Clinical Alarm Management Market Major Players and Global Forecast 2023
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.
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.
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.
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). The firm plans to further invest in R&D activities and
improve its R&D capabilities to unlock additional synergies and growth
opportunities. This helps the company to constantly develop innovative
solutions such as Vocera Alarm Management and Vocera Engage.
Sales to the healthcare market accounted for 98.0%, 97.0%
and 98.0% of its overall revenue for the years ended December 31, 2017, 2016,
and 2015, respectively.
Related Reports:
Clinical Alarm
Management Market by Component (Solutions, Services), Product (Nurse Call
Systems, Physiological Monitors, EMR Integration Systems), End User (Hospitals,
Long-term Care Centers, Ambulatory Care Centers)) - Global Forecasts to 2023
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