A recent market intelligence report by Transparency Market Research (TMR) has detected that the global nurse call systems market is constantly evolving with the advent of new equipment and features, and although there is plenty of scope for new entrants who frequently make a foray, a limited number of key players do hold a significant position.
Some of the major players identified by the TMR report in the global nurse call systems market are: Cornell Communications, Azure Healthcare Limited, TekTone Sound & Signal Mfg., Inc., Ascom Holding AG, Jeron Electronic Systems, Inc., Hill-Rom Holdings, Inc., STANLEY Healthcare, Vigil Health Solutions, Inc., Tyco SimplexGrinnell, and Rauland-Borg Corporation, which has been acquired by Ametek, Inc.
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The TMR report projects the demand in the global nurse call systems market to expand at an impressive CAGR of 10.9% during the forecast period of 2017 to 2025, estimating it to reach a valuation of US$2,665.98 mn by 2025. Most of the key vendors are resorting to latest technologies in order to differentiate themselves from the competition and gain market share.
The report also expects offering of customized services according to the requirements of individual hospital, acquisitions of promising entrants, significant contract wins, and new product launches as some of the other strategies of the key players to expand their revenue horizon.
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Based on equipment-type, IP-based nurse call systems generated maximum revenue in 2016, whereas wired communication contributed maximum demand in terms of communication technology. End-users of the global nurse call systems market has been bifurcated into hospitals, assisted living centers, nursing homes, and clinics, with hospitals offering most of the demand, owing to growing adoption of nurse call systems at all-in-one healthcare facilities. Geographically, North America is the most profitable region, with robust medical infrastructure, although Asia Pacific is projected for the best growth rate.
Increase in healthcare expenditure, especially in the developed countries, growing adoptability of medical insurance in various emerging economies, aging population across the world, prevalence of chronic diseases, increased investment in healthcare, government support from innovative technology that come to consumer’s aid in real-time, technological advancements and product development, and easy data availability for important healthcare departments are some of the primary factors driving the global nurse call systems market.
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As per the estimations of the World Health Organization, world’s population with people over 60 years of age will almost double from 12% to 22% during the period of 2015 to 2050. As geriatrics commonly suffer from various chronic diseases and are frequently unable to help themselves, this significant chunk of population will continue to pose strong demand in the global nurse call systems market.
On the other hand, factors such as high implementation costs, challenges pertaining to integration and interoperability, stringent regulatory environment, and the lack of trained professionals who can function efficiently with healthcare as well as IT are hindering the market for nurse call systems from attaining its true potential.
Upcoming technologies such as centralized nurse call system, integration of nurse call systems with smartphones and in-hospital wireless phones, interoperable designs, and increasing nurse involvement in healthcare are some of the trends that are expected to reflect positively on the global nurse call systems market. The author of the report suggests the vendors of this market to pay deserving focus to the Asian countries wherein medical tourisms sector is prospering.
The information presented in this review is based on a Transparency Market Research report, titled, “Nurse Call Systems Market (Equipment - Nurse Call Intercoms, Basic Audio/Visual Nurse Call Systems, Digital Nurse Call Systems, IP-based Nurse Call Systems, and Nurse Call Mobile Systems; Communication Technology - Wireless Communication and Wired Communication; End-user: Hospitals, Assisted Living Centers, Nursing Homes, and Clinics) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2017 - 2025.”