Advanced Clinical Decision Support Platforms Market to Reach $1.2 Billion, Globally, by 2031 at 9% CAGR: Allied Market Research

Rise in incidence of medical error, surge in application of electronic health record system, increase in the number of advanced clinical decision support platforms industry, and rise in prevalence of chronic diseases drive the global advanced clinical decision support platforms market.  

PORTLAND, Ore., March 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Advanced Clinical Decision Support Platforms Market By Type (Therapeutic, Diagnostic), By Model (Knowledge based, Non Knowledge based), By Setting (Hospitals, Ambulatory care): Global Opportunity Analysis and Industry Forecast, 2021-2031."

According to the report, the global advanced clinical decision support platforms market generated $496.4 million in 2021 and is estimated to generate $1.2 billion by 2031, witnessing a CAGR of 9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

Rise in incidence of medical error, surge in application of electronic health record system, increase in the number of advanced clinical decision support platforms industry, and rise in prevalence of chronic diseases drive the global advanced clinical decision support platforms market. However, worries about data security associated to CDSS that are in the cloud restrict the market growth. On the other hand, rise in the number of product launch for knowledge-based clinical decision support systems, surge in expenditure by government to develop healthcare infrastructure, and increase in the number of hospitals will present lucrative opportunities for the global advanced clinical decision support platforms market in the coming years.

Impact of Covid-19 on Advanced Clinical Decision Support Platforms Market

• The COVID-19 pandemic had a positive impact on the advanced clinical decision support platform market, as the demand for advanced clinical decision support platform increased slightly due to the increased need for accurate and timely clinical decision making during the pandemic.
• The demand for advanced clinical decision support platform surged due to the increasing demand for remote patient care and telehealth services. Advanced clinical decision support platform has enabled healthcare providers to make more informed decisions about patient care and provide better treatment options. In addition, advanced clinical decision support platform allowed healthcare providers to provide more efficient and accurate clinical decision making for patient care.
• Furthermore, the pandemic also created an increased demand for data-driven healthcare solutions. As an advanced clinical decision support platform, it is one the data-driven solutions that can provide the necessary data to make more accurate and timely decisions. Thus, rise in application of advanced clinical decision support platform during pandemic fueled the market growth.

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The knowledge-based segment to rule the roost

Based on model, the knowledge-based segment held the highest market share in 2021, accounting for more than four fifths of the global advanced clinical decision support platforms market and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 9.1% from 2022 to 2031. This is because of the rise in the number of product launches for knowledge-based clinical decision support systems. The report also analyzes non-knowledge-based segment.

The hospitals segment to maintain its leadership status throughout the forecast period

Based on setting, the hospitals segment contributed to the largest share of more than three-fourths of the global advanced clinical decision support platforms market in 2021 and is expected to maintain its dominance during the forecast period. The same segment is projected to witness the fastest CAGR of 9.1% from 2022 to 2031, owing to a rise in expenditure by the government to develop healthcare infrastructure and increase in the number of hospitals. The report also discusses ambulatory care segment.

The therapeutic segment to maintain its leadership during the forecast period

Based on type, the therapeutic segment held the highest market share in 2021, accounting for nearly three-fifths of the global advanced clinical decision support platforms market in 2021 and is expected to maintain its dominance during the forecast period. The same segment is projected to witness the fastest CAGR of 9.4% from 2022 to 2031, owing to rise in the prevalence of chronic diseases and increase in the adoption of advanced clinical decision support platforms for therapeutic purposes. The report also discusses the diagnostic segment.

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North America to achieve the largest revenue by 2031

Based on region, the market in North America was the largest in 2021, accounting for nearly half of the global advanced clinical decision support platforms market. The growth is attributed to the increase in the number of key players that manufacture advanced clinical decision support platform, and technological advancement in digital healthcare. However, Asia-Pacific region is expected to rule the roost in terms of revenue and expected to portray fastest CAGR of 10.2% from 2022 to 2031. The growth is attributed to rise in expenditure by government organizations to develop healthcare sector, increase in prevalence chronic disorders and rise in the number of geriatric populations. The report also discusses Europe and LAMEA regions.

Leading Market Players:

• Wolters Kluwer
• IBM Watson Health
• Veradigm Inc.
• NextGen Healthcare Inc.
• Siemens Healthineers
• Oracle Corporation
• Meditech
• Epic Systems Corporation
• Zynx health
• Relx Group

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