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The clinical alarm management market is projected to grow at a CAGR of 30.4% during the forecast period.
The global clinical alarm management market is expected to reach 1,724 million by 2023 from an estimated USD 457 million in 2018, at a CAGR of 30.4% during the forecast period. 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 are expected to drive the growth of the clinical alarm management market. However, the current lack of interoperability in HCIT solutions and the high investments needed to build an effective infrastructure for HCIT capabilities among end users are expected to hinder the growth of the clinical alarm management market in the coming years. Another factor that may slow market growth is the reluctance from traditional providers, due to a lack of awareness on the subject of, and need for, clinical alarm management.
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By component, the services segment is expected to grow at the highest rate during the forecast period.
On the basis of component, the global clinical alarm management market is segmented into two broad categories 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, increasing alarm fatigue, high prevalence of chronic diseases, and indispensable and recurring nature of services.
By product, the nurse call systems segment is expected to dominate the clinical alarm management market.
On the basis of method, the global 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). 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.
The Asia Pacific clinical alarm management market is expected to grow at the highest CAGR during the forecast period.
The APAC region comprising Japan, China, India, and Rest of Asia Pacific offers high-growth opportunities for players in the clinical alarm management market. This segment is slated to register the highest CAGR during the forecast period. Some of the factors driving market growth in the APAC region are growing need for the implementation and integration of medical device and HCIT solutions in Asia to provide cost-effective and quality clinical care to patients, increasing healthcare expenditure in Japan, growing geriatric population, and the increase in disease prevalence.
Break of primary participants was as mentioned below:
- By Company Type – Tier 1–55%, Tier 2–25% and Tier 3–20%
- By Designation – C-level–43%, Director Level–32%, Others–25%
- By Region – North America–38%, Europe–29%, Asia Pacific–23%, RoW–10%
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).
The report analyzes the clinical alarm management market and aims at estimating the market size and future growth potential of this market based on various segments such as component, product, end user, and region. The report also includes competitive analysis of the key players in this market along with their company profiles, product offerings, recent developments, and key market strategies.
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The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them garner a greater share. Firms purchasing the report could use one, or a combination of the below mentioned five strategies.
This report provides insights into the following pointers:
- Market Penetration: Comprehensive information on the services offered by the top players in the clinical alarm management market. The report analyzes the market based on component, product, end user, and region
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the clinical alarm management market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various clinical alarm management solutions across regions
- Market Diversification: Exhaustive information about solutions and services, untapped regions, recent developments, and investments in the clinical alarm management market
- Competitive Assessment: In-depth assessment of market shares, strategies, distribution networks, and manufacturing capabilities of the leading players in the market