Market Trends of Clinical Decision Support Systems Industry
This section covers the major market trends shaping the Clinical Decision Support Systems Market according to our research experts:
The Cloud-based Segment is Expected to Hold a Major Market Share Over the Forecast Period
The increasing healthcare expenditure and adoption of cloud computing are the major drivers for the expansion of the cloud-based segment of the market. The government in various countries in the European region are taking initiatives to support the growth of information technology in healthcare. For instance, in February 2021, the UK government launched an initiative to adopt a fully connected cloud-driven health service. Under this initiative, over two million National Health Services (NHS) mailboxes were moved to Microsoft's Azure Cloud. This will enable smoother and more efficient communication between staff across NHS organizations and departments and provide improved access to information. This will increase the usage of (Healthcare Information Technology) HCIT Change Management services in the United Kingdom and boost the market's growth.
Furthermore, local knowledge management of clinical decision support systems (CDSS) may require extensive processing power and storage capacity, which can result in high operating costs. In contrast, cloud-based applications are operated on remote servers, and executing them does not require a large amount of computational power or large storage space in the user's device.
Cloud-based applications do not depend on web browsers, which makes them inherently safer than web-based applications. In a cloud-based clinical decision support system, processing units are hosted on remote servers, which can be located in multiple data centers across the world, making them less vulnerable to cyberattacks. The increasing availability of cloud technology, owing to its benefit, is expected to drive the usage of cloud-based CDSS over the forecast period.
North America is Expected to Hold a Significant Share in the Market During the Forecast Period
The clinical decision support systems (CDSS) market in North America is driven due to the rise in the technological advancement in CDSS, the high awareness among patients, and rising investments in healthcare IT solutions in the region.
Also, the increasing funding from the government in North America for supporting healthcare is an attributing factor to the growth of the market in the United States. For instance, the Congressional Budget Office,2021, published that in the past few decades, federal funding for the National Institute of Health (NIH) has totaled over USD 700 billion.
Additionally, the increasingly advanced product launches in this region by various market players are also expected to contribute to the growth of the market. For instance, in August 2021, First Databank, Inc launched the FDB CDS Analytics, during the 2021 HIMSS Global conference and exhibition in Las Vegas. The solution enables healthcare provider organizations to easily identify, monitor, and customize clinical decision support in their electronic health record.
Similarly, in June 2021, a Canadian Healthcare company Pathway which offers, evidence-based clinical support to providers, raised USD 1.3 million in its first round of financing. With this financing, the company aimed to enhance clinical decision support systems which eventually increase healthcare efficiency.
These factors such as increasing investments, CDSS launches, and high funding for healthcare, may fuel the growth of the CDSS market over the forecast period in North America.
