Report: European CPOE market to reach $173.5M in five years
European health ministries are keen on improving the IT infrastructure in the health sector. The higher adoption rate of hospital information systems, EMRs and other health IT has boosted the computerized provider order entry (CPOE) systems market, according to analysis from Frost & Sullivan.
“The healthcare industry has realized the important role that technologies such as CPOE can play in reducing medication errors,” stated the market research firm. However, because the economic crisis has cut into healthcare budgets, market participants need to focus on cost-effective systems while enabling hospitals to reduce medication-related adverse events.
The report, titled “European Market for Computerized Physician Order Entry (CPOE) Systems,” covered ambulatory and in-patient CPOE systems. The analysis revealed that the market earned revenues of $106 million in 2010 and could grow to $173.5 million in 2017, the company stated.
Improved IT adoption in the healthcare sector, coupled with the need to reduce medication errors, is driving the growth of CPOE systems in Europe, noted Frost & Sullivan. The trend of Integrating CPOE with other health IT is expected to accelerate.
Government support for health IT has led to the wider adoption of HIS and EMR, which directly improves the penetration of CPOE, the researcher stated.
High initial costs and shrinking budgets present important challenges for market participants. The high outlays involved in adopting such systems against a backdrop of tightened healthcare budgets have underlined the cautionary attitude being displayed by many hospitals towards CPOE.
Understanding client needs, customizing products to meet customer requirements and presenting a broader service range will encourage uptake by hospitals and healthcare providers grappling with shrinking budgets. At the same time, reducing initial expenditures and integration costs will propel market penetration, especially in small- and midsize hospitals, the researcher predicted.
“The healthcare industry has realized the important role that technologies such as CPOE can play in reducing medication errors,” stated the market research firm. However, because the economic crisis has cut into healthcare budgets, market participants need to focus on cost-effective systems while enabling hospitals to reduce medication-related adverse events.
The report, titled “European Market for Computerized Physician Order Entry (CPOE) Systems,” covered ambulatory and in-patient CPOE systems. The analysis revealed that the market earned revenues of $106 million in 2010 and could grow to $173.5 million in 2017, the company stated.
Improved IT adoption in the healthcare sector, coupled with the need to reduce medication errors, is driving the growth of CPOE systems in Europe, noted Frost & Sullivan. The trend of Integrating CPOE with other health IT is expected to accelerate.
Government support for health IT has led to the wider adoption of HIS and EMR, which directly improves the penetration of CPOE, the researcher stated.
High initial costs and shrinking budgets present important challenges for market participants. The high outlays involved in adopting such systems against a backdrop of tightened healthcare budgets have underlined the cautionary attitude being displayed by many hospitals towards CPOE.
Understanding client needs, customizing products to meet customer requirements and presenting a broader service range will encourage uptake by hospitals and healthcare providers grappling with shrinking budgets. At the same time, reducing initial expenditures and integration costs will propel market penetration, especially in small- and midsize hospitals, the researcher predicted.