Timely Report Takes Pulse of Healthcare MarketNSCA's latest Market Intelligence Briefing (MIB) report, The U.S. Healthcare Facilities Market: Opportunities and Challenges for the Commercial Electronics Systems Industry, highlights the market's n 12/04/2009 7:00 AM Eastern
Timely Report Takes Pulse of Healthcare Market
Dec 4, 2009 12:00 PM
NSCA's latest Market Intelligence Briefing™ (MIB) report, The U.S. Healthcare Facilities Market: Opportunities and Challenges for the Commercial Electronics Systems Industry, highlights the market's new applications and services applicable today as well as in years to come. An update from the Q2 2005 MIB, this report features the communications, security, life safety, education and entertainment applications that enable life-enhancing and life-saving work across the entire spectrum of healthcare facilities.
Although the future of the U.S. healthcare system is unclear, one certainty is that it will continue to grow and be a consistent market of opportunity for the commercial electronic systems industry. According to the report, the healthcare market provides recurring revenue, allowing for a steady stream of work. In 2008, 80 percent of integrators and 64 percent of design consultants surveyed were involved in this market. While smaller firms had less of a role, more than 50 percent of firms with less than $1 million in revenue participate in this market.
Additionally, the most popular applications from four years ago are the same now, with audio/video presentation still the featured application. Similar to other vertical markets, integrators said teleconferencing, digital signage, and security were some of the technologies expected to be successful in the healthcare market in the future. IT network integration will also have a significant effect as providers streamline record keeping and continue their migration to electronic record management.
Furthermore, codes and standards have and will become more prevalent, changing the market even more. The ANSI/UL 1069 code and NFPA 72, which addresses interoperability, will open up the market for both nurse call and alarm signaling applications. In 2009, 25 percent more respondents than in 2005 had begun installing nurse call products meeting the 1069 code requirement.
The new report also identifies the top competitive threats, challenges, and keys to success in the healthcare market, such as the opportunity to develop sustainable business relationships with the depth of people involved during the lifecycle of a healthcare project, including facility managers, electrical contractors, facility staff, and architects/engineers.
NSCA's quarterly MIBs provide NSCA members with current data on key industry issues, complete with statistical results, interpretation, implications, market knowledge, and implementation goals. For more information or to view the report, visit www.nsca.org/MIB.