Clinical Alarm Management Market Top Players and Business Insights
According to research report 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%.
(IINews) - According to research report 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.
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North America is expected to dominate the global clinical alarm management market in 2018
North America is estimated to account for the largest share of the market in 2018. The large share of this region can be attributed to the increasing cases of alarm fatigue and initiatives by government bodies to curtail the effects of alarm fatigue and the increasing need for integrated healthcare IT systems to ensure reliability, efficient maintenance of data, data integrity, and timely availability of patient data to authorized healthcare professionals.
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.
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).
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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Market Size Estimation
Top-down and bottom-up approaches were used to validate the size of the global clinical alarm management market and estimate the size of other dependent submarkets. These methods were also used extensively to estimate the size of various sub segments in the market. The research methodology used to estimate the market size includes the following:
•The key players in the industry and markets have been identified through extensive secondary research.
•The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
•All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
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Datum: 03.09.2019 - 12:57 Uhr
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