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The clinical alarm management market size worldwide was worth USD 362 million in 2021.
HOW BIG IS THE GLOBAL CLINICAL ALARM MANAGEMENT MARKET?
The size of the global clinical alarm management market is expected to grow by USD 1948 million by 2027.
WHAT IS CLINICAL ALARM MANAGEMENT?
Like any other alarm system, clinical alarm systems respond to emergencies. Clinical alarms help healthcare professionals to respond to the patient's condition when it is deteriorating. When monitoring various patients, assessing which patient needs urgent attention and which patient will be OK with just continuous monitoring systems can be challenging. This is when the clinical alarm systems can help the healthcare systems. The alarm systems can manually be triggered by a nurse who automatically witnesses a patient who needs immediate attention when noticing abnormal rates in the patient's condition. Therefore, the system helps the healthcare systems respond quickly in an emergency. However, these systems can sometimes be inaccurate and become a waste of time, so it is essential to manage them, which are called clinical alarm management systems.
HOW DOES COVID-19 IMPACT THE CLINICAL ALARM MANAGEMENT MARKET?
Numerous grave issues with the COVID-19 epidemic have spread to numerous locations throughout the globe. The pandemic's disruption of supply and demand networks most severely affected the healthcare sector, which had tight constraints because of increased cases and patients and a shortage of beds, medical supplies, and healthcare personnel to provide for the patients. In addition, due to the focus being on the COVID patients, less urgent procedures and physicals had to be postponed.
However, the pandemic positively impacted the clinical alarm management systems. The pandemic leads to an increase in the number of clinical alarm fatigue cases; clinical alarm fatigue refers to the over relay of clinical alarms setting off from multiple patients and the doctors not having a chance to visit all of those patients at once, resulting in fatigue and confusion in the healthcare systems. Therefore, the need for adequately managed clinical alarm systems rose higher.
Because of the continuous attention required by the covid patients, the demand for alarm systems increased, and so did the need to manage them.
WHAT ARE THE FACTORS DRIVING THE CLINICAL ALARM MANAGEMENT MARKET?
The rise in the geriatric populations and the number of chronic diseases, both of which need clinical alarm systems, are expected to push the market forward. Furthermore, with the need to eradicate the growing rates of clinical fatigue and misguided alarms, it is essential to maintain clinical alarm management systems. Problems like false alarms decrease the healthcare systems' efficiency, which is the exact opposite of the alarm systems' function, leading to ignorance of real issues. Therefore, the need for clinical alarm management systems has increased rapidly.
The rising need for clinical decision support tools, mobility solutions, central monitoring systems, clinical alarm reporting software, alarm auditing software, etc., and the evolution of data analytics along with the developing technology in the field is expected to drive the market growth. In addition, the benefits associated with clinical alarm management systems are expected to drive market growth. The clinical alarm systems provide functional and financial benefits to healthcare systems, encouraging productivity and reducing burnout and fatigue among the staff. Furthermore, it promotes better reaction times, thus less patient admission time and more family and patient satisfaction. Additionally, it improves patient safety and induces better sleep schedules for the staff. Finally, it helps the nurse reduce the burden of the work by acting as a helping hand. Therefore, the market is driven due to the various benefits provided by clinical alarm management systems.
WHAT ARE THE FACTORS HAMPERING THE GROWTH OF THE CLINICAL ALARM MANAGEMENT MARKET?
The market is hindered due to the high costs of medical device connectivity which makes it difficult to be adopted by small-scale healthcare structures. Aside from this, the threat of data breaches, the lack of a standard interface to follow while using the devices, and the interoperability problems are barriers to expanding the market.
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WHICH SEGMENT BY PRODUCT ACCOUNTED FOR THE MAJOR SHARE OF THE MARKET IN 2021?
Due to the need to reduce clinical costs and improve workflow in healthcare settings, along with the widespread adoption of wireless systems for the optimum utilization of the available resources, the nurse call systems have dominated the market in the past. Therefore, they are expected to continue growing during the forecast period.
WHICH SEGMENT BY END-USER DOMINATED THE CLINICAL ALARM MANAGEMENT MARKET IN 2021?
The hospitals and clinics segment is anticipated to hold the most significant market share during the projected period. This domination results from the hospitals receiving an increasing number of patients, the public's trust in them, and the presence of high-quality technology in hospitals. Hospitals are the most profitable area because they also provide patients with quality and safety.
WHICH ARE THE LARGEST REGIONAL MARKET AND FASTEST GROWING REGIONAL MARKETS IN THE GLOBAL CLINICAL ALARM MANAGEMENT MARKET?
Due to the growing significance of delivering high-quality healthcare services, North America is expected to dominate the clinical alarm management market throughout the forecast period. The region accounted for the most significant revenue share of over 45.0 percent in 2020 and is expected to continue leading the market. Growing alarm fatigue and a favorable regulatory environment in the United States and Canada further foster industry expansion in this area. Additionally, significant market players in the area are anticipated to support market expansion.
Over the projection period, Asia Pacific is expected to experience the market with the highest CAGR of 31.2 percent. This can be attributable to the increasing use of technologically sophisticated healthcare facility solutions. In addition, rising healthcare investment in nations like Australia, China, India, and Japan, among others, is anticipated to fuel market expansion.
WHAT ARE THE COMPANIES PLAYING A DOMINATING ROLE IN THE CLINICAL ALARM MANAGEMENT MARKET?
Philips (Netherland), Mobile Heart Beat (US), Bernoulli enterprises (US), and Connexall (Canada) are some of the noteworthy players in the clinical alarm management market.
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WRITTEN BY: Market Data Forecast
Market Data Forecast