SAN FRANCISCO, June 3, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Clinical Communication and Collaboration - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: January 2021
Executive Engagements: 11907
Companies: 36 - Players covered include Intelligent Business Communication â€" AGNITY; Ascom (Holding) AG; UDG Healthcare PLC; Avaya Inc.; Cerner Corporation; Cisco Systems, Inc.; Everbridge, Inc.; Halo Health; Hill Room Services Inc.; Intel Corporation; Jive Software, Inc.; Microsoft Corporation; PatientSafe Solutions; Plantronics, Inc.; Spok Inc.; TigerConnect, Inc; Uniphy Health Holding LLC; Vocera Communications, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Component (Solutions, Services); Content Type (Video, Voice, Text, Other Content Types); End-Use (Hospitals, Clinical Labs, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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Global Clinical Communication and Collaboration Market to Reach $3.3 Billion by 2026
Clinical communication and collaboration systems refer to secure messaging tools integrated with clinical networks, such as the electronic medical record (EMR), the call center, hospital phones, the corporate directory, nurse call systems, testing labs, on-call schedules, and alarming middleware, which are required for enhancing the workflow of doctors, nurses, and other healthcare professionals via a desktop or smartphone application. These systems are an evolution from messaging applications focused on HIPAA-compliant secure text messaging. While a traditional secure messaging application is only restricted to offering HIPAA-compliant texting and voice communication, a clinical communication and collaboration system goes one step ahead by bringing in patient data stored in the EMR for allowing clinicians to view the list of their patients and care team members, the patient's critical information, including date of birth and location, as well as message care team members from their smartphone.
Amid the COVID-19 crisis, the global market for Clinical Communication and Collaboration estimated at US$1.5 Billion in the year 2020, is projected to reach a revised size of US$3.3 Billion by 2026, growing at a CAGR of 14% over the analysis period. Solutions, one of the segments analyzed in the report, is projected to grow at a 13.6% CAGR to reach US$2.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 14.7% CAGR for the next 7-year period. This segment currently accounts for a 37% share of the global Clinical Communication and Collaboration market.
The U.S. Market is Estimated at $634.6 Million in 2021, While China is Forecast to Reach $280.3 Million by 2026
The Clinical Communication and Collaboration market in the U.S. is estimated at US$634.6 Million in the year 2021. The country currently accounts for a 36.95% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$280.3 Million in the year 2026 trailing a CAGR of 16.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12.4% and 14.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 13.3% CAGR while Rest of European market (as defined in the study) will reach US$323.2 Million by the close of the analysis period. Growing in these regional markets will be led by rising demand among healthcare providers for cross-functional collaborative platforms that use an internet-based interface or various mobile devices to achieve flexible communications anywhere, anytime. In addition, integrating big data analytics is expected to significantly benefit in improving clinical communication and collaboration solutions in the coming years. The application of big data analytics is expected to help physicians in analyzing specific trends as well as predicting future events based on data obtained from electronic or web-based platforms.
By Content Type, Video Segment to Reach $1.5 Billion by 2026
By Content Type, the video segment is estimated at US$647.9 Million in 2020, and is projected to reach US$1.5 Billion by 2026 reflecting a compounded annual growth rate of 15.2% over the analysis period. United States constitutes the largest regional market for Video segment, accounting for 35.5% of the global sales in 2020. Asia-Pacific is poised to register the fastest compounded annual growth rate of 17.9% over the analysis period, to reach US$113.8 Million by the close of the analysis period. More
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