Clinical Decision Support Systems Market Gaining Traction Thanks to Improved Clinical Outcomes
Decision-making is an inextricable aspect of the work of healthcare professionals and medical practitioners. Clinical decisions could range from the mundane to the more complex ones, such as prescribing tests and planning surgeries. Because this decision-making often relates to life-and-death situations, it cannot be arbitrary. Medical decisions have to, per force, be based on a study of patients’ historical clinical data – and it is here that the use of a clinical decision support system (CDSS) truly proves valuable.
The market for clinical decision support systems (CDSS) took off after the Health Information Technology for Economic and Clinical Health (ACT) was passed in the United States in 2009. This encouraged added investments in healthcare IT systems, proving beneficial for the CDSS market in the process. The stringent stipulations (and deadlines for implementing them) associated with the Act have furthered the adoption of clinical decision making support systems in the United States. The trickle-down effect has been visible in the overall American market. Europe, on its part, is governed by a similar set of regulations that stipulate the deployment of meaningful healthcare IT systems.
Currently, the North America market features the highest penetration of CDSSs, and is expected to surpass all other geographical markets in terms of growth rate. Following closely behind North America is the Europe CDSS market, where countries such as Spain and The Netherlands play an influential role.
As Pressure Mounts to Expend Less on Healthcare Costs, CDSSs Seamlessly Bridge the Gap
It is expected that the global clinical decision support system market will just about manage to register a double-digit compounded annual growth rate (CAGR) through this decade. The market is expected to surpass the US$ 500 million mark in the next two to three years (by 2018). This growth will occur largely because government bodies are under tremendous pressure to judiciously allocate funds toward healthcare expenditures. But, implementing this is a tight-rope walk considering the global gray wave and the escalating incidences of diseases, not to mention mandates relating to the adoption of healthcare IT systems. On the face of it, it might seem like a multi-pronged problem, but it is the best growth opportunity that the CDSS market could ever have.
The following advantages have turned governments in favor of clinical decision support systems:
- Initial capital costs are on the higher side, but the long-term advantages more than compensate for the costs, and provide positive ROI in the process
- Reduction in errors such as duplication of tests and medication, effective and unbiased drug prescriptions, create more standardization in quality of care
- Bring all patient-related data on a single platform enabling anytime-anywhere access
While the aforementioned factors will certainly add to the revenues of the clinical decision support systems market, the disadvantages of CDSSs are difficult to overlook because of their sheer potential consequences. Data breach is one such threat that could impede the growth of the CDSS market to a marked extent. When it comes to confidentiality, CDSSs are yet to reach the breach-proof level.