Clinical Workflow Solutions Market: Trends And Developments
Seeking Alpha Analyst Since 2014
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Summary
- The Clinical Workflow Solutions Market is projected to reach USD 18.1 billion by 2025 from USD 9.1 billion in 2020, at a CAGR of 14.8% during the forecast period.
Growth in this market is driven by the implementation of government initiatives supporting the adoption of HCIT solutions, advantages of clinical workflow solutions in enhancing patient care and safety, increasing patient volume due to the COVID-19 pandemic, growing adoption of EHRs and other HCIT solutions, and the rising need to curtail healthcare costs.
The Clinical Workflow Solutions Market is projected to reach USD 18.1 billion by 2025 from USD 9.1 billion in 2020, at a CAGR of 14.8% during the forecast period.
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Market Segmentation:-
Based on products, the clinical workflow solutions market is segmented into workflow automation solutions, care collaboration solutions, real-time communication solutions, data integration solutions, and enterprise reporting and analytics solutions. The data integration segment is estimated to account for the largest market share in 2019. The large share of this segment can be attributed to the the increasing demand for using medical records and integrating them across hospital departments has been one of the major drivers for data integration solutions.
Based on end users, the clinical workflow solutions market is segmented into hospitals, long-term care facilities, and ambulatory care facilities. The hospital segment is estimated to account for the largest market share in 2019.
Market Drivers:
1 Advantages of clinical workflow solutions in enhancing patient care and safety
2 Government initiatives for HCIT adoption
3 Growing adoption of EHRs and other HCIT solutions
4 Increasing patient volume due to the rising prevalence of chronic diseases and COVID-19
5 Rising need to curtail healthcare costs
Regional Analysis:-
North America is expected to account for the largest share of the clinical workflow solutions market in 2019, followed by Europe. The dominance of the North American region can be attributed to the growing healthcare IT spending, developed infrastructure, evolving regulations for better healthcare outcomes, and the presence of major market players in the region.
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Top Key Players:-
The prominent players in the clinical workflow solutions market are are Hill-Rom Holdings, Inc. (US), Ascom Holding AG (Switzerland), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Cisco Systems, Inc. (US), Stanley Black & Decker, Inc. (US), Cerner Corporation (US), Infor, Inc. (US), Allscripts Healthcare Solutions, Inc. (US), and McKesson Corporation (US).
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