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. The study involved four major activities to estimate the current market size for clinical alarm management. 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.
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
On the basis of component, the global Clinical Alarm Management 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 Clinical Alarm Management Market owing to the frequent need for upgrades as well as improvements in software applications. Moreover, clinical alarm management vendors constantly introduce technologically advanced products with enhanced data security standards that can easily be understood and used by healthcare providers which are further expected to increase the adoption in the coming years.
Market Size Estimation
Top-down and bottom-up approaches were used to validate the size of the global clinical alarm management market and estimate the size of other dependent submarkets. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and markets have been identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.