Dallas, TX -- (ReleaseWire) -- 07/17/2014 -- The global clinical decision support system market is estimated to cross $550 million by 2018, at a CAGR of close to 10.0% between 2013 and 2018. The rising budgetary pressure to reduce healthcare expenditures, growth in aging population, rising incidences of various diseases due to medication errors, growing need to integrate healthcare IT solutions, improved quality of care and clinical outcomes, and presence of favorable government initiatives are the significant factors propelling the growth of this market in the forecast period. However, rising incidences of data breach and loss of confidentiality, high maintenance and service expenses, shortage of trained IT professionals, and high cost of CDSS solutions are the factors that are hindering the market growth.
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The emergence of the cloud computing mode of delivery and the presence of government initiatives for implementing clinical decision support system solutions in emerging markets offer ample opportunities for healthcare IT vendors to invest in research and development, product modification, application software development, and service provision. The recent arrival of IBM Watson, a cognitive computing-based supercomputer is likely to revolutionize the market. However, this supercomputer is still under trial phase.
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Geographic analysis reveals that North America is the largest contributor to the global market and is expected to grow at the highest rate. Europe holds the second position which is attributed to the growing demand for EHR with clinical decision support system modules in The Netherlands and Spain, initiatives by European Commission such as eGovernment action plan 2011-2015 to support and complement Information and Communication Technologies (ICT) including eHealth, and improving economic condition.Asia (China, India, and South Korea), and Latin America (Brazil) are also poised to grow at high double-digit CAGRs.
The key players in this market are Agfa Healthcare (Belgium), athenahealth, Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Carestream Health, Inc. (U.S.), Cerner Corporation (U.S.), Epic (U.S.), GE Healthcare (U.K.), McKesson Corporation (U.S.), MEDITECH (U.S.), NextGen Healthcare Information System LLC (U.S.), Novarad Corporation (U.S.), Philips Healthcare (Netherlands), Siemens Healthcare (Germany), Wolters Kluwer (U.S.), and Zynx Health (U.S.).
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