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Clinical Workflow Solutions Market Size, Share & Industry Analysis By Product (Data Integration, Real-time Communication, Workflow Automation, Care Collaboration and Enterprise Reporting & Analytics), By End User (Hospitals, Long-term care facilities and Ambulatory care Centers), and Regional Forecast, 2014-2030
Clinical Workflow Solutions Market to surpass USD 20.3 Billion by 2030 from USD 8.6 Billion in 2019 in terms of value growing at a CAGR of 14.3% throughout the forecast period, i.e., 2020-30.
Clinical workflow solutions are software solutions that facilitate the construction of diagnostic facilities, the convergence of imaging silos, the facilitation of workflows, and collaboration assistance. Besides, through surveillance reporting and analytics, the workflow solutions assist in tracking workflow. By incorporating such solutions, hospitals in all departments will collaborate to allow caregivers to take better patient safety measures. This complex distribution network would help both patients and staff members alike, as versatility and accountability for staff optimization, data cross matrixing, better satisfaction, and appropriate reimbursement are likely to be enhanced.
Clinical Workflow Solutions Market is expected to project a notable CAGR of 14.3% in 2030.
Clinical Workflow Solutions Market to surpass USD 20.3 Billion by 2030 from USD 8.6 Billion in 2019 in terms of value growing at a CAGR of 14.3% throughout the forecast period, i.e., 2020-30. Significant factors expected to drive the market growth are growing the number of implementations worldwide and increasing government programs to promote the adoption of HCIT solutions, along with increasing patient capacity and the increasing need for limited healthcare costs. Besides, the rising incidence of chronic infections is another factor projected to drive the demand for global clinical workflow solutions. The adoption rate is driven by rapid technological advances that allow easy adaptability and reduced complexity is anticipated to influence the growth during the forecast period.
Care collaboration solutions segment to grow with the highest CAGR during 2020-30
Clinical Workflow Solutions Market is segmented by product as Data Integration, Real-time Communication Solutions, Workflow Automation Solutions, Care Collaboration Solutions, Enterprise Reporting. With a share of over USD 8.6 Billion percent in 2019, the Data integration systems products segment is expected to lead the market. Owing to - data volumes and the need for convergence to curb growing costs, these are highly favored by healthcare providers. The growth of the segment is driven by factors such as increased acceptance of electronic medical records, interoperability solutions, regulatory changes and requirements, and the shift of emphasis towards value-based services. As a consequence of the increased focus on patient-centric programs, care partnership solutions are expected to see lucrative development over the coming years. The key drivers for medical technology advancements are technical developments in wireless technology, computing power, and miniaturization. Over the forecast era, increasing demand for improving workflow efficiency in medical facilities is propelling demand.
Antifungal Segment to grow with the highest CAGR during 2020-30
Clinical Workflow Solutions Market is segmented by End User into Hospitals, Long-term care facilities, and Ambulatory care Centers. The Hospitals segment accounted for the largest revenue share of USD 8.6 Billion in 2019 owing to the applicability, and rising number of healthcare facilities clubbed with associated data that needs proper management along with privacy. Furthermore, government policies to help the healthcare industry and ease the complexity of a large amount of hospital data are expected to further push the demand for clinical workflow solutions. Due to the rise in outpatient admissions, the segment of ambulatory care centers is expected to see a lucrative growth rate over the forecast period. Implementing IT solutions in outpatient care centers helps to eliminate medical errors and improves contact between nursing staff, doctors, pharmacies, and the families of patients. In outpatient facilities, high acceptance rates of such technologically advanced devices accelerate therapy and deliver cost-effective results.
Increasing Government Initiatives for Healthcare IT Adoption
Factors driving the growth of the clinical workflow solutions market are growing government initiatives for eHealth, subsequent changes in healthcare infrastructure, increasing medical tourism, and increasing demand for quality healthcare in developing countries. The growth of this regional segment is driven by population growth and efforts to improve the quality of care, the introduction of favorable government initiatives, strategies to digitalize the country in every sector by using IT infrastructure, and a growing understanding of the benefits of clinical workflow solutions.
Increasing Application of Workflow Solutions in Improving Patient Safety
For healthcare organizations seeking more seamless, attractive, and impactful ways to optimize patient results and safety, clinical workflow solutions have become increasingly meaningful. This is because these technologies allow for continuous monitoring of the flow of real-time health data, resulting in more informed care decisions and enhanced performance. The clinical workflow solutions have functionality that helps enhance the quality of treatment, coordination of care, and overall patient satisfaction while reducing patient satisfaction.
Interoperability Issues
Hospitals usually create or license interfaces to import and export data from both internal and external sources, such as the EHR of the hospital, labs, admission /discharge/transfer, medical equipment, as well as outside laboratories, when faced with limited interoperability. A single hospital may therefore employ a few dozen interfaces, whereas hundreds or even thousands of interfaces may have to be used by a large health system with several locations. Health information exchanges used by hospitals as a solution to interoperability often present many problems, including financial pressures and technological construction, and organizational difficulties. This is a major factor limiting the market for solutions for clinical workflow. A major obstacle to introducing IT systems in hospitals is the shortage of trained resources.
Hill-Rom Services Inc.
(Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.)
Clinical Workflow Solutions Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Clinical Workflow Solutions Market in North America led the market with a lion's share of more than XX.X% in 2019. Regional growth is expected to be powered by factors such as growing numbers of R&D activities and patient admission into hospitals, leading to a high volume of data entry. Besides, increasing government policies on the productive use of interoperability, EHR, and other solutions and increasing patient care emphasis are driving the region's demand for clinical workflow solutions. Besides, increasing healthcare spending on digitization for safe data sharing within organizations supports the largest revenue contribution market for clinical workflow solutions. Factors driving the growth of the Latin American clinical workflow solutions market are growing government initiatives for eHealth, subsequent developments in health infrastructure in developing LATAM countries, increasing medical tourism, and increasing demand for quality healthcare.
The Clinical Workflow Solutions market, which is highly competitive, consists of several major players such as Hill-Rom Holdings, Inc. (US), Ascom Holding AG (Switzerland), Koninklijke Philips N.V. (Netherlands), Cerner Corporation (US), Cisco Systems, Inc. (the US), Stanley Black & Decker, Inc. (the US), GE Healthcare (US) hold a substantial market share in the Clinical Workflow Solutions market. Other players analyzed in this report are Epic Systems Corporation (US), Infor, Inc. (US), Allscripts Healthcare Solutions, Inc. (the US), Spok, Inc. (the US), Vocera Communications, Inc. (the US), Capsule Technologies, Inc. (the US), AMETEK, Inc. (the US), NextGen Healthcare (US), Azure Healthcare Limited (Australia), Getinge Group (Sweden), Change Healthcare (US), athenahealth (US), Sonitor Technologies, Inc. (Norway), and Connexall (Canada) among others.
Key players are adopting inorganic growth strategies such as product launches in the global nutritional supplement market. For instance, In January 2020, Infor agreed to acquire Intelligent InSites Inc. This acquisition enabled Infor to offer an expanded suite of technology for healthcare organizations.
Clinical Workflow Solutions Market is further Segmented by Region Into:
Clinical Workflow Solutions Market Segments:
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