Clinical Alarm Management Market was valued at US$ 438.0Mn in 2017 and is expected to reach US$ 2981.1Mn by 2026, at a CAGR of 27.09% during a forecast period.
Global Clinical Alarm Management Market
Growing awareness of care providers towards improving patient safety is a prominent factor pushing the revenue growth of the clinical alarm management market globally. Others revenue drivers include growing medtech investments by governments of all major countries and promoting access to basic healthcare across all sections of the society.
Integrated alarm system designs are often not standardized through different medical equipment systems and devices. This is a restraint for global clinical alarm management market. Improper alarm escalation leading to false negative cases – for instance, a patient needs immediate clinical attention but a clinician is not alerted – substantially compromises on patient-safety. Other factors negatively impacting market growth are lack of product standardization across regions and lack of proper skills to rationalize the alarm adjustment process.
Based on end user, the hospital segment is dominating the market for clinical alarm management. Hospitals access a toolkit to help out them to meet up needs for administering clinical alarms. This toolkit gives certain information and best practices from hospitals that guide the field in alarm management, besides a set of defaulting alarm parameters to be used as a benchmark for alarm system setting.
On the basis of component, the solution segment is expected to account for major revenue share in the clinical alarm management market during the forecast period. This can be attributed to the profits offered by the software to enable caregivers in making informed decisions on setting alarm protocols and parameter limits, reducing audio alarm burdens on patients and staff, modifying alarm priorities to make alarms more actionable, and reducing technical alarms with better lead preparation and lead replacement policies.
In terms of region, North America is expected to highest the market in terms of both demand and revenue attributed to increased awareness of healthcare advancements in the region. Also, emerging countries of South America and Asia-Pacific are expected to generate lucrative market opportunities. This is because of increased access to organized healthcare and increasing disposable income level donation to private healthcare expenditure in these regions.
Several major players operating in the global clinical alarm management market. One of them, Philips is a global major leader in health technology. Philips Healthcare proposals more than 450 products and services in over 100 countries, including a broad range of patient monitoring devices. The Philips Company’s healthcare business accounts for about 42% of its global sales revenue.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Clinical Alarm Management Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the Global Clinical Alarm Management Market.
Scope of Global Clinical Alarm Management Market
Global Clinical Alarm Management Market, by Component
- Implementation and Integration
Global Clinical Alarm Management Market, by Product
- Nurse Call Systems
- Physiological Monitors
- Bed Alarms
- EMR Integration Systems
Global Clinical Alarm Management Market, by End User
- Long-term Care Centers
- Ambulatory Care Centers & Home Care Settings
Global Clinical Alarm Management Market, by Region
- North America
- Asia Pacific
- Middle East and Africa
- South America
Key players operating in Global Clinical Alarm Management Market
- Koninklijke Philips N.V.
- Vocera Communications
- GE Healthcare
- Ascom Holdings
- Spok, Inc.
- Bernoulli Enterprise, Inc.
- Capsule Technologie
- Mobile Heartbeat
- Baxter International Inc.
- Mindray Medical International Limited
- Drgerwerk AG
- Extension Healthcar
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