Sarasota, FL -- (SBWIRE) -- 08/07/2018 -- 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.

The factors that are driving the growth of the healthcare decision support system market are the increasing requirement for reduction of the medical errors and growing need to improve the clinical outcomes and quality of care. There has been a rise in the aging population and the number of people that are affected by chronic diseases which have positively contributed to the growth of the healthcare decision support system market. The rise in the government initiatives has also augmented the growth of the market.

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Healthcare decision support system can be termed as an application that helps the healthcare providers to access the information of the patients' in order to take proper clinical decisions. The healthcare decision support system is widely used in the healthcare sector by the physicians, nurses, or any healthcare provider for accessing the data to provide quality treatment.

Healthcare decision support systems include a wide range of tools that help in the decision-making in the workflow of clinical systems. Some of the tools include focused patient data reports & summaries, computerized reminders and alerts to care patients and providers, diagnostic support, clinical guidelines, drug dosing support, and drug allergy support, among others.

The healthcare decision support system market comprises the offerings segment in which the services accounted for the largest share in the market. In 2017, the services segment held more than 50% of the market share. However, it is anticipated that the software segment will witness the highest CAGR growth during the forecasted period owing to the need for the periodic software upgradation.

By deployment type, the web-based solutions registered the highest market share of more than 38% in 2017. The ease of availability and accessibility are the main factors that contributed to the growth of the segment. On the other hand, it is expected that in the coming years cloud-based solution will have an increasing demand in the global market.

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The knowledge-based model accounted for more than 50% of the market share in 2017. The segment anticipates growing at a CAGR of more than 12% in the forecast period. The factor that contributes to the growth of the segment is the capability of the knowledge-based model to translate the scientific data into computer-interpretable decision algorithms.

Electronic health records ease the efforts of moving the clinical information from paper to online systems. But as the healthcare sector is a global spotlight, with initiatives to manage escalation cost, improve quality & excellence, and much more hence the adoption of the electronic health records is increasing. For instance, the Obama administration's ARRA (The American Recovery and Reinvestment Act of 2009), economic stimulus package includes more than USD 36 billion in initiatives to promote the adoption of EHRs among hospitals and physician practices.

The market is growing at a rapid pace in the developing regions. Though North America dominates the healthcare decision support system market the Asia Pacific region is anticipated to have an influential share over the market. Increase in the research & development activities in order to enhance the healthcare applications to obtain more accurate and precise outcome is fuelling the growth of the healthcare decision support system market in Asia Pacific region. Increasing incidences of chronic disorders and augmentation in geriatric population will also increase the burden on the healthcare systems which will, in turn, positively affect the growth of the healthcare decision support system market during the forecast period.

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The major market players in the healthcare decision support system market are 3M Health Information Systems, Agfa-Gevaert Group, Allscripts Healthcare Solutions, Inc., Carestream Health, Cerner Corporation, Epic Systems Corporation, GE Healthcare, Haitai Medical Information Systems Co., Ltd., Healthcare Management Systems, IBM Corporation, McKesson Corporation, Philips Healthcare, QSI Management, LLC, Quintiles IMS, Siemens Healthcare GmbH., Surgical Information Systems, Wolters Kluwer Health, and Zynx Health Incorporated, among others.

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