(I-BusinessNews.Com, October 14, 2020 ) Growth in the clinical alarm management market can be attributed to the 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.
According to research report the clinical alarm software market is expected to reach $1,724 million by 2023 from an estimated $457 million in 2018, at a CAGR of 30.4% during the forecast period.
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The major clinical alarm management market vendors include Koninklijke Philips (Netherlands), Vocera Communications (US), Mobile Heartbeat (US), GE Healthcare (US), Ascom Holdings (Switzerland), Spok, Inc. (US), Bernoulli Enterprise (US), Connexall (Canada), 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.
• Based on component, the global clinical alarm software 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 software 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.
Recent Developments –
• In October 2017, GE Healthcare (US) entered into partnership with Ascom (Switzerland) to enable the addition of alarm management solution called Digistat Patient Watch to GE Healthcare’s portfolio of solutions for the intensive care.
• In August 2017, Ascom (Switzerland) partnered with Dräger (Germany) to deliver clinical alarm management solutions to healthcare providers.
• In October 2016, Vocera Communications (US) acquired Extension Healthcare (US). This was expected to enable Vocera add Extension Healthcare’s complementary software to Vocera’s Communication Platform and expand customer relationships and grow software revenue faster by providing highly relevant cross-selling opportunities
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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.
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