Global Clinical Workflow Solutions Market Size

Clinical Workflow Solutions Market Analysis

The Global Clinical Workflow Solutions Market size is estimated at USD 13.94 billion in 2024, and is expected to reach USD 26.35 billion by 2029, growing at a CAGR of 13.58% during the forecast period (2024-2029).

The increasing frequency of covid-19 had increased the need for precise diagnosis and treatment devices in several nations throughout the world. In this sense, connected care technologies had shown to have been quite beneficial, since they enable healthcare personnel to monitor patients utilizing noninvasive digitally connected equipment such as home blood pressure monitors and pulse oximeters. The demand for Electronic Medical Records (EMR) to Electronic Health Records (EHR) solutions to manage complicated patient data has skyrocketed in various nations. Hospitals were increasingly focusing on expanding their capabilities by integrating multiple hospital systems with EHRs. Players in this market had also connected their EHR platforms with telehealth solutions and enhanced their software solutions to enable healthcare practitioners to manage covid-19 patients more efficiently. According to the study titled "Multisite implementation of a workflow-integrated machine learning system to optimize COVID-19 hospital admission decisions." published in July 2022, researchers created, deployed, and evaluated an electronic health record (EHR) embedded clinical decision support (CDS) system that uses machine learning (ML) to estimate the short-term risk of clinical deterioration in COVID-19 patients. Thus, the rising use of clinical workflow solution management during COVID-19 positively impacted the market growth.

Factors that are driving the market growth include the increase in demand to curtail healthcare costs and the increasing patient volume, due to the rising prevalence of chronic diseases. According to the study titled 'China's data-driven dream to overhaul health care,' published in Nature in October 2021, the central government invested more than CNY 10 billion (USD 1.5 billion), reaching USD 19.6 billion over the period 2016-2020 in 'health informatization' the use of information technology to improve healthcare. Thus, growing healthcare spending and a rise in demand to reduce healthcare costs are likely to support the growth of the market.

Additionally, the implementation of clinical workflow solutions enhances patient care and safety, and along with the government initiatives for healthcare IT adoption, are driving the growth of the market. Furthermore, initiatives taken by the governments of various nations to promote digital health are also contributing to the growth of the market. For instance, in September 2021, Indian Government rolled out the Pradhan Mantri Digital Health Mission. It is aimed at digitalizing healthcare practices across the nation, creating a country-wide digital health ecosystem that will enable patients to store, access, and consent to share health records. Thus, the growing adoption of healthcare IT is expected to boost market growth over the forecast period.

Furthermore, the need for services across healthcare IT solutions is significant with the advent and implementation of cloud-based and other sophisticated technology platforms in healthcare. For instance, in August 2021, Zyter, Inc., has unveiled the integration of the TruCare care management solution with the company's clinical solutions for telehealth and remote patient monitoring (RPM) on the ZyterHealth platform at HIMSS 2021. Thus, all the above-mentioned factors are expected to boost market growth over the forecast period. However, the high initial capital costs may restrain the market growth.