DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The global clinical workflow solutions market is projected to reach USD 18.18 billion by 2025 from USD 9.10 billion in 2020, at a CAGR of 14.8% during the forecast period.
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. However, factors such as the requirement of high investments in IT infrastructure and interoperability issues are expected to restrain the growth of this market to a certain extent during the forecast period.
The enterprise reporting & analytics solutions segment to grow at the highest rate during the forecast period.
On the basis of 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 enterprise reporting & analytics solutions segment is projected to witness the highest growth in the clinical workflow solutions market during the forecast period. Growth in this segment is largely driven by government initiatives to increase EHR adoption, growing pressure to curb healthcare costs and, increasing venture capital investments.
Need to manage regulatory compliance and favorable government initiatives are driving market growth for EMR integration solutions.
On the basis of products, the data integration solutions segment is further sub-segmented into EMR integration solutions and Medical image integration solutions. The EMR integration solutions segment is projected to witness the highest growth in the data integration market during the forecast period. The increasing volume of medical records, which requires proper management and storage, the need for a secure electronic patient record compliant and the demand for streamlined clinical and administrative processes with content-centric automation are accelerating the growth of this segment during the forecast period.
Latin America region is likely to be a revenue pocket for players operating in the clinical workflow solutions market
Even though North America is expected to account for the largest share of the global clinical workflow solutions market in 2018, Latin America is expected to witness 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 this regional segment.
Market Dynamics
Drivers
- Advantages of Clinical Workflow Solutions in Enhancing Patient Care and Safety
- Government Initiatives for HCIT Adoption
- Growing Adoption of Ehrs and Other HCIT Solutions
- Increasing Patient Volume Due to the Rising Prevalence of Chronic Diseases and Covid-19
- Rising Need to Curtail Healthcare Costs
Restraints
- Requirement of High Initial Investments in IT Infrastructure
- Interoperability Issues
Opportunities
- Emerging Markets
- Low Doctor-To-Patient Ratio Leading to Increased Dependency on Healthcare IT Solutions
- Growing Telehealth and Remote Patient Monitoring Markets
Challenges
- Issues Related to Data Security
- Lack of Trained Healthcare IT Professionals
- Reluctance to Use Clinical Workflow Solutions Over Conventional Practices
Companies Profiled
- Hill-Rom Holdings, Inc.
- Ascom Holding AG
- Epic Systems Corporation
- Cerner Corporation
- GE Healthcare
- Koninklijke Philips N.V.
- Cisco Systems, Inc.
- Stanley Black & Decker, Inc.
- Infor, Inc.
- Rauland-Borg Corporation
- Allscripts Healthcare Solutions, Inc.
- Change Healthcare
- Getinge Group
- Azure Healthcare Limited
- Nextgen Healthcare
- Capsule Technologies, Inc.
- Vocera Communications, Inc.
- Spok, Inc.
- Athenahealth
- Connexall
- Sonitor Technologies, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/1samep
