Clinical Alarm Management Market

Koninklijke Philips (Netherlands), Vocera Communications (US) in Clinical Alarm Management Market

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.

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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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Report Code
HIT 6766
Published ON
Nov, 2018
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