The clinical communication and collaboration market is growing at a registered CAGR of 11.6% over the forecast period and to reach valuation US$ 3.6 billion by 2029.
The clinical communication and collaboration market is growing at a registered CAGR of 11.6% over the forecast period and to reach valuation US$ 3.6 billion by 2029.
Growth Factors
The increasing necessity of effective communication systems in the healthcare sector to eliminate the chances of medical errors owing to communication gap and thereby improving the care efficiency is driving the growth of the global clinical communication and collaboration market. The integration of the text messaging, video conferencing, and medical alarming in a single platform is a prominent feature of the clinical communication and collaboration systems that enables effective communication across the healthcare units. The surging adoption of the clinical communication systems in the healthcare sector is propelling the growth of the market across the globe. The surging geriatric population and increasing prevalence of various chronic diseases is resulting in an increased pool of patients and higher volume of hospital admissions. This is a major factor that fuels the demand for the clinical communication and collaboration systems to ensure quick and effective patient care services in hospitals.
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Report Highlights:
- By component, the solution was the dominant segment accounting for over 60% of the revenue share in 2020. The availability of various features such as video communications, effective alarm solutions, and data sharing in real time has favored the demand for the solutions. Furthermore, the introduction of latest technologies like internet of things in the clinical communication and collaboration is expected to have a positive impact on solution segment growth.
- Based on end use, the hospitals segment accounted for more than 52% of the revenue share in 2020 and dominated the market. This is mainly due to the increased demand for the clinical communication and collaboration systems in hospitals to improve patient care services and increase the operational efficiency. The surging number of hospital admissions across the globe is fueling the need for effective communication, quick treatment, and real time data transfer, which has fostered the growth of the hospitals segment.
- On the basis of deployment, the hosted segment is anticipated to grow at the highest CAGR during the forecast period. The growing popularity and adoption of the cloud-based services owing to its low cost and flexibility is fueling the market growth. The hosted clinical communication and collaboration systems allows the healthcare staffs to remotely access the storage and sharing of data with hand held devices like smartphones and tablets. The record and review of any event allowed by the hosted systems is also contributing to the market growth.
- North America was the largest clinical communication and collaboration market, which accounted for over 30% of the market in 2020. The increased number of hospital admissions and physician visits has significantly propelled the growth of the market. According to the US CDC, around 45 million outpatient surgeries, 155 million emergency visits, and more than 900 million physician visits were recorded in 2019. The presence of huge pool of patients has driven the adoption of the clinical communication and collaboration systems in the healthcare sector of North America.
- Asia Pacific is expected to grow at the highest CAGR during the forecast period. Asia Pacific is witnessing heavy investments in the development of smart hospitals and developed healthcare infrastructure. The growing prevalence of chronic diseases is fueling the number of hospital admissions and the need for effective healthcare communication is rising at a rapid rate across the region.
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Future of Clinical Communication and Collaboration Market
The integration of the novel technologies such as artificial intelligence, cloud computing, internet of things, and internet with the clinical communication and collaboration is expected to shape the future of the global clinical communication and collaboration market. The rising investments towards the development of IT and telecommunications infrastructure is anticipated to support the growth of the market.
COVID-19 Impact Analysis:
- The sudden spike in the number of hospital admissions owing to the rapid spread of the COVID-19 disease has resulted in the spike in the demand for the clinical communication and collaboration systems.
- The increased adoption of the telehealth during the pandemic has significantly supported the growth of the market.
Key Developments in the Marketplace:
- In July 2021, Vocera Communications, Inc., launched its cloud-based clinical communication and collaboration software namedVocera Edge,for the smartphones. This system enables the healthcare systems to have access to the electronic health record and enhance the communication among the health professionals and staffs.
Segments Covered in the Report
By Component
- Solution
- Service
By End Use
- Hospitals
- Clinics
By Deployment
- Hosted
- On-Premise
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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