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Clinical Communication & Collaboration Market Worth $4.8 billion | MarketsandMarkets(TM)
Wednesday, April 17, 2024

CHICAGO , April 9, 2024 /PRNewswire/ -- Clinical Communication & Collaboration Market in terms of revenue was estimated to be worth $2.6 billion in 2024 and is poised to reach $4.8 billion by 2029, growing at a CAGR of 13.2% from 2024 to 2029 according to a new report by MarketsandMarkets(TM).

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The growth in the clinical communication and collaboration market is driven by high prevalence of chronic diseases, rising prominence of big data and mHelath tools, and stringent regulatory requirements and industry standards. Moreover, transition towards value-based care and population health management further increases the significance of clinical communication and collaboration solutions. Thus, the the growing emphasis on interoperability and data exchange within healthcare ecosystems is expected to drive the integration of clinical communication and collaboration market during the forecast period.

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Browse in-depth TOC on "Clinical Communication & Collaboration Market"

240 - Tables
50 - Figures
320 - Pages

Clinical Communication & Collaboration Market Scope:


                 Report Coverage 
     
              Details


      Market Revenue in 2024                                                     
            $2.6 billion


      Estimated Value by 2029                                                    
            $4.8 billion



     Growth Rate                                                    Poised to grow at a CAGR of 13.2%


      Market Size Available
       for                       
     2022-2029



     Forecast Period            
     2024-2029



     Forecast Units             
     Value (USD Billion)



     Report Coverage              Revenue Forecast, Competitive Landscape, Growth Factors, and Trends


      Segments Covered           
     Platform, Component, Deployment, Application, and End user


      Geographies Covered          North America, Europe, Asia Pacific, Latin America, and Middle East
                                    Africa


      Report Highlights            Updated financial information /product portfolio of players


      Key Market Opportunities   
     Growing opportunities in emerging markets


      Key Market Drivers           Advantages of clinical communication solutions in enhancing patient
                                    care and safety

Software segment accounted for the largest share of the global Clinical Communication and Collaboration market in 2023.

On the basis component, the Clinical Communication and Collaboration market is segmented into hardware, software and services segment. The software segment accounted for the largest share of the component segment in 2023. The software segment comprises of clinical alerting & notification, physician & nurse scheduling systems, telehealth platform, collaborative care platforms. The clinical alerting & notification segment held the largest market share in the software segment. These systems plays a pivotal role in enhancing patient safety, as it reduces response times, and improves clinical decision-making. Moreover, the increasing focus on care coordination and continuity across healthcare settings has propelled the demand for robust clinical alerting and notification solutions. Owing to the many benefits of the software solutions, several healthcare providers are increasingly adopting these solutions for smooth workflows and enhanced quality care.

By application, physician communication segment accounted for the largest market share in 2023.

Based on application, the Clinical Communication and Collaboration market is segmented into lab & radiology communication, nurse communication, patient communication & emergency alerts, physician communication. The physician communication segment held the largest market in 2023 due to its pivotal role in facilitating effective care delivery, and enhancing care coordination. Moreover, the unique communication needs of physicians, including the requirement for secure and confidential communication channels, further highlights the importance of dedicated physician communication solutions within the clinical communication and collaboration market. These solutions offer encrypted messaging, secure voice and video calling, and other advanced features tailored to the specific requirements of healthcare providers, enabling them to communicate effectively while adhering to stringent privacy and security regulations.

Hospitals & clinics are largest end users of the Clinical Communication and Collaboration market

Based on end users, the Clinical Communication and Collaboration market is segmented into hospitals & clinics, ambulatory surgical centers, long-term care facilities, nursing centers and other end-users which includes maternity care centers & fertility centers, and trauma and emergency care centers. The hospitals & clinics held the largest share among the end-users in 2023. From emergency departments and operating rooms to inpatient units and outpatient clinics, healthcare providers in hospitals and clinics rely heavily on effective communication channels to coordinate care plans, consult with colleagues, and ensure continuity of care for patients. As healthcare organizations continue to prioritize communication solutions that enhances care coordination, streamlines workflows, and support remote care delivery, hospitals and clinics are poised to remain key drivers of innovation and growth in the clinical communication and collaboration market.

North America dominates the global Clinical Communication and Collaboration market.

The Clinical Communication and Collaboration market is segmented into five major regional segments, namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2023, North America accounted for the largest share of the Clinical Communication and Collaboration market. This region's dominance is due to highly developed healthcare infrastructure characterized by advanced technology adoption, robust regulatory frameworks, and a strong emphasis on patient-centric care delivery. Moreover, the presence of key market players such as Avaya LLC (US), Oracle (US), Cisco Systems, Inc. (US), Microsoft Corporation (US) among others are a key factor contributing to the growth of the region.

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Clinical Communication & Collaboration Market Dynamics:

Drivers:

    1. Advantages of clinical communication solutions in enhancing patient care
       and safety

Restraints:

    1. High investments required to build IT infrastructure

Opportunities:

    1. Growing opportunities in emerging markets

Challenge:

    1. Data security issues

Key Market Players of Clinical Communication & Collaboration Industry:

Prominent players in the Clinical Communication and Collaboration market include Avaya LLC (US), Oracle (US), Cisco Systems, Inc. (US), Microsoft Corporation (US), Baxter International (Hillrom) (US), symplr (US), NEC Corporation (Japan), Spok Inc. (US), Vocera Communications (Stryker) (US), Ascom Holding AG (Switzerland), Everbridge (US), Hidden Brains InfoTech. (India), Imprivata, Inc. (US), CommuniCare Technology, Inc. d/b/a Pulsara (US), Mobile Heartbeat (C-HCA, Inc.) (US), OnPage. (US), HARRIS ONPOINT (US), Jive Software, LLC (US), TigerConnect (US), JCT Healthcare Pty Ltd. (Australia), Amplion (US), AndorHealth (US), PerfectServe, Inc. (US), QliqSOFT, Inc. (US), and Connexall, GlobeStar Systems Inc. (Canada).

Breakdown of supply-side primary interviews, by company type, designation, and region:

    --  By Company Type: Tier 1 (40%), Tier 2 (35%), and Tier 3 (25%)
    --  By Designation: C-level (35%), Director-level (45%), and Others (20%)
    --  By Region: North America (55%), Europe (20%), Asia Pacific (15%), Latin
        America (5%) and Middle East Africa (5%)

Recent Developments of Clinical Communication & Collaboration Industry:

    --  In September 2023, Microsoft Corporation (US) collaborated with Mercy
        (US) to enable clinicians to revolutionize patient care through the use
        of generative AI.
    --  In August 2023, TeleVox (US) partnered with Oracle (US)  to enhance its
        patient engagement solutions, leveraging OCI's platform for improved
        communication in healthcare. As part of the Oracle PartnerNetwork (OPN),
        TeleVox on OCI delivers advanced capabilities for healthcare practices.
    --  In April 2023, Mobile Heartbeat (US) partnered with Akkadian Labs, LLC.
        (US) a leading developer of unified communications (UC) provisioning
        automation solutions. With this partnership, Mobile Heartbeat and
        Akkadian Labs aim to empower healthcare organizations with enhanced
        communication and collaboration capabilities, ultimately improving
        patient care outcomes.

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Clinical Communication & Collaboration Market - Key Benefits of Buying the Report:

This report studies the Clinical Communication and Collaboration market based on components, application, end user, and region. The report also analyses factors (such as drivers, opportunities and challenges) affecting market growth. It evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders. The report also studies micro markets with respect to their growth trends, prospects, and contributions to the total Clinical Communication and Collaboration market. The report forecasts the revenue of the market segments with respect to five major regions.

Reasons to Buy the Report

This report also includes

    --  Analysis of key drivers ( Advantages of clinical communication solutions
        in enhancing patient care and safety, high prevalence of chronic
        diseases, growing geriatric population, need for cost-containment in
        healthcare delivery, rising prominence of big data and mHelath tools),
        restrains (lack of interoperability, high investment required to build
        infrastructure), challenges (lack of knowledge among traditional
        healthcare providers, data security issues), opportunities (rising
        demand for HCIT globally, growing adoption of EHR) are contributing the
        growth of the Clinical Communication and Collaboration market.
    --  Product Development/Innovation: Detailed insights on upcoming trends,
        research & development activities, and new software launches in the
        Clinical Communication and Collaboration market.
    --  Market Development: Comprehensive information on the lucrative emerging
        markets, components, application, end-user, and region.
    --  Market Diversification: Exhaustive information about the software
        portfolios, growing geographies, recent developments, investments in the
        Clinical Communication and Collaboration market.
    --  Competitive Assessment: In-depth assessment of market shares, growth
        strategies, product offerings, company evaluation quadrant, and
        capabilities of leading players in the global Clinical Communication and
        Collaboration Market.

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Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore(TM) (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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