The global clinical alarm management market size is estimated to grow at a remarkable pace. As per the report published by the MarketDataForecast, the size of the global clinical alarm management market is expected to showcase a CAGR of 32.4% from 2023 to 2028 and be worth 2580 million by 2028 from USD 634 million in 2023
Clinical alarms are electronic medical systems that alert caregivers of patients' conditions and issues. These alarms must be accurate to provide proper care to the patients as per their conditions. The patients use the clinical alarms in the hospital to alert the care providers based on the requirements whenever they are needed. In other words, it acts as a guide to alert the care providers about the patient's condition. In recent times, limited devices in the hospital had alarm facilities, but the scenario has changed now that all the devices are manufactured with alarm functions. Medical alarming devices like respiratory monitoring, fusion pump, bed or chair alarms, cardiac monitors, and ventilator patient call systems. The patient needs regular monitoring of their health condition and regular check-ups. However, all the medical staff cannot check and monitor the patient's condition. In such cases, the medical alarming devices or systems help the medical staff monitor the patient's health. These systems made the work efficient. It is the responsibility of the care provider to reach audible alarms and to be reacted based on the situation. Therefore, using a clinical alarm system reduces the burden on the patient and medical staff.
Impact of COVID-19 on the clinical alarm management market:
Due to the emergence of the pandemic, i.e., COVID-19 many countries have faced a downfall in almost all economic sectors but fewer. However, when it comes to the healthcare industry, it created a mixed impact. The emergence of COVID-19 has changed the dynamics of the healthcare industry in a variety of ways. The situations raised due to the fast spreading of the coronavirus, such as lockdowns, travel bans, disruptions in the supply chain, and stoppage in manufacturing activities, have reduced the demand for medical devices. On the other hand, the usage of hospital supplies has grown significantly across the globe due to the growing number of people infected with the coronavirus. Likewise, the healthcare industry had a mixed impact from COVID-19.
The usage of medical devices has increased significantly to manage treatment needs from all over the world, including the clinical alarm management market. However, theID-19 has had a mixed impact on the clinical alarm management market. Due to the stoppage in the manufacturing activities and lockdown restrictions imposed, the supply of new products to the market has stopped for a short time, which also caused a decline in the demand levels and the market’s growth rate. On another end, clinical alarm management solutions have increased in the treatment procedures among COVID-19 patients during the pandemic, which has favored the market positively. However, the growth rate of the clinical alarm management market is anticipated to grow considerably during the forecast period.
MARKET DRIVERS:
Investments in developing healthcare facilities and infrastructure increased the adoption of clinical decision-support tools and real-time communication systems. As a result, the growing need for technological advancements is driving the growth of the global clinical alarm management market.
The usage of alarming clinical systems has recently increased due to their benefits in reducing the burden on the patient and medical staff. There are various factors, such as the rapid adoption of big data analytics, advanced clinical decision support tools, and an increasing need for clinical alarming reporting software that is expected to witness market growth. The global healthcare industry has been rising due to the volume of information provided by the enforcement and regulatory departments. The growing adoption of big data analytics offers the best healthcare facilities at a reasonable cost. Moreover, big data can store a high volume of data and record clinical and healthcare functions. Also, advanced clinical alarm management systems, increasing awareness among care providers towards the rise in patient safety, growing MedTech investments by the government, rising prominence, and increased usage of biodata mHealth tools are driving the clinical alarm management market.
Companies operating in the clinical alarm management market are spreading their business operations across emerging countries such as India and China to strengthen their position in the global market and tap the untapped market potential. Besides, rising investment in the digitalization of technology by various countries and governments has made many countries expand their business activities. Growing economies and rapid adoption of the introduced technological advancements, including big data and increasing healthcare facilities, are expected to offer significant growth opportunities to the clinical alarm management market during the forecast period.
MARKET RESTRAINTS:
However, the rising number of alarm notifications regularly causes fatigue. Patient caretakers get tired and have a chance of ignoring them, which results in patient safety threats. The alarming clinical systems need regular check-ups; if not, it may lead to the system's failure and a significant concern for the hospital staff. Sometimes lack of product standardization leads to a challenge for the clinical alarm industry. However, a lack of awareness about the various alarm system present in the healthcare market could be one of the challenges.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 to 2028 |
Base Year |
2022 |
Forecast Period |
2023 to 2028 |
Segments Covered |
Based on the component, product, end-user, and region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global clinical alarm management market has been segmented and sub-segmented based on the component, product, end-user, and region.
Clinical Alarm Management Market – By Component:
Based on the component, the solutions segment contributed a significant share and is expected to grow at a healthy CAGR during the forecast period. The solutions segment enables caregivers to make informed decisions to set alarm protocols and parameter limits, modify priorities in alarm settings, and reduce technical alarms that avoid audio alarm burdens. On the other hand, the services segment is anticipated to grow the fastest in the clinical alarm management market during the forecast period.
Clinical Alarm Management Market – By Product:
Based on the product, the nurse call systems segment is one of the most lucrative segments and is predicted to register a healthy CAGR during the forecast period. The governments and non-governmental organizations took initial steps to have incense healthcare providers implement EHR's integration with clinical decisions supportiveness, growth in cutting healthcare costs within the pressure, and the rise of senior population accelerating the market growth.
The psychological monitor segment is forecasted to hold a substantial share of the global clinical alarm management market during the forecast period. In addition, the nurse call system segment has also increased after introducing clinical alarm systems. As a result, the care providers must regularly monitor the patient's health condition, which is anticipated to accelerate market growth.
The bed alarm products segment is expected to experience promising growth during the forecast period due to increased clinical alarm system usage in hospitals to alert care providers.
The increase in the usage of personalized medical devices includes pulse oximeters. It has influenced the clinical alarm management market due to the use of personalized devices in hospitals.
Clinical Alarm Management Market – By End-User:
Based on the end-user, the ambulatory care centers and home care settings segment is estimated to record a substantial share in the global market during the forecast period owing to the rise of neediness to streamline administrative tasks, protect clinical information, need to detect riskiness in critical applications, and improvement of accessing information. In addition, the focus on reducing treatment costs is predicted to promote the segment's growth.
Clinical Alarm Management Market – By Region:
Geographically, the North American clinical alarm management market held a majority share of 40% globally and remained a dominant market player in 2022. Factors such as the rapid adoption of big data analytics, the introduction of clinical decision support systems, and the rising demand for clinical alarm systems have been the primary driving growth factors in this region. Additionally, this region is receiving support from increased awareness regarding patient safety methods, advanced healthcare infrastructure, and the increase in alarm fatigue cases.
The European clinical alarm management market is the second major shareholding country in the clinical alarm management market and is expected to have a better share during the forecast period. Improving facilities, advanced healthcare activities, and information technology are causing regional growth. Furthermore, this regional market is favored by the rise of alarm burden fatigue, has high favorable supportiveness by the government for the healthcare sector, and has a large patient population base. Moreover, the increase of numerous hospitals in Germany, France, and the UK propels the growth rate.
The Asia Pacific is expected to have the most significant clinical alarm management market share during the forecast period. The factors like an increase in the prevalence of chronic diseases, advancing technology, and improving healthcare facilities are causing market growth in this region. Additionally, the rise of awareness about clinical alarm management and the surge in demand for cost-effectiveness and high-quality clinical care in developing countries such as China, Australia, and other nations are predicted to propel demand in the Asia Pacific clinical alarm management market.
The Middle East and Africa region are projected to have a moderate growth rate during the forecast period. As several Middle East countries focus on the modernization of healthcare systems, the clinical alarm management market is foreseen to record a healthy CAGR.
KEY MARKET PLAYERS:
The key market participants dominating the global clinical alarm management market are Philips (Netherlands), Mobile Heart Beat (U.S.), Bernoulli enterprises (U.S.), and Connexall (Canada).
Phillips is one of the leading countries in the clinical alarm management market. Philips has around 450 services and products in over 100 countries, including a broad range of patient monitoring devices, and invested 450.8 million in 2017, 429.4 million in 2016, and 428.4 million in 2015 in research and development activities.
RECENT MARKET HAPPENINGS:
Frequently Asked Questions
The size of the global clinical alarm management market is expected to reach USD 2580 million by 2028.
The size of the global clinical alarm management market is predicted to grow at a CAGR of 32.4% during the forecast period 2023 to 2028.
North America region is dominated the global clinical alarm management market share during the forecast period.
The key market players operating the global clinical alarm management market are Philips (Netherland), Mobile Heart Beat (US), Bernoulli enterprises (US), and Connexall (Canada).
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region