The global Computerized Physician 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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