CLINICAL WORKFLOW SOLUTIONS MARKET ANALYSIS

The global clinical workflow solutions market was valued at US$ 9.56 Bn in 2022 and is forecast to reach a value of US$ 17.39 Bn by 2030 at a CAGR of 7.1% between 2023 and 2030. The global clinical workflow solutions market is experiencing strong growth due to the rise in patient pool and rising adoption of HCIT (healthcare IT) solutions around the world. Moreover, increasing demand or adoption of clinical workflow solutions and increasing need to curtail healthcare costs is expected to boost growth of the market. However, factors such as high costs of clinical workflow solutions and data privacy and security concerns are expected to hamper the market growth.

Global Clinical Workflow Solutions Market: Regional Insights

Based on geography, the global clinical workflow solutions market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period due to the increasing patient volume, growing geriatric population, increasing adoption of Healthcare IT solutions, and increasing adoption of clinical workflow solutions in the region. For instance, according to the Food and Drug Administration (FDA), digital health technologies (such as healthcare IT solutions) help providers reduce inefficiencies, improve access and quality, reduce costs, and make medicine more personalized. Moreover, these technologies enable consumers and patients to manage and track health and wellness-related activities more efficiently.

Europe and Asia Pacific are also expected to witness robust growth in the global clinical workflow solutions market due to the increasing prevalence of chronic disease, growing geriatric population, increasing adoption of clinical workflow solutions, increasing adoption of healthcare IT solutions, and favorable government initiatives in these regions. For instance, in March 2023, India planned to launch a global initiative on digital health. According to the Government of India, digital health has proved instrumental for various path-breaking digital health intervention ensuring availability, accessibility and affordability, and equity of health services.

Figure 1. Global Clinical Workflow Solutions Market Share (%), by Region, 2023

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Global Clinical Workflow Solutions Market Drivers:

Increasing patient volume to augment market growth

One of the key factors expected to propel growth of the global clinical workflow solutions market over the forecast period is the rise in patient pool across the globe due to increasing prevalence of chronic diseases. With the rise in patient pool worldwide, the demand for safe and effective clinical solutions to manage the increasing patient population and their medical records is also increasing rapidly. According to the Centers for Disease Control & Prevention (CDC), chronic diseases, such as heart disease, cancer, and diabetes, are the leading causes of death and disability in the U.S., with heart disease and cancer alone accounting for around 38% of all deaths.

Increasing adoption HCIT solutions to underpin market growth

Another factor which is driving the growth of the global clinical workflow solutions market is the rising adoption of HCIT (healthcare IT) solutions around the world. For instance, in August 2021, the Indian Government (the Prime Minister of India Narendra Modi) announced the launch of the National Digital Health Mission (NDHM) on 74th Independence Day. The government planned to digitize personal medical records and connect diagnostic centres, state medical record, and medical institutions. The NDHM will provide people living in a remote location (in India) easy access and appointment to the nearest district hospital.

Global Clinical Workflow Solutions Market Opportunities:

Increasing demand or adoption of clinical workflow solutions around the world is expected to offer significant growth opportunities for players in the global clinical workflow solutions market. For instance, in January 2023, CenTrak announced the launch of WorkflowRT, a scalable, cloud-based platform that automates workflow and communications to ease burden of manual documentation required throughout each phase of clinical care. Through the platform’s built-in reporting, teams can keep tabs on key patient flow metrics to help identify anomalies/bottlenecks. The cloud-based workflow software is launched for efficient healthcare operations.

Increasing need to curtail healthcare costs is expected to provide significant growth opportunities for players in the global clinical workflow solutions market. For instance, healthcare organizations worldwide are using clinical workflow solutions to enhance productivity, reduce cost, and improve patient outcomes. In May 2020, STANLEY Healthcare announced that STANLEY’s AeroScout real-time location system (RTLS) platform has been fully integrated and certified with Cisco DNA Spaces. The collaboration enable STANLEY to deliver a more seamless and cost-effective solution to healthcare providers who rely on RTLS as a core part of their operations.

Global Clinical Workflow Solutions Market Trends:

Increasing focus on patient care is a recent trend

By improving clinical workflow hospitals can improve efficiency, increase patient throughput, and deliver high quality of care to patients at a lower cost. Moreover, clinical workflow solutions help enhance quality of care, care coordination, and the overall patient experience while lowering the rate of medication errors and adverse drug events. Implementation of clinical workflow solutions enhances patient care and safety, and this trend is expected to continue during the forecast period, driving the growth of the global clinical workflow solutions market.

Improving healthcare infrastructure is another trend

With the improving healthcare infrastructure around the world, the adoption of clinical workflow solutions is also increasing rapidly. Clinic workflow software helps keep regular processes flowing smoothly in healthcare settings. Moreover, implementation of favorable government initiatives to digitize healthcare IT infrastructure and growing awareness about the benefits of clinical workflow solutions, the use or adoption of clinical workflow solutions is also increasing rapidly. This trend is also expected to continue over the forecast period.

Global Clinical Workflow Solutions Market Restraints:

High costs of clinical workflow solutions to hinder market growth

One of the key factors expected to hamper growth of the global clinical workflow solutions market is the high costs of clinical workflow solutions. The cost and time required for the development of clinical workflow solutions and integrating the newer innovations to it are high. Moreover, need to upgrade the software to improve its utility along with the newer discoveries increase the overall cost and time required for product advancements. Furthermore, the cost involved in implementing these measures has hindered their adoption.

Dearth of trained professionals to hamper market growth

Another factor which is hampering the growth of the global clinical workflow solutions market is the dearth of trained professionals. For instance, the lack of qualifies resourced is major barrier to implementing Healthcare IT solutions in hospitals. Increasing number of Healthcare IT solutions or initiatives makes it difficult for healthcare organizations and vendors to attract qualified, skilled, or trained personnel. However, currently, the demand for Healthcare IT professionals far exceeds their supply, in both developed and developing economies.

Figure 2. Global Clinical Workflow Solutions Market Share (%), by End User, 2023

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Global Clinical Workflow Solutions Market Segmentation:

The global clinical workflow solutions market report is segmented into Type, End User, and Region.

Based on Type, the market is segmented into Data Integration Solutions, Real Time Communication Solutions, Workflow Automation Solutions, Care Collaboration Solutions, and Enterprise Reporting & Analytics Solutions. Out of which, Data Integration Solutions Segment is expected to dominate the clinical workflow solutions market over the forecast period and this is attributed to the increase in patient pool and increasing data volume.

Workflow Automation Solutions Segment is also expected to witness significant growth in the near future and this is owing to the increasing adoption of technologically advanced or automated clinical workflow solutions across the globe.

Based on End User, the market is segmented into Hospitals, Long-Term Care Facilities, and Ambulatory Care Centers. Out of which, Hospitals Segment is expected to dominate the market over the forecast period and this is attributed to the rising number of healthcare facilities and rising demand for clinical workflow solutions.

Ambulatory Care Centers Segment is also expected to witness robust growth in the near future and this is owing to increasing adoption of technologically advanced systems in outpatient centers.

Global Clinical Workflow Solutions Market: Key Developments

In March 2023, New York-based health technology company Florence, which focuses on clinical capacity management, launched with US$ 20 million seed funding. The platform allows people to track their healthcare journey using smartphone. One can complete intake forms, fill prescriptions, update their clinical information, and schedule follow-up appointments to help ease the clinical workflow for providers.

In November 2022, Royal Philips showcased its latest systems and informatics solutions designed for providers to efficiently deliver patient-centric, high-quality imaging services Powered by AI, Royal Philips showcased its portfolio of transformative workflow solutions and smart diagnostic systems at the Radiological Society of North America (RSNA) 2022.

In November 2022, Modulim launched Magnifi at the American Society of Nephrology's Kidney Week 2022 in Orlando, FL, a software solution designed to empower clinicians with remote access to data insights and scalability to enhance clinical workflow across enterprises.

Global Clinical Workflow Solutions Market: Key Companies Insights

The global clinical workflow solutions market is highly competitive. This is attributed to the rise in patient pool and increasing patient data volume, players in the market are focusing on launching novel products in the market.

Some of the key players in the global clinical workflow solutions market are Allscripts Healthcare LLC, Cerner Corporation, NXGN Management, LLC, Mckesson Corporation, Koninklijke Philips N.V., Hill-Rom Services, Inc., Cisco Systems, Inc., GE Healthcare, Stanley Healthcare, and Vocera Communications, among others.

*Definition: Clinical workflow solutions help improve the functionality of the healthcare system, streamline processes, and offer patients the best health experience possible. By integrating clinical workflow solutions, all the units in the hospital can work in harmony and coordination to offer the patients proper safety and care.