Industry Outlook
The healthcare decision support and IBM Watson market is projected to showcase steady growth at a compounded annual growth rate (CAGR) of 11.4% during the forecast period from 2018 to 2026. IT-healthcare segment has undergone tremendous revolution in the last decade providing solutions such as pharmacovigilence, clinical data management, regulatory affairs, scientific journal publications etc. The main goal is to provide best healthcare services to ailing patients worldwide. Healthcare decision support is helpful in guiding physicians regarding which medical tests are effective and can lead to effective conclusion while diagnosing idiopathic diseases and syndromes having overlapping symptoms with other diseases adding to the increased healthcare burden and misery of the ailing patient. Cognitive computing is being utilized by pharmaceutical companies to determine different therapeutic options for malignant tumors based on their genetic anomalies. Clinical trial matching has expedited the patients screening for clinical trial eligibility, drastically reducing the processing time from days to few hours. The most important application of healthcare decision support system is combining artificial intelligence with realistic scientific evidence to promote more visibility to healthcare professionals while providing medicine and palliative care to patients with chronic diseases. The market is still in its nascent stage with lack of awareness in developing nations.
"Increasing outsourcing activities and developing healthcare infrastructure throughout the globe propel the IT-healthcare solutions market growth"
IBM Watson has been pioneering in providing healthcare solutions such as data stewardship, maintenance of clinical data, medical insights etc. with effective cloud computing applications for the safety and storage of useful scientific data. Research activities are conducted on a wide scale throughout the globe which needs to be shared with the scientific community to promote research activities pertaining to genomic and drug discovery studies. Artificial intelligence services are being catered to healthcare industry pertaining to annotation of clinical data and patient similarity. In the near future healthcare decision support will assist medical professionals in making useful decisions pertaining to treatment of chronic diseases such as cancer, diabetes, cardiovascular, genetic anomalies etc., by providing latest medical insights in real time mode.
"Established software industry and increasing demand for drug discovery drives the healthcare decision support market growth in North America"
North America is the dominant leader in the regional segment for healthcare decision support and IBM Watson market. Presence of established IT sector providing healthcare services & solutions and increasing demand for drug discovery drive the healthcare decision support market growth in North America. Tremendous government funding in conducting medical research and effective collaboration of pharmaceutical giants with research academia has led to the development of huge clinical data which needs to be managed accordingly in the European region. Asia Pacific is showing significant growth prospectus on account of rising prevalence of chronic disease, evolving health insurance sector and outsourcing activities performed by IT giants pertaining to healthcare.
Major software companies providing healthcare decision support are Accenture, Aetna, American Well Systems, AT&T, Cisco, EMC Health Care Ltd., IBM Watson, McKesson Corporation, Optum, Inc. and Vangent, Inc.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Healthcare Decision Support And IBM Watson market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
