Clinical Workflow Solutions Market (By Type: Real-Time Communication Solutions, Data Integration Solutions, Workflow Automation Solutions, Enterprise Reporting & Analytics Solutions, and Care Collaboration Solutions; By End-use: Ambulatory Care Centers, Long-term Care Facilities, and Hospitals) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027
The global clinical workflow solutions market was valued at USD 6.57 billion in 2019 and expected to reach USD 16.99 billion by 2027 and poised to grow at a compound annual growth rate (CAGR) 12.6% during the forecast period 2020 to 2027.
Hospitals and medical centers are in the process of integrating workflows of repetitive documentation, administrative & medical staff management as well as easy access to the patient’s administrative and clinical data in all the departments. Furthermore, multi modal hospitals require sharing of data with their branch offices, in order of this usage of interoperable quality solutions are raising. An increase in demand for patient-centered care delivery and improved clinician productivity from caregivers has prominently bolstered the demand for clinical workflow systems.
The significance of clinical workflow management system has been recognized across numerous entities including private and public sectors. In addition, clinical centers are undertaking initiatives for stimulating the integration and installation of Electronic Health Record (EHR) and clinical decision support solution. This, in turn, anticipated to positively impact the market for clinical workflow solutions by inspiring hospitals to implement these services.
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. Hospitals and other form of caregivers are actively adopting integrated systems that enable customers to access the patient’s information during the course of their care service. This drove the market growth for data integration systems in the year 2019. Factors such as regulatory reforms & requirements, interoperability solutions, raised adoption of electronic medical records, and shifting focus towards value-based services have propelled the growth of the segment.
Care collaboration solution have gained significant traction in the past few years and expected to exhibit escalating demand during the forecast period. This is attributed to the increased emphasis on the patient-centric services. Rising number of patients across the globe also influence market players to develop more effective and efficient solutions. Care management solution provides effective workflow methodologies as well as improves patient care that save both cost and time.
Hospitals occupied the maximum clinical workflow solutions market value share in the year 2019 due to rising number of healthcare facilities along with associated data that require effective management and privacy. In addition, supportive initiatives undertaken by the governments of various regions to simplify and enhance the data handling capacity in the healthcare sectors anticipated to boost the market growth of the segment. For example, as per the statistics declared by the Healthcare Information and Management Systems Society (HIMSS) in the year 2019, more than 60% hospitals have adopted EHR technology. Furthermore, the West Health Institute (WHI) declared that rising adoption of interoperability solutions can result in prominent reduction in the healthcare spending in the United States.
Additionally, ongoing trend for connected hospitals and effective management solutions anticipated to fuel the market growth over the analysis period. The rising demand for unified critical clinical communications, integrated & collaborative care delivery, and streamlined process for call scheduling are some of the key factors that contribute significantly towards the high revenue share of the segment.
On the other hand, ambulatory care centers predicted to register the highest growth over the analysis period. This is mainly due to a spike in the out-patient admissions in health centers. Integration of IT-based solutions in ambulatory care centers notably reduces medical errors as well as enhances communication among pharmacies, physicians, nursing staff, and patient’s family.
North America led the global clinical workflow solutions market in 2019 owing to increasing number of research & development activities on healthcare solutions along with rising number of patient admissions in the hospitals that triggers the volume of data generated expected to impel the market growth. Further, increased spending on healthcare digitization to secure the exchange of information within organizations notably supports the growth of clinical workflow solution in the region.
Besides this, 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. Further, government support for increasing medical tourism, implementing e-Health, high demand for quality healthcare, and improving healthcare infrastructure are the important factors that supports the market growth in the region.
Key Companies & Market Share Insights
The global clinical workflow solutions market seeks high competition and significant market players adopt strategic alliance, merger & acquisition, collaboration, and new product development strategies to maintain their competitive edge. Hospitals and healthcare service providers purchase licensed solutions for clinical workflow management from IT solutions providers.
Some of the prominent players in the clinical workflow solutions market include:
- Cerner Corporation
- Allscripts Healthcare Solutions, Inc.
- NXGN Management, LLC
- Koninklijke Philips N.V.
- McKesson Corporation
- Hill-Rom Services Inc.
- General Electric
- Stanly Healthcare
- Vocera Communications
- athenahealth, Inc.
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis oftype, end-use, and region:
- 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
- Ambulatory Care Centers
- Long-term Care Facilities
By Regional Outlook
- North America
- Asia Pacific
- South Korea
- Rest of the World
Frequently Asked Questions About This Report
According to Precedence Research, The clinical workflow solutions market size is projected to hit US$ 16.99 billion by 2027.
The clinical workflow solutions market is expanding at a CAGR of 12.6% from forecast period 2020 to 2027.
Clinical workflow is an interaction between surgeon or physician, health records, patients, nurses or other staff, and third-party applications.
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.
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.
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.
The hospitals occupied the maximum market share in 2019 due to rising number of healthcare facilities and associated data that require privacy