The major factors driving the growth of this market are the rising need to curtail healthcare costs and the increasing patient volume due to the rising prevalence of chronic diseases. In addition, the government initiatives for HCIT adoption and the advantages of clinical workflow solutions in enhancing patient care and safety are also boosting the market growth.
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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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 growing
requirement for a proper management and storage solution that can manage the
increasing volume of medical records. Also the government incentives,
penalties, and the necessity to cut costs are contributing towards the market
growth.
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. This is because increasing
number of initiatives to improve the quality of care delivered to patients and
the growing need to improve profitability of healthcare operations and curtail
healthcare costs.
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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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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