Clinical Decision Support Systems Global Market Report 2024

The clinical decision support systems market size has grown rapidly in recent years. It will grow from $2.81 billion in 2023 to $3.14 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. Historical growth was propelled by various factors including the accumulation of increased healthcare data, advancements in medical knowledge, concerns regarding patient safety, pressures to manage healthcare costs, and the growing demand for evidence-based medicine within the healthcare industry.

The clinical decision support systems market size is expected to see rapid growth in the next few years. It will grow to $5.07 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. Anticipated growth in the upcoming period is linked to precision medicine initiatives, the adoption of value-based care models, the implementation of real-time decision support systems, efforts towards population health management, initiatives promoting interoperability, and addressing cybersecurity concerns within healthcare. Major trends expected in this forecast period encompass the utilization of mobile and cloud-based clinical decision support system (CDSS) solutions, optimization of clinical workflows, the application of patient-centric CDSS, real-time analytics for clinical insights, and collaborations with telehealth services for enhanced patient care.

The anticipated rise in hospitals embracing information systems is poised to be a key driver propelling the growth of the clinical decision support systems market. These information systems encompass both software and hardware utilized for data collection, storage, and processing. Their integration within healthcare facilities serves to facilitate efficient operations and streamline the flow of clinical data. For instance, in 2021, the International Data Corporation (IDC), a US-based advisory services company, projected that healthcare IT spending in Asia would surge to USD 14.9 billion by 2022. Consequently, the escalating adoption of information systems within hospitals stands as a catalyst fueling the expansion of the clinical decision support systems market.

The surge in demand for cloud computing is poised to significantly propel the expansion of the clinical decision support systems (CDSS) market. Cloud computing, a technology facilitating the delivery of diverse computing services over the internet, is extensively employed by organizations and individuals to oversee and invest in physical hardware and software infrastructure. Within CDSS, cloud computing plays a pivotal role, enabling healthcare entities to securely store extensive volumes of patient data, medical records, and pertinent information on centralized cloud servers. For example, as per Google LLC, a US-based technology company, in January 2023, the utilization of the public cloud witnessed a notable ascent, with 76% of individuals leveraging this technology in 2022, marking a 56% increase from the preceding year. Hence, the escalating demand for cloud computing stands as a driving force behind the burgeoning growth of the clinical decision support systems market.

Advancements in technology have emerged as the predominant trend driving traction within the clinical decision support systems market. Key players within this sector are directing their efforts toward innovating and introducing novel technological solutions to bolster their market standing. For instance, in April 2022, Change Healthcare, a prominent US-based healthcare technology company, unveiled InterQual, a clinical decision support solution geared toward evidence-based care. This offering incorporates interactive and revamped criteria aimed at optimizing workflow efficiency, along with the integration of artificial intelligence to facilitate proactive insights. Notably, this technology has the capability to predict whether a patient necessitates observation, or whether their condition warrants a short-term or long-term stay, showcasing the strides made in predictive capabilities within clinical decision support systems.

Prominent entities within the clinical decision support systems market are actively leveraging cutting-edge solutions, such as self-learning engines, to establish a competitive edge. Self-learning engines represent a category of artificial intelligence systems capable of enhancing their performance autonomously over time, devoid of explicit programming or supervision. An illustration of this innovation occurred in February 2021 when Apollo Hospitals Enterprise Limited, an Indian-based healthcare entity, introduced the Clinical Intelligence Engine (CIE) tool. This AI-powered clinical decision support system (CDSS) aids in clinical decision-making, condition management, home care, and wellness, catering specifically to qualified, practicing doctors. Powered by a self-learning engine, this tool demonstrates prowess in analyzing extensive data sets, recognizing patterns, and furnishing recommendations based on over 1300 conditions and 800 symptoms. Its overarching aim is to elevate the patient healthcare experience and democratize access to healthcare by amalgamating analytics, research, and advanced technology.

In April 2021, Halma PLC., a technology company based in the UK, completed the acquisition of PeriGen Inc. for a sum totaling $58 million. This strategic acquisition was aimed at expanding Halma PLC.'s footprint within the US perinatal care market, specifically in patient monitoring and assessment. Additionally, the acquisition was geared towards augmenting the company's capabilities in analytics and artificial intelligence. PeriGen Inc., based in the US, specializes in offering perinatal decision support software, aligning with Halma PLC.'s objective to strengthen its position in this sector and enhance its technological offerings within the healthcare domain.

Major companies operating in the clinical decision support systems market report are McKesson Corporation, Siemens Healthineers AG, Koninklijke Philips N.V., GE Healthcare, Hera-MI LLC, Cerner Corporation, Epic Systems Corporation, Elsevier B.V., Change Healthcare Corporation, Allscripts Healthcare Solutions Inc., Athenahealth Inc., Wolters Kluwer Health, Premier Inc., eClinicalWorks Inc., Veradigm Inc., NextGen Healthcare Inc., Medical Information Technology Inc., Meditech Systems Network Inc., Health Catalyst, CareCloud Inc., CureMD Inc., Strata Decision Technology, Zynx Health, First Databank Inc., Clinical Architecture Inc., VisualDx Group Inc., Apervita Inc., IBM Watson Health, The Medical Algorithms Company LP, RAMPmedical Inc.

North America was the largest region in the clinical decision support systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the clinical decision support systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the clinical decision support systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Clinical decision support systems encompass key components such as services, software, and hardware. They come in different models, including knowledge-based and non-knowledge-based CDSS, utilizing various delivery modes such as on-premise and cloud-based systems. On-premise CDSS operates within an enterprise's internal IT infrastructure, specifically utilized in-house. This software is installed and functions on computers within the organization's premises, facilitating medical diagnoses, alerts, reminders, prescription decision support, information retrieval, and other applications prevalent in clinics, hospitals, ambulatory surgical centers, and similar end-user environments.

The clinical decision support systems market research report is one of a series of new reports that provides clinical decision support systems market statistics, including clinical decision support systems industry global market size, regional shares, competitors with a clinical decision support systems market share, detailed clinical decision support systems market segments, market trends and opportunities, and any further data you may need to thrive in the clinical decision support systems industry. This clinical decision support systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The clinical decision support systems (CDSS) market consists of sales of knowledge based CDSS, and non knowledge-based CDSS. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.