High Implementation CostsRestraining Computerized Physician Order Entry Systems Market Growth inEmerging Economies
The ComputerizedPhysician Order Entry (CPOE) Systems Market can be analyzed in five majorregions: North America, Europe, Asia Pacific, Latin America, and Rest of theWorld. Prime factors driving growth in North America and Europe include growingdemand for paperless environment to minimize human error, decreasing delay inorder completion, and the need for reducing treatment costs. Furthermore,increasing government pressure to automate healthcare facilities is also fuelinggrowth of the computerized physician order entry systems market. However,demand for CPOE systems in Asia Pacific and Latin America is increasing withincreasing pressure on reducing costs and medication errors. Also, betterstorage and management of patient’s information record and increasing need tominimize records retention costs is also projected to propel growth of thecomputerized physician order entry systems market in the near future. On theother hand, lack of professionally trained workforce and major capitalinvestment involved in installation of the system is hindering demand forcomputerized physician order entry systems in the emerging economies.
A computerized physician orderentry (CPOE) system, also called Computerized Provider Order Entry, is ahealthcare information system that electronically captures and storesphysician's instructions and helps improve efficiency of patient-caremanagement. The CPOE system ensures proper collection and transfer of patient’shealth data between laboratories, clinics, pharmacy, laboratory, radiology. andother healthcare agencies. Physicians and pharmacists can view patient status,enter orders, document their details, and share information in an easy-to-usepatient record.
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Computerized physician orderentry system has a number of advantages such as reduction in length of stay,non-repetition of tests, reduced turnaround time for laboratory tests, andenhanced cost savings. Moreover, CPOE is also highly beneficial as itintegrates clinical decision support system (CDSS) and electronic health record(EHR) system, ensuring the utmost cost-effectiveness.
Popular systems in thecomputerized physician order entry systems market: PatientKeeper, Cerner CPOEsystem, Horizon Expert Orders, GE and Mindfire CPOE Software solutions
Digital Transformation of Medicineis Exemplified by CPOE System
Use of CPOE system significantlyaids in reducing prescription and dispensing errors, reducing costs, improvingpatient care, and enhancing workflow automation. A study published in AppliedClinical 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 forHealthcare research and Quality, by the end of 2015, around 84% of the federalacute care hospitals had implemented CPOE systems. In outpatient settings,around 50% of them had installed by the end of 2014. However, according to EHRIntelligence, CPOE systems failed to flag-off 39% of potentially harmfulorders. A number of companies offer novel software and systems for themonitoring and controlling of health information.
Some of the major companiesoperating in the computerized physician order entry systems market are CernerCorporation, McKesson Corporation, Athenahealth, Inc., GE Healthcare, EpicSystems Corporation, and Allscripts Healthcare Solutions, Inc.
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Key Developments
Key players in the market areinvolved in various business strategies such as partnership and collaboration.In April 2019, GE Healthcare entered into partnership with a technology servicecompany Nasscom to encourage startups eco-system to work on digital healthcaresolutions in India. This partnership will provide low-cost medical devicesalong with tech-enabled diagnostics.
Key players are involved invarious business strategies such as collaboration and partnership to gaincompetitive edge in the market. In August 2019, Cerner Corporation, a globalhealth platform and innovation company entered into partnership withLifeCenters to provide primary care, fitness programs, and pharmacy togeriatric population living in the U.S.
Major players in the market areinvolved in various strategies such as product development to gain competitiveedge in the market. In August 2019, Cerner Corporation, a global healthplatform and innovation company announced the development of Cerner LearningHealth Network, which will assist clinicians more easily and effectively togain health insights and guide care.
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