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.
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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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.
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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Key Questions addressed by the report
•Which are the key players in the market and how intense is the competition?
•Emerging countries have immense opportunities for the growth of clinical alarm management market, will this scenario continue?
•Which product market will dominate in future?
•What does the future look like for clinical alarm management?
•What are the challenges hindering the adoption of clinical alarm management?