Mass Notification System in Healthcare Market - Key Research Findings
- The global mass notification system in healthcare market value attained the one billion mark in 2018.
- The mass notification system in healthcare market is expected to grow at a CAGR of ~14% during the forecast period of 2019-2029.
- Increasing number of healthcare centres across the globe and growing demand for deployment of real-time communication systems in healthcare organizations are key factors that are boosting the growth of the mass notification system in healthcare market.
- North America remains a prominent region for the mass notification system in healthcare market, which accounted for a revenue share of ~50% in 2018. However, the market in APEJ (Asia Pacific Excluding Japan) is expected to witness high growth rate and expand at a CAGR of ~19% during the forecast period.
- Countries in Western Europe and Asia Pacific Excluding Japan are expected to create potential growth opportunities for stakeholders in the mass notification system in healthcare market, owing to increasing investments for the betterment of healthcare infrastructures, rapid digitalization, and strong economic growth.
- In order to offer advanced solutions and fulfil the growing demand for cloud-based solutions, providers of mass notification system in healthcare are focusing on collaborations and partnerships with other players in the market. These strategies can help offer end users with the innovative healthcare solutions and help them with faster and smarter clinical communications.
- In February 2019, Spok, Inc. introduced the upgraded evolution of its healthcare communication platform, Spok Care Connect, which is powered by Amazon Web Services. This new platform is designed with a cloud-native architecture that helps in simplifying product configuration and installation to offer customers with self-service capabilities.
Key Factors Shaping the Mass Notification System in Healthcare Market
Increasing Need for Consistent and Safer Communication System
With the growing number of healthcare centres across the globe, the demand for mass notification system in healthcare is increasing to resolve the communication gaps for the emergency preparedness plans. With increasing implementation of mass notification system in the healthcare vertical, the management of resources have become very efficient.
Moreover, the growing demand for quick response time in case of emergencies, in turn, increases the demand for mass notification system in healthcare to deliver a safer, faster, and effective care of patients and employees in the medical centre. These are some of the key factors that are bolstering the demand for mass notification system in healthcare.
Integration of IoT Technology to Provide Standalone Systems
Rising incidences of mass casualty is generating the demand for emergency communication platforms such as mass notification system in healthcare centres. Moreover, these rising incidences are creating huge opportunities for IP-based software and other related devices providers to offer real-time communication solutions, which enable an organization to connect with multiple channels and provide enhanced communication services.
This factor is expected to drive the growth of the mass notification system in healthcare market. Apart from this, the emergence of IoT is also creating potential growth opportunities for providers in the mass notification system in healthcare service market to integrate their solution with IoT technologies and provide standalone systems.
Asia Pacific to Present Lucrative Opportunities
Providers of mass notification system in healthcare are focusing on expanding their businesses in Asian Pacific countries such as China, India, Japan, and Indonesia, owing to the increasing investments for developing healthcare infrastructure. Also, the growing usage of smart devices in healthcare organizations in these countries is propelling the growth of the mass notification system in healthcare market.
Moreover, countries in the region are prone to disaster and therefore, the demand for mass notification system in healthcare is increasing to provide better communications and alerts in case of disaster and enhance safety and security of the public.
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Mass Notification System in Healthcare Market Structure Analysis
- The global mass notification system in healthcare market has a fragmented competition landscape, where majority of key players are maintaining strategic focus on new product innovations, partnerships, and collaborations to target a stronger global footprint.
- Increasing adoption of mass notification system in healthcare organizations and a competitive market are resulting in product differentiation and development strategy by the market stakeholders.
- Tier-1 players in the mass notification system in healthcare market account for ~35% of the overall market. Vendors such as Siemens AG, Honeywell International, Everbridge, Inc., and Eaton Corporation are among the largest and most experienced in the industry, and have a significant regional coverage across the globe.
Mass Notification System in Healthcare Market: Segmentation
- In Building
- Nursing Home
- Long Term Care
- Ambulatory Surgical Centers
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Excluding Japan
- Middle East & Africa