According to research report the clinical alarm management market is expected to reach USD 1,724 million by 2023 from an estimated USD 457 million in 2018, at a CAGR of 30.4% during the forecast period. Growth in the clinical alarm management market can be attributed to the increasing alarm fatigue, high prevalence of chronic diseases, growth in the geriatric population, need for cost-containment in healthcare delivery, and rising prominence and usage of big data and mHealth tools.
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The clinical alarm management market is rapidly emerging with many regional as well as international companies. In 2017, Koninklijke Philips (Netherlands) and Vocera Communications (US), held a share of approximately 70.0% of the clinical alarm management market.
The clinical alarm management market is segmented based on component, product, end user, and region.
• Based on product, the global clinical alarm management market is categorized into nurse call systems, physiological monitors, EMR integration systems, bed alarms, ventilators, and others (infusion pumps and pulse oximeters). The EMR integration systems segment is also expected to grow at the highest rate during the forecast period owing to the increased adoption of EHRs and other interoperability solutions in healthcare organizations, growing regulatory requirements & healthcare reforms, shift of point-of-care diagnostics from hospitals to home care settings, and the need for integrated healthcare systems to improve the quality and outcome of healthcare systems.
• Based on end user, the global clinical alarm management market is segmented into hospitals, long-term care centres, and ambulatory care centres & home care settings. The ambulatory care centres & home care settings segment is expected to register the highest CAGR during the forecast period.
• Based on component, the global clinical alarm management market is segmented into two broad categories based on component, namely— solutions and services. The services segment is expected to grow at the highest CAGR during the forecast period owing to the increasing adoption of clinical alarm management solutions and indispensable and recurring nature of services.
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The major clinical alarm management vendors include Koninklijke Philips (Netherlands), Vocera Communications (US), Ascom Holdings (Switzerland), Spok, Inc. (US), Bernoulli Enterprise (US), Connexall (Canada), Mobile Heartbeat (US), GE Healthcare (US), Capsule Technologie (US), and Masimo Corporation (US). These players have adopted various growth strategies, such as product launches and enhancements; acquisitions; expansions; and agreements, partnerships, mergers, and collaborations. Product launches and partnerships and have been the most dominating strategy adopted by major players from 2015 to 2018, which helped them to innovate on their offerings and broaden their customer base.