Clinical Workflow Solutions Market to Garner Growth 12.6% by 2027

According to Precedence Research, the clinical workflow solutions market is expected to garner growth at a CAGR 12.6% during the forecast period 2020 to 2027


OTTAWA, Dec. 08, 2020 (GLOBE NEWSWIRE) -- The global clinical workflow solutions market size was valued at USD 6.57 billion in 2019 and expected to reach USD 16.99 billion by 2027.

Clinical workflow is an interaction between surgeon or physician, health records, patients, nurses or other staff, and third-party applications. Poor integration in workflow may hamper the clinical workflow by making it more essential for clinicians to use same data for multiple applications along with logging into various systems for finding the appropriate information that helps in making crucial clinical decisions. Clinical workflow solution vendors experience high pressure from consumers to introduce seamless and effective solutions that can process more in less time.

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Growth Factors

Healthcare service providers constantly face challenges to provide good quality healthcare. Diminishing resources, aging population, and budget constraints are some of the key factors that propel the demand for quality care. In the wake of same, hospitals and medical centers are prominently adopting technology-driven solutions to handle the patient’s information and other workflows more efficiently and effectively. Rapid technological advancement that enables easy adoption as well as reduces complexities in the workflow drives the adoption rate of these solutions at a rapid pace. Furthermore, implementation of cloud-based computing platform to upgrade the clinical database management anticipated to bolster the market growth in the coming years.

Regional Snapshots

In 2019, North America led the global clinical workflow solutions market owing to the increasing geriatric population and rising admission of patients in the hospitals primarily raising the volume of data entry. Furthermore, government initiatives related to the interoperability, effective usage of Electronic Health Record (EHR), and prime focus on patient care fuel the market growth for clinical workflow solutions in the region. For instance, in August 2018, as per the data published by EHR intelligence, the regional government invested USD 38 Billion in healthcare facilities for installing EHR systems through Meaningful Use (MU) program in Medicaid and Medicare since 2011.

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On the other hand, the Asia Pacific region predicted to be the fastest growing region in the global clinical workflow solutions market. The region observed a prominent rise in the demand for healthcare IT solutions especially in the medical sector owing to increasing investment from developing countries. Furthermore, favorable initiatives undertaken by the government for improving healthcare infrastructure, rising medical tourism, implementation of eHealth, and the presence of quality healthcare are the key factors that drive the market growth in the region.

Report Highlights

 In 2019, North America led the global market due to increasing number of R&D activities on healthcare solutions along with rising number of patient admissions in the hospitals
 The Asia Pacific registered the fastest CAGR over the forecast period owing to prominent surge in the demand for healthcare IT solutions in the medical sector
 Data integration systems are prominently preferred by the healthcare service providers due to need for integration to curb the rising costs and increasing data volumes.
 Care collaboration solution have gained significant traction in the past few years and expected to exhibit escalating demand during the forecast period due to the increased emphasis on the patient-centric services
 By end-use segment, hospitals occupied the maximum market share in 2019 due to rising number of healthcare facilities and associated data that require privacy
 Ambulatory care centers predicted to register the highest growth over the analysis period due to spike in the out-patient admissions in health centers and integration of IT solutions

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Key Players & Strategies

Some of the key market players that captured the maximum revenue share in the clinical workflow solutions market include Hill-Rom Holdings, Inc.; McKesson Corporation; Cisco; NextGen Healthcare Information Systems; Philips Healthcare; AthenaHealth; GE Healthcare Allscripts; Cerner Corporation; and Koninklijke Philips N.V. These players offer licensed software or solutions to the hospitals or healthcare service providers that expected to propel the adoption of clinical workflow solutions.

Significant investment by the key industry participants for developing advanced systems for healthcare management is the key contributor towards the market growth. Further, strategic alliances and development of new products, including their promotional activities, mergers, and partnership agreements are very crucial in maintaining high competition rivalry among the industry players.

In addition, major market players are collaborating with government associations for innovating clinical workflow solutions. For instance, in September 2018, Google and the American Medical Association (AMA) collaborated together to introduce AMA health care interoperability and innovation challenge. Initiatives like these anticipated to foster the demand for clinical workflow solutions over the forecast period.

Some of the key players operating in the market are Cerner Corporation, Allscripts Healthcare Solutions, Inc., NXGN Management, LLC, Koninklijke Philips N.V., McKesson Corporation, Hill-Rom Services Inc., General Electric, Cisco, Stanly Healthcare, ASCOM, Vocera Communications, and athenahealth, Inc. among others.

Market Segmentation

By Type

 Real-Time Communication Solutions
     
   Unified Communication
     
   Nurse Call Alert Systems
     
 Data Integration Solutions
     
   Medical Image Integration
     
   EMR Integration
     
 Workflow Automation Solutions
     
   Nursing & Staff Scheduling Solutions
     
   Patient Flow Management Solutions
     
 Enterprise Reporting & Analytics Solutions
   
 Care Collaboration Solutions
     
   Rounding Solutions
     
   Perinatal Care Management
     
   Medication Administration
     
   Other Care Collaboration Solutions

By End-User

 Ambulatory Care Centers
   
 Long-term Care Facilities
   
 Hospitals

By Regional Outlook

 North America
     
   U.S.
     
   Canada
     
 Europe
     
   U.K.
     
   Germany
     
   France
     
 Asia Pacific
     
   China
     
   India
     
   Japan
     
   South Korea
     
 Rest of the World

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