New York, NY -- (SBWIRE) -- 04/23/2019 -- A computerized physician order entry(CPOE) system is a healthcare information system used to capture, store, manage, and transmit a medical practitioner's instructions electronically, for patients' treatment. The global revenues of the computerized physician order entry systems market are projected to escalate up to US$ 1.48 Bn in 2020, up from US$ 999.4 Mn, recorded in 2014. Over the forecast period 2014-2020, the market will expand at a CAGR of 6.8%.

Key Market Dynamics

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Increasing need for integrated healthcare will be a key driver the growth of the computerized physician order entry systems market. There are numerous incidences of medication errors, which further prompt at the need for an automated system for patient data collection and management. In addition, various governments across the globe are actively promoting the use of CPOE systems in tandem with sophisticated healthcare infrastructure, which is foreseen to favor the market growth throughout the forecast period. Growing need for efficient and accurate collection and exchange of extensive amounts of patient data between clinics, hospitals, and laboratories will continue to foster the market for computerized physician order entry systems. Integration of CPOE systems with clinical decision support systems (CDSS) and electronic health record (EHR) systems aids coordinated patient care service delivery. This has been a key advantage propelling the demand for CPOE systems. Moreover, the ability of integrated computerized physician order entry systems to enable the delivery of continuing patient care throughout the course of an illness, is also expected to boost the demand from the healthcare sector. Drug dosage support and clinical decision support are some more advantages of using computerized physician order entry systems. Growing awareness about this will be another key driver for the market. Rising population and prevalence of chronic diseases will remain a major factor pushing the demand for CPOE systems. Increasing investments by leading healthcare IT companies are also predicted to accelerate the adoption. The patient-centric approach is a more pronounced trend in the market these days. In addition, rising popularity of wireless and cloud technology is also influencing the market growth.

However, the field of healthcare delivery constantly faces lack of experienced and expert professionals, which may remain a key restraint for the market growth. Moreover, expensive and time consuming installation is anticipated to hamper the market condition to a certain extent. Interoperability issues have also been a longstanding challenge the growth of the market for CPOE systems globally. Lack of awareness among physicians and poor commitment top using these systems may deter the market growth, especially in developing regions.

Segment Analysis

Based on the delivery mode, the global computerized physician order entry systems market is segmented into web based CPOE, on premise CPOE, and cloud based CPOE. On the basis of components, the market is segmented into software, hardware, and services, whereas by end-user, the market is segmented into hospital, pharmacy, and laboratory. Component segment is anticipated to attract major revenues during 2014-2020. Web based CPOE is the largest mode of delivery, whereas hospital will continue to form the largest segment among end-users of computerized physician order entry systems. Cloud based CPOE is the fastest growing mode of delivery and laboratory CPOE is the fastest growing end users of computerized physician order entry systems.

Regional Analysis

The regional analysis segments the global market into four key markets - North America (the U.S.), Europe (the U.K., Germany, and France), Asia (Japan and China), and rest of the world. Owing to strong government initiatives regarding implementation of computerized physician order entry systems, North America has been the largest market for CPOE systems over the years. It will remain the leading market through to 2020, expanding at a CAGR of 6.7%. From US$ 589.7 Mn recorded in 2014, the North American market for CPOE systems market will reach up to US$ 870.3 Mn by 2020 end. Asia is expected to witness the fastest growth over the forecast period, attributed to growing chronic illnesses and awareness about the advantages of automated patient data management systems. China, Japan, and India will especially present ample untapped growth opportunities to the market. The European Commission's eHealth Action Plan (2012) emphasized the use of modern devices and technologies to promote personalized medicines in Europe. As a result, the market in Europe will witness moderate growth over the next few years.

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Key Market Players

The global computerized physician order entry systems market is operated by some of the key companies, including McKesson Corporation, Allscripts, GE Healthcare, Cerner Corporation, Siemens Healthcare, Epic Systems Corporation, Athenahealth, Inc., Carestream Health, Inc, NextGen Healthcare Information Systems, LLC, and Meditech. New market entrants may capitalize on the emerging market in developing regions and rising demand for efficient IT systems in diagnostics.