New York, NY -- (SBWIRE) -- 10/25/2017 -- According to a recent market report published by Persistence Market Research titled "Clinical Communication and Collaboration Market: Global Industry Analysis (2012–2016) and Forecast (2017–2025)," revenue from the global clinical communication and collaboration market was US$ 138.5 Mn in 2012 and US$ 214.8 Mn in 2016, representing a CAGR of 11.6% from 2012 to 2016. This revenue growth is attributed to addition of new features in clinical communication and collaboration solutions. Persistence Market Research forecasts revenue from the global clinical communication and collaboration market to increase from US$ 249.4 Mn in 2017 to US$ 861.6 Mn by 2025 end, representing a CAGR of 16.9% from 2017 to 2025. This increasing revenue growth is attributed to continuous launch of new clinical communication and collaboration solutions and option for customization supporting growth of this market.
Advancement in patient monitoring technologies and need for seamless communication among hospital staff are major factors driving revenue growth of the global clinical communication and collaboration market. However high initial costs and disruption of workflows are restraining revenue growth of the clinical communication and collaboration market.
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Global Clinical Communication and Collaboration Market: Segmentation & Forecast
The global clinical communication and collaboration market is categorized on the basis of Component (Software, Services), Content Type (Text, Voice, Video), end user (Clinical Laboratories, Hospitals, Physicians, Others), and Region (North America, Latin America, Europe, Asia Pacific and Middle East and Africa).
By component, revenue generation from the Services segment is expected to increase at a high CAGR of 19.1% over the forecast period. In terms of value, the Services segment is anticipated to increase 3.9X between 2017 and 2025. The Services segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, the Software segment is projected to be the most attractive in the global clinical communication and collaboration market during the forecast period.
By content type, the Video segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 18.4% during the forecast period. In terms of value, the Text segment is projected to be the most attractive in the global clinical communication and collaboration market during the forecast period.
By end user, the Hospitals segment is projected to be the most attractive segment in terms of value in the global clinical communication and collaboration market during the forecast period. The Physicians segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 17.2% during the forecast period.
By region, the Asia Pacific regional market is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, APAC is expected to expand at a CAGR of 18.8% during the forecast period. In terms of value, the APAC market is anticipated to increase 3.8X between 2017 and 2025. Clinical communication and collaboration solution providers can focus on expanding across several countries in APAC region such as India, China.
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The global clinical communication and collaboration market is classified on the basis of content type into text, video, and voice. Persistence Market Research projections indicate that the text segment will lead the global market in terms of value share during both the years 2017 and 2025, with an estimated market share in excess of 40% held over the forecast period. In terms of value, the text segment is anticipated to increase 3.3X between 2017 and 2025. In 2016, the text segment was valued at US$ 97.5 Mn and is expected to witness steady growth in terms of revenue throughout the forecast period. Revenue contribution from the text segment is anticipated to expand at a CAGR of 16.3% during the forecast period.