The computerized physician order entry market will grow at 6.5 percent over five years, from $938.4 million in 2013 to more than $1.2 million in 2018, according to a new report from research firm MicroMarket Monitor.

Driving the CPOE growth across the world, especially in North America, are government investments and cloud-based solutions.

"The market is witnessing a number of technological advancements, due to government initiatives in the market," report authors write. "Extensive usage of the computerized physician order entry systems by emergency healthcare service providers, hospitals, nurses, and office-based physicians, for the smooth and efficient workflow is another factor for the growth. A cloud-based solution has opened an array of opportunities for the development of novel quality systems."

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The report identifies these key players in this market: Cerner, Allscripts, Epic, McKesson, GE Healthcare, athenahealth, Meditech, Zynx Health, Emdeon, CliniComp and others.

North America is the largest CPOE market. It is expected to grow at a compound annual growth rate of 6.9 percent from $552.9 million in 2013 to $771.2 million in 2018. The demand for CPOE systems is expected to grow, driven by federal government initiatives and high healthcare cost. However, the cost and time involved in the installation of CPOE systems are major factors holding back the growth of this market, according to the report.

Europe is the second largest CPOE market. It is expected to grow at a CAGR of 6 percent from $218.7 million in 2013 to $292.4 million in 2018. Driving growth are European government investments. In order to use these investments to reconstruct healthcare information technology systems, it is necessary to reduce the overall healthcare cost, thereby ensuring patients safety, according to the report. However, the Eurozone debt crisis, and the cost and time involved in the installation of the CPOE systems are the major factors restraining the growth of this market.

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The CPOE market in Asia is expected to grow at a CAGR of 6.9 percent from $117.3 million in 2013 to $163.9 million in 2018. Competition among private healthcare providers and hospitals to improve patient care and safety triggers innovation and research in CPOE markets, according to the report. However, the complexity of CPOE systems is the major factor holding back growth in this market. Poor hardware infrastructures also restrain the CPOE market in Asia.