Clinical Workflow Solutions Market Size, Share Revenue to Grow At 16.8% CAGR Through 2027

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New York, United States: The Report on Clinical Workflow Solutions Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Clinical Workflow Solutions Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors.

The global Clinical Workflow Solutions market gathered revenue around USD 10.1 Billion in 2020 and market is set to grow USD 21.4 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 16.8% during the prediction period 2021 to 2027. 

Overview of Clinical Workflow Solutions Market Study

Clinical Workflow Solutions market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

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.

Clinical Workflow Solutions Market Dynamics
Driver: Advantage of clinical workflow solutions in enhancing patient care and safety
Clinical workflow solutions have become increasingly meaningful to healthcare organizations seeking more seamless, attractive, and impactful ways to improve patient outcomes and safety. This is because these solutions enable the flow of real-time health data for constant monitoring, resulting in more informed care decisions and improved outcomes. The clinical workflow solutions offer functionalities to help improve care quality, care coordination, and overall patient satisfaction while reducing the rate of medication errors and adverse drug events, their adoption is expected to increase in the coming years.

Restraint: Interoperability Issues
Confronted with poor interoperability, hospitals typically build or license interfaces to import and export data from both internal and external sources, such as the hospital’s EHR, laboratories, admit/discharge/transfer, medical devices, as well as outside laboratories. Thus, a single hospital may employ a few dozen interfaces, while a large health system with many sites may have to employ hundreds or even thousands of interfaces. Also, the health information exchanges employed by hospitals as a solution to interoperability pose several challenges, which include financial burden as well as technical difficulties in building and operation. This is a major factor restraining the demand for clinical workflow solutions.

Opportunity: Growing telehealth and remote patient monitoring markets
Advancements in IT have provided an ever-expanding array of options like advanced broadband networks, mobile devices and networks, remote patient monitoring, high-definition video conferencing, and EHRs. This has generated significant opportunities for clinical workflow solution vendors. With the help of these integration solutions, the use of peripheral medical devices has enabled patients to remotely monitor their vital signs, such as blood pressure, weight, glucose levels, ECG, and body temperature, at home (with the data automatically being sent to a nurse or physician).

Challenge: Lack of trained healthcare IT professionals
The lack of qualified resources is a major barrier to implementing IT systems in hospitals. The growing number of healthcare IT initiatives makes it difficult for healthcare organizations and vendors to attract qualified staff. Currently, the demand for healthcare IT professionals far exceeds their supply, not just in developing markets but also in major markets such as the US and Europe.

The data integration solutions segment is expected to account for the largest share of the clinical workflow solutions market in 2019
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 further sub segmented into EMR integration solutions and Medical image integration solutions. Data integration solutions accounted for the largest share of the market in 2019. The large share of this segment can be attributed to the increasing demand for using medical records and integrating them across hospital departments has been one of the major drivers for data integration solutions. This is further supported by the implementation of government incentives and penalties.

Ambulatory care centers to witness the highest growth during the forecast period
Based on end users, the clinical workflow solutions market is segmented into hospitals, long-term care facilities, and ambulatory care centers. The ambulatory care centers segment is estimated to grow at the highest growth during the forecast period. Factors such as the rising need to streamline administrative tasks, secure clinical information, and improve access to information; increasing need for early detection and intervention for reducing the risk of acute complications; and increasing focus on reducing treatment costs are driving the growth of this end-user segment.

The Latin America region is expected to grow at the highest CAGR during the forecast period
The clinical workflow solutions market in the Latin America is expected to grow at the highest CAGR during the forecast period. The increasing government initiatives for eHealth, subsequent improvements in the healthcare infrastructure in emerging LATAM countries, rising medical tourism, and growing demand for quality healthcare are factors driving the growth of the Latin America clinical workflow solutions market. Also, the population growth and efforts to improve the quality of care, implementation of favorable government initiatives, strategies to digitalize the country in every sector by using IT infrastructure and the increasing awareness about the benefits of clinical workflow solutions are driving the growth of this regional segment.

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COVID-19 Impact on Clinical Workflow Solutions Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Clinical Workflow Solutions market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Clinical Workflow Solutions market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Clinical Workflow Solutions market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Clinical Workflow Solutions market include:

Hill-Rom Holdings, Inc. (US), Ascom Holding AG (Switzerland), Koninklijke Philips N.V. (Netherlands), Cerner Corporation (US), Cisco Systems, Inc. (US), Stanley Black & Decker, Inc. (US), GE Healthcare (US),  Epic Systems Corporation (US), Infor, Inc. (US), Allscripts Healthcare Solutions, Inc. (US), Spok, Inc. (US), Vocera Communications, Inc. (US), Capsule Technologies, Inc. (US), AMETEK, Inc. (US), NextGen Healthcare (US), Azure Healthcare Limited (Australia), Getinge Group (Sweden), Change Healthcare (US), athenahealth (US), Sonitor Technologies, Inc. (Norway), and Connexall (Canada).

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Clinical Workflow Solutions Market, By Product

  • Data Integration
    • Medical Image Integration Solutions / Imaging Workflow Solutions
    • EMR Integration Solutions
  • Real-time Communication Solutions
    • Nurse Call Alert Systems
    • Unified Communications Solutions
  • Workflow Automation Solutions
    • Patient Flow Management Solutions
    • Nursing & Staff Scheduling Solutions
  • Care Collaboration Solutions
    • Medication Administration Solutions
    • Rounding Solutions
    • Perinatal Care Management / Perinatal Information Systems
    • Others (Specimen Collection Solutions and Blood Products Administration Solutions)
  • Enterprise Reporting & Analytics Solutions

Clinical Workflow Solutions Market, By End User

  • Hospitals
  • Long-term care facilities
  • Ambulatory care Centers

Why Buy this Report?

The purpose of Nova one advisor’s Clinical Workflow Solutions market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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