Published Date : 11 Apr 2023
The clinical workflow solutions market size was valued at USD 9.27 billion in 2022, and it will grow at a rate of CAGR 12.6% in the years to come to touch USD 23.99 billion by 2030.
The clinical workflow solutions market growth is driven by the growing adoption of cloud computing to enhance clinical database management platforms, increasing demand for efficient healthcare services, rapid advancement in modern technology, increasing demand for big data analytics, rising demand for patient-centered care delivery and enhanced clinician productivity, growing adoption of HCIT solutions, and increasing initiatives taken by the government for the usage of electronic health records (EHR).
Clinical workflows are defined as a procedure including a series of actions done by different individuals within and between work environments in order to provide care. Each activity may need activities by one individual, between persons, or across companies. Clinical workflow solutions refer to software tools designed to aid in the enhancement of information interchange, quality of treatment, compliance with regulatory standards, and coordination of care. These workflow solutions also help in the monitoring of workflow via analytics and surveillance reports.
By synchronizing databases across different vendors, locations, and departments, organizations can manage patient-centered workflows virtually anywhere. Clinical workflow solutions mainly help in improving patient care and safety. In recent years, the clinical workflow solutions market has undergone an enormous transformation. With the introduction of digital technologies such as machine learning, big data analytics, and artificial intelligence (AI), healthcare providers have been able to increase efficiency by automating tasks, simplifying their clinical operations, and providing real-time data and analytics resulting in improved patient care and reduce costs.
Clinical workflow solutions are used in a wide range of healthcare settings, such as clinics, hospitals, and long-term care institutions. In many countries, the demand for electronic medical records (EMR) to electronic health records (EHR) systems to manage complex patient data has increased. These days, hospitals are increasingly concentrating on improving their potential. Prominent players in the market have also integrated their electronic health records (EHR) platforms with telehealth solutions and improved their software solutions to help healthcare professionals manage patients efficiently. The growing adoption of EHR and government policy execution, such as the Affordable Care Act (ACA) is projected to boost the market expansion during the forecast period.
Additionally, the market has grown as a result of the rise in demand to reduce healthcare expenditures and growth in patient volume owing to the increasing prevalence of chronic disorders. Furthermore, the potential of clinical workflow solutions to automate basic operations such as appointment scheduling, patient registration, and billing is its primary benefit. Using automation can help minimize mistakes and enhance accuracy and also give employees more time to focus on more complicated tasks.
Clinical Workflow Solutions Market Report Scope:
|Market Size in 2023||USD 10.47 Billion|
|Projected Forecast Value in 2030||USD 23.99 Billion|
|Growth Rate||12.6% from 2022 to 2030|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
North America region dominated the market and generated of around 42% revenue share in 2022, due to the presence of prominent market players, a growing number of research & development activities, rising expenditure on healthcare digitization, increasing favorable government initiatives for eHealth, and rising patient volume owing to the increasing prevalence of covid-19 and infectious diseases. On the other hand, the Asia Pacific market is expected to grow at a CAGR of more than 13% during the forecast period due to improving healthcare infrastructure and increasing demand for healthcare IT solutions in the region.
Growing demand for patient-centered care
An increase in demand for patient-centered care is expected to spur the demand for clinical workflow solutions during the forecast period. The growing demand for patient care and the need for smooth data interchange between healthcare professionals has resulted in the development of integrated clinical workflow solutions that allow real-time communication between healthcare providers and patients.
These solutions allow the flow of real-time health data which helps in constant monitoring, decision-making, and improved outcomes. The integrated solutions have enhanced the efficiency of clinical workflows while reducing the effort and time needed to finish a task as well as providing accuracy in patient information. Clinical workflow solutions also help to enhance overall customer satisfaction by providing better quality care, and care coordination, and reducing the rate of medication errors.
High investment costs in IT infrastructure
The high investment costs in IT infrastructure are projected to hamper the growth of the market. In addition, interoperability issues are likely to limit the expansion of the global clinical workflow solutions market during the forecast period.
Advancement in technology
The rapid advancement in technology and new product launches by the major market players are projected to offer lucrative growth opportunities for market expansion during the forecast period. Advancements in IT such as remote patient monitoring, advanced broadband networks, mobile devices and networks, electronic health records (EHR), and high-definition video conferencing.
The adoption of peripheral medical equipment has enabled patients to remotely monitor their vital signs, including glucose levels, blood pressure, electrocardiograph (ECG), and body temperature, and others at their home and the real-time data automatically being sent to a doctor or nurse. Technological advancement helps in reducing the complexities of expanded care delivery and positively affects the market.
Lack of skilled healthcare IT experts
The lack of skilled healthcare IT experts acts as a major barrier to the execution of IT systems in hospitals and clinics acts as a key challenge. The demand for skilled healthcare IT professionals significantly surpasses the supply and is expected to hinder the expansion of the clinical workflow solutions market during the forecast period.
Major key Players:
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