Clinical Decision Support System (CDSS) Market
The global clinical decision support system (CDSS) market size is anticipated to grow at a CAGR of 6.5% and in terms of value from USD 1.13 billion in 2019 to USD 2.78 Billion by 2027.
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The major factors driving the growth of the CDSS market are the initiatives taken by the government worldwide, rise in usage of information systems by hospitals and healthcare institutes. The global CDSS market is anticipated to have innovation due to massive investment in R&D projects. Market participants are signing licensing agreements with major hospitals and healthcare groups to expand their consumer base. Integrating interoperability and cloud computing platforms across different systems will further promote smooth operation and seamless data flow, thereby accelerating the adoption of CDSS.
The COVID-19 pandemic has increased the need to maintain social distancing between doctors and patients, driving demand for remote patient monitoring and telemedicine solutions, as well as the need for accurate and timely exchange of medical records from the patients. Several market participants have introduced COVID-19 related features into their existing EHRs, and these features are offered to users free of charge.
In March 2020, IBM Watson Health and EBSCO Information Services announced a strategic collaboration aimed toward enhancing clinical decision support (CDS) and operations for healthcare providers and health systems. The companies have designed a combined solution suite to bring together drug and disease content into a single source for evidence-based insights called DynaMed and Micromedex with Watson, to help inform clinical decisions.
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Based on product global clinical decision support system (CDSS) market is segmented into integrated CDSS and Standalone CDSS. The integrated CDSS is the leading product segment and will grow at a faster pace because of the huge demand for solutions with interoperability and data sharing capabilities. The rise in awareness and adoption of EHR by multi-specialty hospitals will support the growth of the integrated CDSS.
The Asia Pacific is expected to have the fastest growth during the forecast period owing to the presence of old age population, improved government legislation, increase in chronic diseases, increase in investment expenditure in the healthcare sector in countries such as China, Australia, India, and Singapore, and the growing focus of market players on the emerging Asian countries will propel the demand for CDSS market in Asia.
Some of the major players in the global clinical decision support system (CDSS) market include Cerner Corporation, Epic Systems Corporation, Medical Information Technology, Inc., Wolter Kluwer N.V., Zynx Health Incorporated, Elsevier, IBM Watson Health, Allscripts Healthcare, LLC, Siemens Healthcare GmbH, and McKesson Corporation.
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