The latest market report published by Credence Research, Inc. “Global Healthcare Decision Support and IBM Watson Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global healthcare decision support and IBM Watson market is expected to expand at a CAGR of 11.4% from 2018 to 2026.
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IBM Watson has developed a core engine which aids the scientific community in understanding scientific literature by cross referencing and extracting information related to genes, diseases, drugs and promote multiple access to users worldwide. Healthcare decision support is widely employed by medical professionals to assist them in providing value based care and mediate strategic decision pertaining to treatment regimen. It is useful in providing services such as consumer engagement and fraud detection in government and privately held medical facilities. Notable features such as data warehousing, streamlining administrative operations and stakeholder management are being imparted to healthcare decision support services. Population trend analysis, demographics, cost sharing and recipient profiling are being developed under novel healthcare reform initiatives promoted by government healthcare agencies worldwide.
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IT healthcare solutions are reigning the offerings segment for healthcare decision support market. Huge generation of clinical data, urgent requirement of medical insights to assist in the decision making for treatment of ailing patients drive the IT healthcare solutions market growth. Genomic studies are being fortified with past scientific data to provide useful therapeutic options for malignant tumors and enhance patient compliance. Artificial intelligence and cognitive computing are being combined with real time scientific evidence to promote effective treatment guidelines and disease diagnosis.
North America is currently leading the regional segment for healthcare decision support and IBM Watson market. Domicile of key players such as IBM Watson, Accenture, American Well Systems, AT&T, McKesson Corporation etc. provide IT-healthcare solutions to the medical fraternity of North America. Burgeoning requirement of novel drug discovery in the light of increasing mortality induced by chronic diseases drive the healthcare decision support market growth in North America.
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Strategic collaboration between pharmaceutical giants and research academia and proactive government policies in providing effective treatment guidelines propel the healthcare decision support market growth in European region. Asia Pacific will be the fastest growing market during the forecast period from 2018 to 2026 on account of developing IT-healthcare sector and increasing mortality associated with lack of effective treatment pertaining to chronic disease.
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.
Key Market Movements:
- Rising prevalence of chronic disease and burgeoning requirement of novel drug discovery throughout the globe
- Developing healthcare infrastructure and increasing demand for IT-healthcare solutions in patient treatment
- Cognitive computing and artificial intelligence being clubbed with real scientific evidences to promote excellent clinical outcomes
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