as patient self-scheduling, patient care plans, and care team/patient coordination, the new version further enhances the patient engagement and care management.

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About Us :

Zion Market Research is an obligated company. We create futuristic, cutting edge, informative reports ranging from industry reports, company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us



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