Clinical Communication & Collaboration Market To Record A Sluggish CAGR of 18.0% By 2027 | Grand View Research, Inc.

Clinical Communication & Collaboration Market To Record A Sluggish CAGR of 18.0% By 2027 | Grand View Research, Inc.

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According to report published by Grand View Research, 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 clinical communication and collaboration market growth.

According to a report, “Clinical Communication & Collaboration Market Size, Share & Trends Analysis Report By Deployment (Hosted, On-premise), By Component (Solution, Services), By End Use, By Region, And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc., The global clinical communication and collaboration market is expected 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. Clinical communication and collaboration platforms are secure messaging tools integrated with healthcare networks that enhance the workflow of doctors, nurses, and other health care team members via mobile or desktop apps. Additionally, a clinical communication and coordination network can also interact with clinical scheduling tools for easy sharing of who is on the call and the availability of a doctor, nurse to enhance the patient’s response time. A clinical communication & collaboration platform can instantly notify doctors, nurses about the critical lab results, admissions, discharge, or even critical alarms pertaining to a patient. This ability to interact with colleagues during the critical time without leaving the sight of the patient makes clinical communication & collaboration platform much more significant.

Over the past few years, the clinical communication and collaboration market has seen exponential growth. Recent advancements in healthcare technology and the growing adoption of new safe means of communication are driving the need for clinical communication and collaboration. In the emerging economies, clinical communication and collaboration platforms have a rapid adoption rate as it helps to minimize the communication time needed. The end-users of clinical collaboration and collaborative platforms are based mainly on improving the quality of treatment, care transitions, clinical workflows, and clinical care.

The application of big data analytics technologies is expected to greatly improve clinical communication and collaboration solutions. Big data analytics technology is expected to help doctors identify current patterns and predict future events based on the data available via web or electronic network medium.This promotes prompt intervention and enhanced care quality by facilitating contact between patients and healthcare providers.

Integrating blockchain technology with clinical data exchange and collaborative treatment offers substantial opportunities for market growth. Blockchain technology facilitates the exchange of information by monitoring data origin and encrypting the chain of information exchange, thereby creating a secure environment for data sharing activities. Practical use cases of blockchain technology include more efficient control of EHR, authentication, secure identification of sources of patient payment, and successful use of hospital resources.

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The global clinical communication & collaboration market is segmented on the basis of deployment, component, and end-use. The on-premise deployment segment captured over 54% revenue share in 2019 as Healthcare organizations favored on-premise data deployment since it was easier for IT administrators to control the system in physically present datacenters. However, due to the increasing maintenance costs of physically present data centers, the demand for on-premise deployment is decreasing and organizations are now opting for cloud-based solutions. Cloud-based solutions offer a scalable and versatile platform at reduced costs compared to on-premise data solutions. It is expected that the number of remotely located teams that need a cloud-based platform to seamlessly exchange, collaborate, and connect with all locations will drive segment growth over the next few years.

In 2019, the solution segment captured a significant share of revenue of over 60%. The clinical communication & collaboration platform promotes data exchange, capture alerts and updates in real-time, and automate care transitions that contribute more to patient safety and satisfaction. Clinical communication and coordination systems use the patient data, bed management systems, and location to provide timely responses during crisis management. Also, in the current COVID-19 scenario, companies such as Cerner Corporation is engaged in developing technologies that will help healthcare organizations track and scan patient populations efficiently for possible coronavirus cases.

Under the end-user segment, hospitals accounted for more than 50% of global market revenue in 2019. Due to the recent outbreak of COVID-19, hospitals are now favoring contactless communications more than ever. Companies such as Microsoft Corporation is helping Healthcare organizations to overcome the fear of coronavirus pandemic by offering various solutions at reduced costs. For instance, it has offered the employees of the United Kingdom National Health Service to use Microsoft Team to connect and communicate over available devices while eliminating the risk of inadvertent virus spread.

U.S. clinical communication & collaboration market size

Recent Trends and Developments:

 

  • In December 2019, Vocera Communications, Inc. announced that, announced that the Cleveland Clinic London will use the Vocera Platform to standardize care team communication across the hospital when it opens in 2021. The wearable, voice-controlled Vocera Smartbadge, and the Vocera Vina mobile application will be used by nurses, doctors, consultants, and other healthcare team members to easily communicate and collaborate on patient care. 
  • In March 2020, PerfectServe, a leading cloud-based clinical communication and collaboration solutions provider, announced the next version of its Nurse Mobility software now incorporates a native VoIP dialer as well as integrates with nurse call systems and the AirStrip ONE patient monitoring application that shows live waveforms. According to the company, the new features offer a better user experience by giving nurses a single application for all communication calls, secure messages, and alerts bringing predictive warning alerts right to the smartphone for patients at risk of deterioration. 
  • In July 2019, NEC Corporation announced the acquisition of OncoImmunity AS, a bioinformatics company based in Norway that develops advanced machine learning software to help battle cancer. OncoImmunity AS, founded in 2014, is a bioinformatics company dedicated to developing software solutions that promote the successful selection of cancer immunotherapy patients and define optimal neoantigen targets for truly tailored cancer vaccines and cell therapies within a clinically actionable timeframe.

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End-use Insights

The hospitals segment of clinical communication and collaboration market accounted for a revenue share of over 50% in 2019. An increase in COVID-19 cases has led hospitals to realize the importance of contactless communication and collaboration. Companies have also started providing collaboration solutions to organizations tackling the coronavirus pandemic at reduced costs or for free. For instance, Microsoft Corporation has offered the United Kingdom National Health Service (NHS) staff to use Microsoft Teams to communicate quickly and efficiently with their colleagues.

Global clinical communication & collaboration market share

Furthermore, it has been reported by the Joint Commission that 70% of the medical errors are attributed to communication breakdowns. Hospitals have a complex architectural structure, which creates the need for efficient communication and coordination. Integrating clinical mobility in the hospital ecosystem has emerged as an added advantage to operational efficiency. Moreover, it has been observed that tech-savvy patients are finding comfort in technology and are bringing their data with them & are willing to share electronic health metrics with the healthcare providers.

Clinical Communication & Collaboration Market Segmentation

Grand View Research has segmented the global clinical communication & collaboration market on the basis of deployment, component, end use, and region:

Clinical Communication & Collaboration Deployment Outlook (Revenue, USD Million, 2016 – 2027)

  • Hosted

  • On-premise

Clinical Communication & Collaboration Component Outlook (Revenue, USD Million, 2016 – 2027)

  • Solution

  • Services

Clinical Communication & Collaboration End-use Outlook (Revenue, USD Million, 2016 – 2027)

  • Hospitals

    • Small Hospitals

    • Medium Hospitals

    • Large Hospitals

  • Clinical Labs

  • Physicians

  • Others

Clinical Communication & Collaboration Regional Outlook (Revenue, USD Million, 2016 – 2027)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia and New Zealand

  • Latin America

    • Brazil

    • Mexico

  • MEA

List of Key Players of Clinical Communication & Collaboration Market

  • AGNITY Global Inc.

  • Avaya Inc.

  • Cerner Corporation

  • Cisco Systems, Inc.

  • Halo Health

  • Hill-Rom Services Inc.

  • Intel Corporation

  • Microsoft Corporation

  • NEC Corporation

  • Plantronics, Inc.

  • Spok Inc.

  • Vocera Communcations

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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