The global clinical communication and collaboration market is expected to reach a market size of USD 5,029.8 Million by 2027, and register a significantly high revenue growth rate over the next seven years, according to a latest report by Reports and Data. Growing demand for clinical communication and collaboration solutions can be attributed to increasing digitization of healthcare system infrastructure globally. Digitization in healthcare systems enable easy maintenance of patient medical records and history. A patient’s medical history is vital in emergency situations and unavailability of a physical copy can lead to conflicting medication or treatment, thereby resulting in potential medical complications. Digitization helps to keep doctors informed about the medical history of a patient whenever required, as well as aids in maintaining consistent communication between various specialist to collaboratively diagnose a specific medical condition.
The COVID-19 impact
Clinical communication and collaboration solutions witnessed substantial rise in demand during the COVID-19 pandemic, owing to challenges associated with managing COVID-19 patients and sharing of real-time resources with several other healthcare facilities, along with maintaining coordination healthcare systems and hospitals that compete with each other. Clinical communication and collaboration solutions enable healthcare systems more efficiently collaborate with each other to provide enhanced care to patients and communities.
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Market Dynamics:
Increasing development of on-demand, digitally enabled, and seamlessly connected clinician-patient interactions to manage patient base is expected to drive pharma and healthcare market in the coming years. After the COVID-19 outbreak there has been a number of foundational shifts in the healthcare system. Some of the examples include increasing consumer involvement in health care decision-making, the rapid adoption of virtual health & other digital innovations, increasing focus on utilization of interoperable data & data analytics, and increased public-private collaborations in therapeutics and vaccine development. The increased public-private collaborations for vaccine development has arisen due to high pressure of regional governments. Health care providers, and other stakeholders have invested heavily to quickly pivot, adapt, and innovate therapeutics.
Surging demands and transition to patient-centric care delivery across geographies will change pharma and healthcare market trends through 2027.
Competitive Outlook:
The report focuses on current and emerging trends in the healthcare industry such as incorporation of IoT and Machine Learning to enhance efficiency of medical products. Top companies in the market are focusing on R&D activities to expand their product offerings and cater to unmet medical needs.
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