The growth of this market is mainly driven by the increase in need to curtail healthcare costs and the increasing patient volume due to the rising prevalence of chronic diseases.
Also, the advantages of clinical workflow solutions in enhancing patient care and safety along with the government initiatives for HCIT adoption are escalating the market growth.
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The global clinical workflow solutions market is projected to reach USD 12.1 billion by 2023 from USD 6.8 billion in 2018, at a CAGR of 12.4%.
Key Market Players
The prominent players in the global clinical workflow solutions market are Hill-Rom Holdings, Inc. (US), Ascom Holding AG (Switzerland), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Cisco Systems, Inc. (US), Stanley Black & Decker, Inc. (US), Cerner Corporation (US), Infor, Inc. (US), Allscripts Healthcare Solutions, Inc. (US), and McKesson Corporation (US).
The clinical workflow solutions market in the Latin America is expected to grow at 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 the Latin America clinical workflow solutions market.
Also, 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.