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Clinical Workflow Solutions Market Garner Growth 12.5% by 2026

The Clinical Workflow Solutions Market is projected to grow at a CAGR of around 12.5% from forecast 2019 to 2026 and expected to reach around US$ 15.1 Bn by 2026.

/EIN News/ -- LOS ANGELES, Feb. 06, 2020 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Clinical Workflow Solutions Market Size, Share, Forecast, 2019 to 2026”.

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Geographically, the market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the clinical workflow solutions market in 2018. This can be attributed to the rising geriatric population and patient admission in the hospitals leading to a high volume of data entry. Furthermore, government initiatives regarding the effective usage of EHR, interoperability, and other solutions and high focus on patient care are propelling the market for clinical workflow solutions in the region. For instance, according to the data published in August 2018 EHR intelligence, the federal government had invested USD 38 billion in healthcare facilities to install EHR systems through the MU program in Medicare and Medicaid since 2011. However, the Asia Pacific region is anticipated to be the fastest-growing region for the clinical workflow solutions market. The region observed a significant increase in demand for healthcare IT solutions in the medical sector due to increasing investment from emerging economies. Furthermore, supportive initiatives are taken by governments for the implementation of eHealth, rising medical tourism, improving healthcare infrastructure, and the presence of quality healthcare are the factors driving the regional market.

Based on type, the market is divided into data integration solutions, real-time communication solutions, workflow automation solutions, care collaboration solutions, and enterprise reporting & analytics solutions. In 2018, the data integration solutions segment accounted for the largest share of the market. This can be attributed to increasing the necessity for proper management and storage solutions to manage a growing volume of medical records. Furthermore, the need for cost-cutting, government incentives to adopt data integration solutions, and penalties are some of the propelling factors of the market. The care collaboration solutions segment is anticipated to observe the fastest growth during the forecast period due to the increase in the patient-centric services providers. These solutions manage workflow thereby improves patient care which further saves cost and time.

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Based on the end-use, the market is segmented into hospitals, ambulatory care centers, and long-term care facilities. Hospitals accounted for the maximum share of the market in 2018. This can be attributed to the availability of a large number of healthcare facilities clubbed in at a single center which needs proper management of data. Furthermore, government initiatives to support eHealth and the necessity of solutions for proper management of high clinical data are anticipated to boost the drive the market growth. 

Key players operating in the clinical workflow solutions market are Allscripts; AthenaHealth; Cerner Corporation; Cisco; GE Healthcare, Hill-Rom Holdings, Inc.; Koninklijke Philips N.V., McKesson Corporation; and NextGenHealthcare Information Systems. Acquisitions, partnerships, and collaborations of market players with healthcare service providers to expand their market presence are the major strategies being adopted by industry players in recent years. Furthermore, solution providers are investing in the development of innovative and effective solutions for clinical workflow management is anticipated to propel the market growth.

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Some of the key observations regarding the clinical workflow solutions industry include:

  • In May 2019, Harris Healthcare acquired Uniphy Health, a startup focused on clinical communications and physician workflow software. The acquisition helps Harris a new physician workflow tool which has already been successfully integrated with its EHR at some of the health systems. Depending on the needs, the Uniphy’s app can support various functions such as secure image sharing, secure messaging, group announcements, a physician directory, and referrals.
  • In April 2019, Capsule Technologies, Inc. acquired Bernoulli Health. The acquisition was responsible for the addition of Bernoulli One to Capsule Technologies, Inc. portfolio. It is a real-time clinical surveillance solution that gives care provider contextual information on a patient’s health that can facilitate early intervention, improve patient safety and thereby enable better clinical outcomes.
  • In July 2018, IDS, a cloud computing technology firm, signed a partnership agreement with Mach7 Technologies, to provide end-to-end clinical workflow solution. Through this agreement, Mach7’s Enterprise Imaging Platform combined with IDS AbbaDox Cloud to provide an integrated approach for patient care.
  • In May 2018, AMETEK, Inc. acquired SoundCom Corporation, a leader in the integration, design, installation, and support of communication systems and clinical workflow for healthcare facilities, corporations, and educational institutions. The acquisition also helped the company to expand its presence in the attractive education and healthcare markets in the Midwest.
  • In December 2017, Philips acquired Forcare, interoperability software solutions provider, to enhance its clinical informatics portfolio. The acquisition helped Philips to provide highly complementary capabilities, and enabled Philips to deliver more effective, seamlessly integrated informatics solutions that enhance patient care, improve clinical workflow, and optimize enterprise management.

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