Nurse Call Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020
Albany, NY -- (SBWIRE) -- 06/22/2015 -- The global nurse call systems market is currently growing at a CAGR of 13.9% from 2014 to 2020. The market was previously worth US$598.5 million in 2013. Should the market's CAGR hold, its estimated value by the end of 2020 will be US$1,579.5 million. This shows a promising picture for healthcare companies that are already in, or wish to enter, the global nurse call systems market. The Information and Communication Technology sector is currently rife with advancements. This has led to a vastly improved demand for better communication in the healthcare domain. Accompanying this fact is the growing level of awareness of consumers and market players alike towards the global nurse call systems market. Below is a brief insight into the market, along with its fads and foibles, and what the current market players are looking at.
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Aging Population Calls on the Global Nurse Call Systems Market
The well-documented baby-boomer era is slowly coming to a close. This is creating a unique global situation of a staggeringly large population of the elderly. The geriatric population, along with their medium to large amounts of savings or funds of their progeny, is in need of greater levels of healthcare than any previous generation. Increasing expenses of elderly healthcare, the growing number of assisted living centers across the world, and improved communication systems, are all set to push the global nurse call systems market into greater heights.
Mobile and Wireless Communications are the Way to Go
There are four critical equipment in the global nurse call systems market: integrated communication systems, mobiles systems, intercoms, and call buttons. Of these, the nurse call integrated communication systems segment is the largest one in the 2013 global nurse call systems market, according to equipment. The curse call mobile systems, however, are the ones that show the fastest growth of all, and are expected to keep driving the market till 2020.
The communication technology used in the global nurse call systems market is either wired or wireless. The largest market share was held by wired communication systems in 2013. The market is currently phasing in to the wireless communication systems due to a growing requirement for increasing flexibility and mobility. Other segments that holds great promise is the OPD and assisted living centers. These segments are driven by the increasing need for effective healthcare communication systems in the acute care department. As ensuring patient safety and timely medical support becomes a greater need, the global nurse call systems market sees growth.
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North America Could be Toppled by Asia Pacific
The global nurse call systems market was, till 2013, dominated by North America. This fact was a causation of the large scale adoption of nurse call systems in all North American regions across multiple healthcare settings. Next in line in the global nurse call systems market was Europe. This region, however, is expected to see a declining market due to the economic slowdown and the relative drop in public expenditures.
Conversely, the Asia Pacific region is set to display substantial growth in the global nurse call systems market. The region is expected to be an extremely driven market place due to the growing economies of India, China, Singapore, and Japan. The growing rate of income is also coupled with the increasing population in the region. Africa and Latin America are two other regions that are set to experience positive levels of growth in the global nurse call systems market till 2020.
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