Market Trends of Global Clinical Workflow Solutions Industry
This section covers the major market trends shaping the Clinical Workflow Solutions Market according to our research experts:
Hospital is Expected to Lead the Clinical Workflow Solutions Market
Clinical workflow solutions in hospitals include functions to help enhance care quality, care coordination, and overall patient happiness while lowering the rate of medication errors and adverse drug events; their usage is predicted to expand in the future years. Factors such as the growing need to streamline administrative tasks, secure clinical information, and improve information access; the growing need for early detection and intervention to reduce the risk of acute complications; and the growing emphasis on reducing treatment costs are driving the growth of this end user segment.
The increasing number of hospitals by private players in the country is also propelling the growth of the market. The American Hospital Association Statistics 2021, published in January 2021 and American Hospital Association Statistics 2022 published in January 2022 reported that in 2021, there are 2,946 nongovernment not-for-profit community hospitals, and this number increased to 2,960 in 2022. Such an increase in the number of hospitals creates the demand for clinical workflow solutions and thus is expected to boost the growth of the market. Additionally, as per the Australian Institute of Health and Welfare in May 2022, there are about 11.8 million hospital admission occurred in 2020-21 which is 6.3% more compared to 2019-20. It also reported that out of 11.8 million admissions, 7.0% of hospitalizations involved a stay in the Intensive Care Unit, and 3.8% of hospitalizations involved cardiovascular disease. Such increasing admission in emergency and critical care creates the need for clinical workflow and is thus expected to drive the growth of the market segment.
Moreover, technological advances in the workflow management system and product launches by the key market players are expected to boost segment growth over the forecast period. For instance, in October 2021, Honeywell launched its Real-Time Health Monitoring System (RTHMS), a smart edge-to-cloud communication platform for remote and real-time patient monitoring that serves as a bridge between caregiver and patient. RTHMS can cut hospital administrative tasks by 35% by digitizing and automating important tasks.
Thus, the share of the hospital segments is expected to dominate significantly over the forecast period.
The North American Region is Expected to Register the Highest CAGR in the Clinical WOrkflow Solutions Market
Increasing government initiatives for eHealth, subsequent improvements in the healthcare infrastructure, rising medical tourism, and increasing demand for quality healthcare in emerging countries, are the factors driving the growth of the North American clinical workflow solutions market. The population growth and efforts to improve the quality of care, implementation of favorable government initiatives, strategies to digitalize the country in every sector by using IT infrastructure, and the increasing awareness about the benefits of clinical workflow solutions are driving the growth of this regional segment.
As per the Centers for Medicare & Medicaid Services, National health spending is projected to grow at an average annual rate of 5.4% for 2019-28 and to reach USD 6.2 trillion by 2028. As national health expenditures are projected to grow 1.1 percentage points faster than gross domestic product per year on average over 2019-28, the health share of the economy is projected to rise from 17.7% in 2018 to 19.7% in 2028. This investment can be made in a variety of industries, such as technical support services or the management of IT healthcare, which includes hospital system management. This should accelerate market expansion.
Asthma is a major noncommunicable disease (NCD), affecting both children and adults, and is the most common chronic disease among children. Also, according to the Asthma and Allergy Foundation of America (AAFA), in April 2022, roughly 1 in 13 Americans had asthma, which is about 25 million people. As per the same source, about 5.1 million American children have asthma under the age of 18. The same source stated that asthma is more common in female adults than in male adults. Around 9.8% of female adults have asthma, compared to 6.1% of male adults. Thus, patients with chronic illness often required hospital admission for treatment purposes, creating opportunities for the clinical workflow solution, thereby boosting the market growth.
Additionally, in November 2021, InsiteOne LLC released the platform (V11) for general availability after a successful pilot at Doylestown Health, Doylestown, PA. The new platform represents a major technological step forward and supports the integration of various tools into clinical workflow and provides healthcare institutions with automation tools designed to put their enterprise VNA imaging data to work.
Thus, owing to the abovementioned factors, the North American region is expected to project growth over the forecast period.
