The global 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%. 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 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.
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Koninklijke Philips dominated the global clinical alarm management
market in 2017. The firm’s clinical alarm management solutions are
designed to help caregivers manage alarms and reduce fatigue. Through
these solutions the caregivers receive actionable notifications and
communicate directly on a smartphone which enables workflow
optimization, drives efficiency, and facilitates collaboration among
staff. For instance, St. Antonius Hospital (the Netherlands) reduced
irrelevant ICU alarms by 40% by utilizing Philips’ clinical alarm
management solutions. The company focuses on inorganic growth strategies
such as agreements, collaborations, and partnerships—to strengthen its
presence in the clinical alarm management market. For instance, in
November 2015, Philips entered into a partnership with Mackenzie Health
(Canada) to enable Mackenzie Health to get early and ongoing access to
Philips’ latest healthcare technology innovations, including systems
interoperability, diagnostic imaging equipment utilization, radiology
practice management, patient-centric design, and alarm management.
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Vocera Communications is one of the leading players in the clinical
alarm management market. The firm has been in the market for about 18
years and offers a diversified range of solutions, including Vocera
Alarm Management, Vocera Engage, and Vocera Collaboration Suite among
others. Vocera strategically focuses on innovation, which is evident
from its investments in R&D (USD 27.7 million (17.0% of sales) in
2017). The firm plans to further invest in R&D activities and
improve its R&D capabilities to unlock additional synergies and
growth opportunities. This helps the company to constantly develop
innovative solutions such as Vocera Alarm Management and Vocera Engage.
Sales to the healthcare market accounted for 98.0%, 97.0% and 98.0% of
its overall revenue for the years ended December 31, 2017, 2016, and
2015, respectively.