Report ID :10294104 |
Published Date : 21 Oct 2022 |
Report Format : |
Delivery Timeline :48-72 Business Hours
REPORT HIGHLIGHT
The computerized physician order entry market was valued at USD 1.29 billion by 2017, growing with 6.8% CAGR during the forecast period, 2018-2025.
Market Dynamics
Computerized Physician Order Entry (CPOE) is a system that requires a medical practitioner’s data to be made digital/ online for improving transparency and efficiency. Over the years, the practice of writing medical findings, prescriptions by hand possibly in non-legible handwriting could be the caused mishaps. An article published by the National Center for Biotechnology Information (NCBI) stated that errors of fault dosages, risk of potentially using incorrect of harmful medication is very high owing to handwritten prescriptions. Computerized physician order entry could drastically reduce such errors caused due to manual methods.
One significant growth factor in this market is the technology advancements coupled with favourable government initiatives to reduce medication errors. Most government organizations across the world are switching to a computerized data entry method which could potentially save a number of lives. The World Health Organization (WHO) during its 58th World Health Assembly promoted CPOE as one of the interventions to increase patient safety. One of the market restraints is that long term duration it may take to implement this system fully.
Type Takeaway
There are two main types of CPOE that have been identified, standalone and integrated. Integrated system dominates the market, in terms of revenue share. The integrated system involves a complete change in the data entry system across all departments of the hospital. Right from the admin up to case history of complicated procedures.
Integrated system is becoming a popular option among the end-users as it would effectively turn around the entire bookkeeping in a hospital, thus, increasing the efficiencies multi-fold. The software will be connected across the hospital reception, pharmacy, case history, doctor’s suggestions, etc. A complete 360 degree view on each case can be easily found on integrated CPOE systems. Standalone systems are singular departments digitalizing their data, this is more uncommon than the integrated system.
Component Takeaway
Component segment is categorized into hardware, software, and services. Services category was of maximum significance, accounting for the highest revenue share. The outsourcing of this data included saving time, money and training staff constantly. When services are outsourced, it is done so to companies that are already effectively managing a similar profile. Hardware is the second highest market in terms of revenue, this can be attributed to the costs involved with setting the infrastructure that promotes conducive growth of CPOE. Some of the costs involved in this category include the high pricing of high-speed internet, computer systems and overall change in infrastructure facilities.
Delivery Mode Takeaway
The three major categories within the delivery modes include, on premises, cloud-based and web-based. The highest market share here is held by web-based services, this is because exposure to internet services is already widespread. A high level of digital food print has allowed this segment to the largest among all. However in terms, if expected boost in growth, cloud-based systems will do well. The advantages offered by cloud-based systems will outweigh other probable options.
End-Use Takeaway
The major categories in the end use segments are Hospitals, ambulatory centres, physician’s office, and emergency healthcare services. Due to the direct correlation between doctors, medical practitioners, and data scientists, hospitals hold the maximum revenue share. In case of emergency, healthcare services demands CPOE technology due to a quicker turnaround time that is expected in such cases, supporting the segment growth.
Regional Takeaway
North America dominates the industry owing to its accessibility to advanced systems such as CPOE. An overall advantage in terms of health care services, disposable income and general initiatives to improve the health care systems uplift the regional growth. On the other side, the Asia Pacific is deemed to grow on a larger scale due to its growing economies and a general increase in the need for technological advancements in the medical sectors. These factors coupled with government policies and a huge population base will increase the chances of growth for this region.
Key Vendor Takeaway
Major companies involved in CPOE include Cerner, Athenahealth, Allscripts Healthcare, McKesson Corporation, Siemens Healthcare, IBM Corporation, OptumHealth, Verisk Analytics, Oracle Corporation and Philips Healthcare. Among which, it is analysed that Cerner Corporation accounted for the significant revenue share, occupied over 12% of the healthcare CPOE revenue. Key players are actively engaged in new product developments, strategic mergers & acquisitions and collaboration with government authorities to increase their market presence.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
TARGET AUDIENCE
Traders, Distributors, and Suppliers
Manufacturers
Government and Regional Agencies
Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY TYPE
Integrated
Standalone
MARKET, BY COMPONENT
Hardware
Software
Services
MARKET, BY DELIVERY MODE
On Premises
Web-based
Cloud Based
BY END USE
Hospitals
Ambulatory Centers
Physician Office
Emergency Healthcare services
MARKET, BY REGION
North America
U.S.
Canada
Europe
Germany
France
Rest of Europe
Asia Pacific
India
China
Rest of APAC
Rest of the World
Middle East and Africa
Latin America
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