Nurse call systems are telecommunication systems that operate as a means of communication between nursing staff and patients within a healthcare facility, allowing for the efficient workflow of information. Furthermore, the increasing need for digital healthcare, the rising demand for wireless systems, and increase in the demand for effective and responsive healthcare communication are further expected to drive the growth of the global nurse call system market during the forecast period. The major players have adopted strategies such as partnerships and product launch to broaden their reach and reduce operational costs. For instance, in July 2020, Hill-Rom Holdings, Inc (US) announced a new commercial partnership with AIVA INC (US), to enable hands-free communication for both patients and staff utilizing an in-room voice assistant and Hill-Rom’s Voalte Mobile solution.
The global nurse call system market is extremely competitive, with players competing, partnering, and investing heavily in R&D to gain a significant market share. The market is moderately fragmented with rising competition, product launches, increasing collaborative partnerships, and other strategic decisions to achieve operational efficiency.
The business model developed by manufacturers in the global nurse call system market includes manufacturing nurse call systems. Mergers and collaborations were also observed to expand the company's product portfolio, as well as the introduction of new products. The growth of prominent industry players is dependent on various factors, such as market conditions, government support, and industry development. Key manufacturers of nurse call systems are also focusing on investing in R&D activities. This will boost market growth in the upcoming future.
With respect to the current scope of the report, Honeywell International Inc (US) is the top player in the global nurse call system market due to its strong product offering and high preference for its products by customers. Assa Abloy (Sweden) is the second major player, followed by Hill-Rom Holdings, Inc (US), Ascom (Switzerland), and Austco Communication Systems Pty Ltd (US). Other key players contributing to the market growth include Johnson Controls (US), Securitas Healthcare, LLC (US), West-Com Nurse Call System (US), Cornell Communications (US), and Jeron Electronic Systems Inc. (US).
Threat of New Entrants
New competitors pose a serious challenge to the global nurse call system market. The nurse call system industry is expanding swiftly, bringing many new players looking to make money. Nonetheless, entrance barriers are only minimal due to the complexity of the regulatory environment. The necessity for significant financial resources for product development and the complexity of the regulatory process may also reduce the threat of new entrants. The major market players are concentrating on new product launches and approvals. Furthermore, the advancement of processes and techniques contributes to the rising demand for nurse call systems making the threat of new entrants to be moderate.
Bargaining Power of Suppliers
Suppliers' bargaining power in the global nurse call systems market is moderate, owing to increased demand for raw materials by medical device companies. However, the market has a high number of suppliers, which reduces suppliers' bargaining power due to low switching costs. Furthermore, the supply of raw materials is disrupted to some extent due to the world's current logistics issues, which increases suppliers' bargaining power.
Threat of Substitutes
In the global nurse call systems market, the threat of substitutes is high. There are many options available for nurse call systems in the market. Advances in technology and research are leading to the development of new systems that could serve as substitutes. There are several players offering comparable products at competitive prices, increasing the threat of substitutes between players. Furthermore, wireless communication is becoming more intuitive and user-friendly. Patients can communicate with caregivers through pillow speakers using a handheld ID card and smartphone. Therefore, the threat of substitutes is high in the global nurse call systems market.
Bargaining Power of Buyers
Buyer bargaining power in the global nurse call systems market is moderate because there are many different products on the market, and healthcare providers have a lot of power when it comes to deciding which product to use. Furthermore, many healthcare providers are becoming more cost-conscious, which has the potential to lower prices and increase manufacturer competition. However, there is a demand for technologically advanced products, which a few well-known players provide. As a result, buyers' bargaining power is somewhat diminished.
Intensity of Rivalry
There are several key players in the market, each with their own products, therefore, the competition in the global nurse call systems market is high. Furthermore, the market is constantly evolving as new products are developed and approved, resulting in intense competition for market share. Also, to remain competitive and meet the changing needs of patients and healthcare providers, companies must continue to invest in R&D. Such factors may increase the level of product differentiation and support the manufacturers' sales.
