The global ComputerizedPhysician Order Entry (CPOE) Market is expected to value at USD 1.9 billion by 2024. The computerized physician order entry industry is subject to witness a substantial growth due to the rising incidences of medication errors during the delivering and transcribing stage.
In
addition, numerous initiatives and policies undertaken by both private bodies
and regional government to promote streamline care delivery process are expected
to boost market demand for computerized physician order entry (CPOE) systems
over the forecast period. The prime objectives of computerized physician order
entry (CPOE) systems is to incorporate automation for reducing errors and
bringing an overall reduction in clinical decision time.
Improved
healthcare infrastructure and rise in the number of medical facilities,
especially in the developed economies is predicted to favor market growth as
well. The computerized physician order entry (CPOE) systems offers a viable
platform and support prime objectives such as reducing errors during delivering
and transcribing stage. These factors are anticipated to foster market
expansion of computerized physician order entry (CPOE) in the near
future. Globally, the computerized physician order entry market is
predicted to grow at CAGR of 6.2% in the forecast period, providing numerous
opportunities for market players to invest for research and development in the
market.
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The
recent technological advancement in the healthcare sector coupled with
deployment of novel technologies such as healthcare information technology (IT)
are expected to bolster market growth over the next seven years. Rise in the
number of promotional activities by international as well as local authorities
such as the World Health Organization (WHO) to offer various strategic actions
for adoption of information technology involving computerized physician order
entry (CPOE) systems, are anticipated to drive industry expansion in the
upcoming years.
The
computerized physician order entry (CPOE) offer centralization of medical
systems in order to streamline various processes to achieve multiple economic
benefits. Growing adoption of lean management principles like six sigma to
perform different periodic functionalities to optimize use of resources is
predicted to boost the market progress as well. Moreover, centralization of
various processes is gaining traction in healthcare sector over the forecast
period. The computerized physician order entry (CPOE) are divided into two
major types such as integrated CPOE and standalone CPOE.
The
CPOE industry is broadly categorized into four major segments based on the
application type such as hospitals, ambulatory centers, physician, and
emergency healthcare services. The hospitals sector is considered as one of the
fastest growing segment in the CPOE market with substantial revenue generation
in the last few years.
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Growing
popularity of computerized physician order entry (CPOE) systems in the hospital
segment is attributed to the growing consumer pool and higher financing
capabilities. The emergency healthcare services segment has also witnessed
substantial growth owing to the rising demand for efficient maintenance of the
large order volumes and improved order completeness to minimize errors.
The
computerized physician order entry (CPOE) industry is divided by region as
North America, Europe, Asia-Pacific, Latin America and Africa. North America
has shown major growth in recent years owing to the rise in the implementation
of latest technologies in healthcare sector, increase in the number of research
& development activities in the region, and existence of well-established
medical facilities.
Asia-Pacific
region is predicted to hold major market share in the computerized physician
order entry market with massive growth in forecast period. Countries such as
India, China and Japan are leading the Asia-Pacific market with strong economic
growth, rising awareness among general population, increasing disposable income,
rising healthcare expenditure, and significant investment by leading industry
players considering potential growth opportunities in the region.
The
key players in the computerized physician order entry industry are Cerner Co.,
CliniComp International, Inc., Allscripts Co., Epic Systems, Inc., GE
Healthcare GmbH, McKesson Co., MEDITECH (Medical Information Technology, Inc.),
Siemens Healthcare, Inc., Visual MED, Inc., Philips Healthcare N.V., and Athena
Health, Inc.
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