According to data from a research study titled ‘Healthcare Decision Support and IBM (NYSE: IBM) Watson Market Shares, Strategy, and Forecasts, Worldwide, 2013 to 2019’, the global healthcare decision support market is likely to reach USD 239 billion by the year 2019. The market was estimated at about USD 201.7 billion just a few years ago in 2012.
Healthcare decision support in the United States
This growth will be fueled by a graying population in the developed nations as well as by the growth of government led efforts in countries like the United States. With major players like IBM Watson leading the pack, innovation will be a game changer. To stay competitive, their offerings like a differentiated testing system could be critical.
According to projections from the study, 93 percent of the entire healthcare decision support market in 2019 will be generated by consumer queries or personal queries.
A separate report ‘Clinical Decision Support Systems Market (2014-2020)’, credits the early uptake of new technologies and investments by healthcare service providers for the domination of North America as a market for such decision support system.
Cutting down on inefficiencies in testing with healthcare decision support
An estimated 30 percent of all costs incurred for healthcare delivery in the United States come from tests that are either of little value in a patient’s case, or even those that are outright wrong.
The technology from IBM Watson has the capability to offer a more nuanced testing assessment that will enable better decisions on which tests can be best applied to specific patient conditions. More importantly, it can inform a user of what tests are of little or no use. Access to the system is likely to be in the range of USD 60 in monthly charges to each physician. A backbone of cloud based healthcare decision support systems will form the basis of the IBM Watson offering.
Mobile penetration and newer cognitive computer technology fuel growth
As mobile connectivity grows at a staggering pace in developing nations, the mushrooming of healthcare related technology and apps have made the market ripe for wider reach and greater usage of healthcare decision support systems. The 2019 numbers will owe their success to the availability of newer forms of cognitive computing technology.
And while early indicators of the applications of what Watson is bringing to the market seem promising, what is even more exciting is the many uses that are likely to emerge as the technology evolves. The possibilities it seems, are endless.