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 expected to reach USD 12.1 billion by 2023 from an estimated USD 6.8 billion in 2018, at a CAGR of 12.4%.
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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 2018. 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 2018. 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 2018, 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).
