Clinical Communication and Collaboration Equipment Software Market Worth at US$ 5.7 Bn from 2022 to 2032
According to a recently released Future Market Insights report, the global clinical communication and collaboration software market is expected to reach US$ 5.7 billion by 2032, with a CAGR of 13.7% from 2022 to 2032. As the global medical services industry digitises, partners are scrambling to send the most recent advances in clinical communication and collaboration.
The introduction of new products into the market is expected to keep market growth elevated throughout the forecast period. For example, Mobile Heartbeat reported in June 2021 that it is releasing Banyan TM, a cloud-based communication framework for medical service providers.
The new stage, which will be built on Microsoft Azure, will include the creation of isolated applications that will be used for applications across the entire medical services venture, including wandering and emergency clinics.
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Cloud-based hardware is supposed to get forward momentum in the gauge period. In July 2021, Vocera Communications, an eminent name in clinical communication and collaboration, presented its new cloud-based clinical communication and collaboration answer for cell phones known as Vocera Edge. Vocera Edge permits medical care frameworks to benefit from their electronic wellbeing record (EHR) ventures.
Moreover, players are taking various initiatives to secure funds from other established players of the industry. For instance, in July 2022, Tebra raised US$ 72 Million to scale its operating system for independent practices.
It reached a valuation of more than US$ 1 Billion. Tebra was founded in November as a result of a merger between PatientPop, a provider of healthcare marketing and practice management software, and Kareo, which sells cloud-based clinical and financial software.
In addition, players are deploying IoT with collaboration solutions to boost operational efficiency and patient care. This is anticipated to act as a vital opportunity for the market in the coming time.
With the application of mobile phones and Bluetooth beacons, hospitals assist patients and visitors to navigate their way in the large hospital premises. For instance, the Wayfinding application from Boston Children’s Hospital offers turn-by-turn directions for its 12-building healthcare campuses.
Key Takeaways from the Clinical Communication and Collaboration Software Market Report
- Global clinical communication and collaboration software market to reach US$ 1.6 Billion by 2022-end
- By deployment, hosted clinical communication & collaboration software to flourish at an 11.7% CAGR
- Hospitals to remain primary end users, propelling clinical communication & collaboration software demand at an 11.7% CAGR
- S to be the most opportunistic growth spot, expected to surge at a 13% CAGR
- China to be the next most lucrative market, expected to reach US$ 401 Million by 2032
- Japan, South Korea and U.K to flourish at CAGRs of 12.6%, 12.1% and 11.8% respectively
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“Rapid digitization and the emergence of AI and IoT in the healthcare segment can offer various opportunities of expansion to the market in the coming time. Also, the growing healthcare budgets of developing countries can widen the market scope in the forecast period,” says an FMI analyst.
Key players in the global clinical communication and collaboration software market include AGINITY Global Inc., Avaya Inc., Cerner Corporation, Cisco Systems, Inc., and Halo Health.
- In September 2020, Cisco announced the conclusion of its acquisition of BabbleLabs, a privately held company based out of Campbell, CA. The firm uses modern AI techniques to differentiate human speech from any unwanted noise leading to enhanced speech quality in communications and conferencing applications.
- In June 2022, Oracle Corporation announced the acquisition of EHR vendor Cerner Corporation at US$ 28.4 Billion. The acquisition aims to assist the overworked medical professionals with a new generation of easier-to-use digital tools that allow access to information via a hands-free voice interface to secure cloud applications.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global clinical communication and collaboration software market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Deployment (Hosted, On-Premise), By End-Use (Hospitals, Clinical Labs, Physicians, & Others), & Regional (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa)
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Key Segments Profiled in the Global Clinical Communication and Collaboration Software Market Report
Clinical Communication and Collaboration Software Market by Deployment:
- Hosted Clinical Communication and Collaboration Software
- On-Premise Clinical Communication and Collaboration Software
Clinical Communication and Collaboration Software Market by End User:
- Clinical Communication and Collaboration Software for Hospitals
- Clinical Communication and Collaboration Software for Clinical Labs
- Clinical Communication and Collaboration Software for Physicians
- Clinical Communication and Collaboration Software for Other End Users
Clinical Communication and Collaboration Software Market by Region:
- North America Clinical Communication and Collaboration Software Market
- Europe Clinical Communication and Collaboration Software Market
- Asia Pacific Clinical Communication and Collaboration Software Market
- Middle East & Africa Clinical Communication and Collaboration Software Market
- Latin American Clinical Communication and Collaboration Software Market