Computerized Physician Order Entry (CPOE) Market Size Worth USD 2.06 Billion by 2025 | CAGR: 6.8%
Published Date : July 2019 | Report Code: AV331 | Report Format: PDF
The global computerized physician order entry market is expected to grow at CAGR of 6.8% to reach USD 2.06 billion by 2025.
Computerized Physician Order Entry (CPOE) is a process of sending or entering medication orders and treatment information electronically i.e. through computer application instead of on paper charts. The practice of writing prescriptions and medical findings by hand possibly in non-legible handwriting could be the caused mishaps. As per the National Center for Biotechnology Information (NCBI), around millions of patients suffer serious adverse effects from medication errors. CPOE can enhance patient safety by reducing or eliminating such errors and improve efficiency and transparency.
One significant growth factor in this industry is the advancement in technologies coupled with favorable government actions 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. High cost also act as the potential restraint for this market growth. As per the New England Healthcare Institute, initial outlay of CPOE operating funds requirement ranging from USD 3.5 million (for a 100-bed hospital) to USD 11 million (for a 500-bed facility).
- In terms of types, CPOE segment is categorized into standalone and integrated. Of which, integrated system accounted for the highest revenue share
- Integrated CPOE system has become a popular option among the end-users as it would effectively turn around the entire bookkeeping in hospital settings, thus, increasing the efficiencies multi-fold
- Component segment is divided into software, hardware and services. It is analyzed that services segment captured the maximum revenue share
- Based on delivery mode, the industry is bifurcated into cloud-based, on-premises and web-based category. The maximum segment share here is held by web-based services owing to the high level of digital foot print across the globe.
- The major categories in the end use segments are ambulatory centers, hospitals settings, emergency healthcare services and physician’s office.
- Emergency wards accounted for the highest share. In case of emergency, CPOE technology is very much useful in emergency as it offers quicker turnaround time
- With the major opportunities in the North America, key players are expanding their footprint in the U.S. and Canada. Key players in this region engaged in innovating their products with highly attributed features to remain pertinent in the rapidly-evolving industry.
- Companies such as Athenahealth, Cerner, McKesson Corporation, Allscripts Healthcare, IBM Corporation, Siemens Healthcare, Verisk Analytics, OptumHealth, Philips Healthcare and Oracle Corporation are actively operating in this industry
- Cerner Corporation emerged as the key players, captured over 12% of the healthcare CPOE market share
KEY BENEFITS OF THE REPORT:
- The report presents a macro and micro-level outlook regarding the industry. Thus, it becomes easy for our clients to perceive the business landscape and take a glimpse of their own standing in it.
- A thorough analysis of relevant statistical data to estimate the market paradigms
- Exceptional understanding of region and country-specific markets. The report will answer some of the toughest questions regarding the market shares, sizes, forecasts segmentations, and growth specific to the countries.
- Well-designed strategic framework analyzes the market movements including regional expansion, mergers & acquisitions, and new product developments
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY TYPE
MARKET, BY COMPONENT
MARKET, BY DELIVERY MODE
- On Premises
- Cloud Based
BY END USE
- Physician Office
- Emergency Healthcare services
- Ambulatory Centers
MARKET, BY REGION
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Middle East and Africa
- Latin America
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