Clinical Alarm Management Market: Comprehensive Research Including Top Companies and Forecasts Report 2018-2023

Exhaustive secondary research was done to collect information on market, peer market and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter market breakdown and data triangulation was used to estimate the market size of segments and subsegments.

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% during the forecast period.

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Based on component, the market is segmented into two broad categories solutions and services. In 2018, the solutions segment is expected to account for the largest share of the market. This can be attributed to the benefits offered by 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 decreasing technical alarms with better lead preparation and lead replacement policies.

On the basis of product, the 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). On the contrary, the EMR integration systems segment is also expected to grow at the highest rate during the forecast period. This can be attributed to the benefits offered by integrating medical devices, initiatives by several governmental and non-governmental organizations to incentivize healthcare providers to implement EHRs integrated with clinical decision support (CDS), growing pressure to cut healthcare costs, rising geriatric population, and increasing incidence of chronic disorders among others.

On the basis of end user, the global clinical alarm management market is segmented into hospitals, long-term care centers, and ambulatory care centers & home care settings. The ambulatory care centers & home care settings segment is expected to register the highest CAGR during the forecast period. The high growth in this segment can be attributed to the rising need to streamline administrative tasks, secure clinical information, and improve access to information; increasing need for early detection and intervention for reducing the risk of acute complications; and increasing focus on reducing treatment costs; and benefits of clinical alarm management in remote patient monitoring.

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North America is expected to account for the largest market size during the forecast period.

North America is the major revenue generating region in the global clinical alarm management market. The market in the region is driven by 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.

Leading Companies

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).

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