Market growth influenced due to following factors-
- Increasing alarm fatigue, high prevalence of chronic diseases.
- Need for cost-containment in healthcare delivery
- Rising prominence and usage of big data and mHealth tools.
Global market size-
According to research report the clinical alarm management market is expected to reach $1,724 million by 2023, at a CAGR of 30.4% during the forecast period.
Leading Players-
The major players in the clinical alarm management market include Koninklijke Philips (Netherlands), Vocera Communications (US), Bernoulli Enterprise (US), Connexall (Canada), Capsule Technologie (US), Mobile Heartbeat (US), GE Healthcare (US), Ascom Holdings (Switzerland), Spok, Inc. (US) and Masimo Corporation (US).
These players have adopted various growth strategies, such as product launches and enhancements; acquisitions; partnerships, mergers, and collaborations, expansions; and agreements. Product launches and partnerships and have been the most dominating strategy adopted by major players of clinical alarm software market, which helped them to innovate on their offerings and broaden their customer base.
Top Market Segments-
Based on component, the global clinical alarm management market is segmented into two broad categories based on component, namely— 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 and indispensable and recurring nature of services.
Based on product, the global clinical alarm management market is categorized 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.
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Geographic Overview -
North America is estimated to account for the largest share of the clinical alarm software 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.