Clinical Workflow Solutions Market worth $18.1 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 28, 2020 /PRNewswire/ -- According to the new market research report "Clinical Workflow Solutions Market by Product (Data Integration, Nurse Call Systems, Rounding Solutions, Patient Flow Management, Enterprise Reporting) End Users (Hospitals, Long-term Care, Ambulatory Care Centers) Covid-19 Impact - Global Forecast to 2025", published by MarketsandMarkets™, the Clinical Workflow Solutions Market is projected to reach USD 18.1 billion by 2025 from USD 9.1 billion in 2020, at a CAGR of 14.8% during the forecast period.
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The 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.
By product, the data integration segment is expected to account for the largest share of the market
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 2019. The large share of this segment can be attributed to the 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. The data integration segment is further subsegmented into EMR integration solutions and Medical image integration solutions.
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On the basis of end user, the hospitals segment is expected to account for the largest share of the market in 2019
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 2019. Government initiatives to enhance patient satisfaction; improve the quality of care, productivity of caregivers, and the profitability of healthcare operations; and to reduce the healthcare costsis also expected to boost the growth of this market in the coming years.
North America to dominate the clinical workflow solutions market during the forecast period
North America is expected to account for the largest share of the market in 2019, 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).
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