COMPUTERIZED PHYSICIAN ORDER ENTRY SYSTEMS MARKET ANALYSIS

A computerized physician order entry (CPOE) system, also called Computerized Provider Order Entry, is a healthcare information system that electronically captures and stores physician's instructions and helps improve efficiency of patient-care management. The CPOE system ensures proper collection and transfer of patient’s health data between laboratories, clinics, pharmacy, laboratory, radiology. and other healthcare agencies. Physicians and pharmacists can view patient status, enter orders, document their details, and share information in an easy-to-use patient record. Computerized physician order entry system has a number of advantages such as reduction in length of stay, non-repetition of tests, reduced turnaround time for laboratory tests, and enhanced cost savings. Moreover, CPOE is also highly beneficial as it integrates clinical decision support system (CDSS) and electronic health record (EHR) system, ensuring the utmost cost-effectiveness.

Computerized Physician Order Entry Systems Market Taxonomy

The computerized physician order entry systems market can be segmented on the basis of type of system, mode of delivery, component and end users as follows:

• Type of System
  • Integrated
  • Standalone
• Mode of Delivery
  • Cloud
  • On-premise
  • Web-based
• Component
  • Software
  • Hardware
  • Services
• End User
  • Hospitals
  • Clinics and nursing homes
  • Home health agencies

Popular systems in the computerized physician order entry systems market: PatientKeeper, Cerner CPOE system, Horizon Expert Orders, GE and Mindfire CPOE Software solutions

High Implementation Costs Restraining Computerized Physician Order Entry Systems Market Growth in Emerging Economies

The computerized physician order entry systems market can be analyzed in five major regions: North America, Europe, Asia Pacific, Latin America, and Rest of the World. Prime factors driving growth in North America and Europe include growing demand for paperless environment to minimize human error, decreasing delay in order completion, and the need for reducing treatment costs. Furthermore, increasing government pressure to automate healthcare facilities is also fueling growth of the computerized physician order entry systems market. However, demand for CPOE systems in Asia Pacific and Latin America is increasing with increasing pressure on reducing costs and medication errors. Also, better storage and management of patient’s information record and increasing need to minimize records retention costs is also projected to propel growth of the computerized physician order entry systems market in the near future. On the other hand, lack of professionally trained workforce and major capital investment involved in installation of the system is hindering demand for computerized physician order entry systems in the emerging economies.

Digital Transformation of Medicine is Exemplified by CPOE System

Use of CPOE system significantly aids in reducing prescription and dispensing errors, reducing costs, improving patient care, and enhancing workflow automation. A study published in Applied Clinical Informatics in 2014 stated that increase in use of CPOE led to 63% drop in length of hospital stay. According to a study by the Agency for Healthcare research and Quality, by the end of 2015, around 84% of the federal acute care hospitals had implemented CPOE systems. In outpatient settings, around 50% of them had installed by the end of 2014. However, according to EHR Intelligence, CPOE systems failed to flag-off 39% of potentially harmful orders. A number of companies offer novel software and systems for the monitoring and controlling of health information.

Some of the major companies operating in the computerized physician order entry systems market are Cerner Corporation, McKesson Corporation, Athenahealth, Inc., GE Healthcare, Epic Systems Corporation, and Allscripts Healthcare Solutions, Inc.

Key Developments

1. Key players in the market are involved in various business strategies such as partnership and collaboration. In April 2019, GE Healthcare entered into partnership with a technology service company Nasscom to encourage startups eco-system to work on digital healthcare solutions in India. This partnership will provide low-cost medical devices along with tech-enabled diagnostics.
2. Key players are involved in various business strategies such as collaboration and partnership to gain competitive edge in the market. In August 2019, Cerner Corporation, a global health platform and innovation company entered into partnership with LifeCenters to provide primary care, fitness programs, and pharmacy to geriatric population living in the U.S.
3. Major players in the market are involved in various strategies such as product development to gain competitive edge in the market. In August 2019, Cerner Corporation, a global health platform and innovation company announced the development of Cerner Learning Health Network, which will assist clinicians more easily and effectively to gain health insights and guide care.