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The clinical workflow solution market share is expected to increase by USD 9.76 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 14.11%.
This clinical workflow solution market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers clinical workflow solution market segmentation by end-user (hospitals, long-term care facilities, and ambulatory care centers) and geography (North America, Europe, Asia, and the Rest of the World (ROW)). The clinical workflow solution market report also offers information on several market vendors, including Ascom Holding AG, Athenahealth Inc., Change Healthcare Inc., Cisco Systems Inc., Constellation Software Inc., Cybage Software Pvt. Ltd., Epic Systems Corp., General Electric Co., Getinge AB, HILL ROM HOLDINGS Inc., Koch Industries Inc., McKesson Corp., NextGen Healthcare Inc., Oracle Corp., Philips International BV, Spok Inc., Stanley Black, and Decker Inc., Stryker Corp., and TeleGroup among others.
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The advantages of clinical decision support solutions in enhancing patient care and safety are notably driving the clinical workflow solution market growth, although factors such as interoperability and security issues may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the clinical workflow solution industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Clinical Workflow Solution Market Driver
The advantages of clinical workflow solutions in enhancing patient care and safety is one of the major drivers impacting the clinical workflow solution market growth. Effective clinical processes can change the customer experience, reduce the risk of management, enhance the patient experience, and even save lives. Electronic health record (EHR) has grown in importance for healthcare businesses searching for more effective, smooth, and appealing approaches to enhance patient outcomes and safety. This is because these solutions enable the flow of real-time health data for ongoing monitoring, leading to better results and more informed care decisions. The usage of clinical workflow solutions is anticipated to rise during the forecast period as they provide functions to help enhance care quality, care coordination, and overall patient happiness while lowering the frequency of medication errors and adverse drug events.
Key Clinical Workflow Solution Market Trend
Growing telehealth and remote patient monitoring (RPM) is one of the major trends influencing the clinical workflow solution market growth. A wide range of choices, including enhanced broadband networks, mobile devices and networks, remote patient monitoring, high-definition video conferencing, and Electronic health record (EHR), is now available due to IT advancements. This has created a lot of opportunities in the healthcare industry for providers of clinical workflow solutions. The adoption of peripheral medical devices has made it possible for patients to remotely monitor their vital signs at home (with the data automatically being sent to a nurse or physician), including blood pressure, weight, glucose levels, ECG, and body temperature. Since 2020, this technology has improved and is now more effective at lowering the risks of in-person contact, decreasing the need for admissions and emergency room (ER) visits, managing staff shortages, and giving patients an alternative to the conventional forms of medical engagement when ill or at risk, which in turn would increase the demand for the forecast period.
Key Clinical Workflow Solution Market Challenge
Interoperability and security issues is one of the major challenges impeding the clinical workflow solution market growth. The health information exchanges used by hospitals as a solution to interoperability present several issues, including a financial burden and technological challenges in the design and operation. This is a significant barrier to the growth of the global clinical workflow solution market. Furthermore, risks related to the security and leakage of sensitive information are some other major problems that organizations face while using clinical workflow solution software. Any loss or misuse of personal and confidential data of a person, which an enterprise collects, can lead to a serious financial loss for enterprises in the case of a lawsuit. Therefore, unless individuals whose data is being collected are fully satisfied with privacy policies and the enterprises that collect the data can ensure security, the global clinical workflow solution market will not be able to gain a significant increase in the customer base. Thus, rising concerns over patient healthcare data and high costs related to data protection and privacy are also restraining the growth of the global clinical workflow solution market.
This clinical workflow solution market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global clinical workflow solution market as a part of the healthcare technology market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the clinical workflow solution market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the clinical workflow solution market encompasses successful business strategies deployed by the key vendors. The clinical workflow solution market is fragmented and the vendors are deploying growth strategies such as M&A and product innovations to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The clinical workflow solution market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the clinical workflow solution market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the healthcare technology market includes the following core components:
The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.
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44% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for the clinical workflow solution market in North America. Market growth in this region will be faster than the growth of the market in other regions.
Increased government efforts focused on the effective use of interoperability, Electronic health records (EHR), and other solutions, as well as factors such as rising R&D activity and patient admission in hospitals, which generate enormous amounts of data, will facilitate the clinical workflow solution market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 positively affected the healthcare sector in various countries in the region. Governments of several countries in the region imposed nationwide lockdowns to control the spread of the disease. Moreover, as the US witnessed the highest number of COVID-19 cases (and deaths) in the world, hospitals and other healthcare facilities in the region were running out of space, which significantly reduced the number of other non-emergency healthcare services, such as surgeries. However, the pandemic boosted the adoption of clinical workflow solutions not only due to the rapid increase in the number of COVID-19 patients who needed to be treated for the disease but also to keep records of such large numbers of patients, which required data management software. Thus, the region is expected to witness pent-up demand for healthcare services, which will drive the growth of the regional market during the forecast period.
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The clinical workflow solution market share growth by the hospital segment will be significant during the forecast period. The hospital segment dominated the global clinical workflow solution market in 2021 due to its application, the growing number of hospitals, and the accompanying data that requires appropriate administration. In addition, government initiatives to bring advancements in the medical industry and reduce the complexity of a vast amount of data in hospitals are anticipated to propel the market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the clinical workflow solution market size and actionable market insights on post COVID-19 impact on each segment.
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Clinical Workflow Solution Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.11% |
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Market growth 2022-2026 |
$ 9.76 million |
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Market structure |
Fragmented |
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YoY growth (%) |
13.5 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 44% |
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Key consumer countries |
US, Canada, Germany, UK, and China |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Ascom Holding AG, Athenahealth Inc., Change Healthcare Inc., Cisco Systems Inc., Constellation Software Inc., Cybage Software Pvt. Ltd., Epic Systems Corp., General Electric Co., Getinge AB, HILL ROM HOLDINGS Inc., Koch Industries Inc., McKesson Corp., NextGen Healthcare Inc., Oracle Corp., Philips International BV, Spok Inc., Stanley Black and Decker Inc., Stryker Corp., and TeleGroup |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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