SAN FRANCISCO, July 14, 2020 /PRNewswire/ -- The global clinical communication and collaboration market size is anticipated to reach USD 4.99 billion by 2027, exhibiting a CAGR of 18.0% over the forecast period, according to a new report by Grand View Research, Inc. The rising trend among healthcare practitioners to gain cross-functional support platforms for using a web-based interface or different mobile devices to support flexible communications anytime anywhere is driving the market growth. These platforms allow doctors and caretakers to indulge in real-time communications by leveraging technologies, including Voice over IP (VoIP), video conferencing, secure text messaging, on-call scheduling, and the ability to access critical patient information from Electronic Health Records (EHR) as and when needed. The need for efficient and effective communication between hospital staff and doctors to tackle mission-critical cases and ensure seamless hospital management is expected to offer an impetus to adoption of clinical communication and collaboration solutions.
Key suggestions from the report:
The hosted deployment segment is expected to witness the highest CAGR of more than 19%, owing to rising demand amongst hospitals and clinical labs to adopt a cloud-based communications infrastructure
The services segment is envisioned to witness significant growth due to the availability of pre-existing communication systems and the need to leverage collaboration and communication services to indulge in better healthcare practices
The hospitals segment is expected to dominate over the forecast period owing to the availability of larger IT budgets and provision to access better services and solutions from platform providers
The large hospitals segment is expected to witness the highest CAGR owing to a higher need to indulge in collaboration activities between cross-functional departments
Asia Pacific is envisioned to expand at the fastest CAGR exceeding 21% due to the presence of a significant number of smartphone and internet users in the region, which offers promising potential for technological penetration in the healthcare market.
These solutions are expected to benefit significantly from the integration of big data analytics technology. Big data analytics technology is expected to help doctors analyze specific trends and future events based on data accessed from web-based or electronic platforms. This facilitates timely intervention and better continuity of care by enabling communication amongst patients and healthcare providers. Big data also ensures continual operations of communication platforms such as patient portals, emails, and call centers. For instance, call center representatives can access patient data and indulge in informed and personalized conversations based on prior interactions with the healthcare system, which offers a more holistic and satisfactory patient experience.
The integration of blockchain technology with clinical data sharing and collaborative care offers significant market growth prospects. Blockchain technology provides improved health information exchange by tracking data origin and encrypting the information exchange chain, thus providing a safe ecosystem for data transfer activities. The practical use cases of blockchain technology involve more efficient EHR management, authentication, secure registering of patient payment sources, and efficient hospital resource usage. The technology is also expected to shorten negotiation cycles, improve network co-ordination, mitigate time delays and communication gaps caused by legacy communication technology, and make clinical processes more seamless.
Implementation of the 5G delivery system in clinical communication is expected to offer significant market growth prospects owing to its ability to transfer large volumes of data in less time. Digital pathological data, such as MRI and X-ray scans, can be easily shared in real-time across other facilities, promoting high-bandwidth availability and ultra-high-speed internet. Such advancement enables remote healthcare providers and specialists to meet, exchange data, and collaborate without experiencing latency. Furthermore, low latency feature of 5G internet is expected to aid in telesurgery, by helping doctors in remote locations to perform real-time surgeries using surgical robots.
Grand View Research has segmented the global clinical communication & collaboration market based on deployment, component, end-use, and region:
Clinical Communication & Collaboration Deployment Outlook (Revenue, USD Million, 2016 - 2027)
Clinical Communication & Collaboration Component Outlook (Revenue, USD Million, 2016 - 2027)
Clinical Communication & Collaboration End-use Outlook (Revenue, USD Million, 2016 - 2027)
Clinical Communication & Collaboration Regional Outlook (Revenue, USD Million, 2016 - 2027)
Australia & New Zealand
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.