Koninklijke Philips N.V. (Netherlands), Drägerwerk AG & Co. KGaA (Germany) are Leading Players in the Clinical Alarm Management Market
The global clinical alarm management market is projected to reach USD 5.4 billion by 2028 from USD 2.7 billion in 2023, at a CAGR of 14.5% during the forecast period. Growth in this market is primarily driven by increasing focus on patient safety and the need to prevent adverse events, stricter regulatory standards and guidelines related to alarm management, and interoperability & integration improvements in healthcare. However, the concerns about data breaches, unauthorized access, or cybersecurity threats are expected to hamper the growth of this market during the forecast period to a certain extent.
The prominent players in clinical alarm management market are Koninklijke Philips N.V. (Netherlands), Drägerwerk AG & Co. KGaA (Germany), Baxter International, Inc. (US), Stryker (Vocera Communications) (US), GE Healthcare (US), Ascom Holdings AG (Switzerland), Spok, Inc. (US), Masimo (US), Connexall (Canada), Cornell Communications (US), Mobile Heartbeat (US), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Intercall Systems, Inc. (US), Medtronic Plc (Ireland), Johnson Controls (Ireland), West-Com Nurse Call Systems (US), Oracle (Cerner Corporation) (US), Teldio corporation (Canada), Alpha Communications (US), Nihon Kohden Corporation (Japan), TigerConnect (US), JCT Healthcare Pty Ltd. (Australia), Amplion Clinical Communications, Inc. (US), AmpleLogic (India), and Tunstall Group (UK). These companies adopted both organic and inorganic growth strategies such as product launches and enhancements, investments, partnerships, collaborations, acquisitions, expansions, agreements, sales contracts, and alliances to strengthen their market presence in the clinical alarm management market.
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KONINKLIJKE PHILIPS N.V. (NETHERLANDS)
Koninklijke Philips N.V. is a major player in the clinical alarm management market. The company is a leading clinical technology provider that specializes in diagnostic imaging, patient monitoring, health informatics, image-guided therapy, and consumer health and home care. Philips Healthcare operates as a subsidiary of Koninklijke Philips. The company offers alarm management solutions through its Connected Care business segment. It provides a wide range of patient monitoring solutions that can integrate alarm management software, clinical decision support, connectivity, and event management software. Additionally, the company offers a complete suite of alarm management services, including training, education, consulting, and implementation to its customers. Koninklijke Philips operates in over 100 countries worldwide. In January 2021, Philips acquired Capsule Technologies, a provider of medical device integration and data technologies for hospitals and healthcare organizations, for USD 635 million. This acquisition adds to Philips' portfolio, which already includes real-time patient monitoring, therapeutic devices, telehealth, and information.
DRÄGERWERK AG & CO. KGAA (GERMANY)
Dräger is a global leader in medical and safety technology. The company operates in two business segments: Medical and Safety. The Medical segment provides anesthesia workstations, patient monitoring solutions, ventilators for intensive and emergency care, alarm management solutions, and neonatal care equipment for premature babies and newborns. Dräger has a presence in 190 countries and maintains sales and service companies in 50 countries. The company's strong position in the market is due to its research capabilities and innovative product portfolio. In fiscal year 2022, research and development expenses increased by USD 16.23 (EUR 14.9) million year on year to USD 374.16 (EUR 343.5) million (2021: USD 357.93 (EUR 328.6) million), which represents 11.3% of net sales (2021: 9.9%).
Related Reports:
Clinical Alarm Management Market by Product (Nurse Call Systems; Connectivity/Integration Software - EMR, Central Hubs, Notification/Alert; Ventilators, Patient Monitors, Capnography, Oximeter), Type (Centralized), End User - Global Forecast to 2028
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