Chicago, April 25, 2024 (GLOBE NEWSWIRE) -- 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 latest report published by MarketsandMarkets™.
The market growth is driven by the rising demand for telehealth, focus on care coordination and continuity, cost reduction and operational efficiency, and patient-centric care models over the forecast period.
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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 Opportunity | Growing opportunities in emerging markets |
| Key Market Driver | Advantages of clinical communication solutions in enhancing patient care and safety |
Based on application, the clinical communication & collaboration market is segmented into lab & radiology communication, nurse communication, patient communication & emergency alerts, physician communication. The physician communication segment holds the largest market share in the clinical communication & collaboration market because of its indispensable role in patient care, complex decision-making processes, emphasis on patient safety, interdisciplinary collaboration, mobility requirements, regulatory compliance needs, and evolving healthcare landscape.
Based on end user, the clinical communication & collaboration market is segmented into hospitals & clinics, ambulatory surgical centers, long-term care facilities, nursing centers and others. The hospitals & clinics dominated the segment in 2023. The growth of this segment is attributed to healthcare facilities operating within complex care environments, necessitating seamless communication among diverse stakeholders, including physicians, nurses, specialists, and support staff. Also, the sheer volume of patients treated in hospitals and large clinics amplifies the need for efficient communication and collaboration tools to manage workflows effectively.
The clinical communication & collaboration market is segmented into five major regional segments, namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America holds the largest share of the clinical communication & collaboration market in 2023. This is attributed to highly developed healthcare infrastructure, with advanced hospitals, clinics, and healthcare systems that prioritize the adoption of cutting-edge technologies. This environment fosters a fertile ground for the implementation of clinical communication & collaboration solutions, driving market growth. Also, North America is home to a large number of leading technology companies specializing in healthcare IT and communication solutions. These companies innovate continuously to address the evolving needs of healthcare providers, offering a wide array of sophisticated communication platforms tailored for clinical settings. Furthermore, regulatory requirements in North America, such as the Health Insurance Portability and Accountability Act (HIPAA), mandate stringent standards for patient privacy and data security. As a result, healthcare organizations in the region prioritize investing in secure communication solutions that comply with these regulations, further driving market growth. Additionally, the region's cultural and linguistic diversity necessitates flexible communication platforms capable of accommodating various languages and communication preferences, further fueling demand for advanced solutions. Moreover, North America has a robust telehealth infrastructure, which gained significant traction, especially during the COVID-19 pandemic, accelerating the adoption of telehealth-enabled communication platforms.
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Clinical Communication & Collaboration market major players covered in the report, such as:
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The study categorizes the Clinical Communication and Collaboration Market based on platform, component, deployment, application, end user, at regional and global level.
Clinical Communication and Collaboration Market, by Platform
Clincal Communication and Collaboration, by Component
Clinical Communication and Collaboration, by deployment
Clinical Communication and Collaboration market, by application
Clinical Communication and Collaboration market, by end-User
Clinical Communication and Collaboration market, by region
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Report Objectives:
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