Clinical Alarm Management Market worth $1,724 M by 2023

Wednesday 5 December 2018, Amsterdam

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% during the forecast period (2018-2023). The key factors driving the growth of this market include 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.

The solutions segment is expected to account for the largest share of the market in 2018
On the basis of component, the global clinical alarm management market is segmented into two broad categories solutions and services. In 2018, the solutions segment is expected to account for the largest share of the clinical alarm management market owing to the frequent need for upgrades as well as improvements in software applications. Moreover, clinical alarm management vendors constantly introduce technologically advanced products with enhanced data security standards that can easily be understood and used by healthcare providers which are further expected to increase the adoption in the coming years.

EMR integration systems segment is expected to grow at the highest CAGR during the forecast period
By product, the clinical alarm management market is segmented into nurse call systems, physiological monitors, EMR integration systems, bed alarms, ventilators, and others (infusion pumps and pulse oximeters). Among these products, the EMR integration systems segment is expected to grow at the highest CAGR during the forecast 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.

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 key players in the global clinical alarm management market are 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).