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Pulished Date April, 2021
ID: 10611
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Global Clinical Alarm Management Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report - Segmented By Component, Product, End-User And Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa) - Industry Forecast (2021 to 2026)

Pulished: April, 2021
ID: 10611
Pages: 190

Clinical Alarm Management Market Size (2021 to 2026)

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 2021 to 2026 and worth 1948 million by 2026.

Clinical alarms are the electronic medical systems used to alert caregivers of patients' conditions and issues. These alarms must be accurate to provide proper care to the patients as per their conditions.

The clinical alarms are being used in the hospital by the patients for alerting 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 all the devices are manufactured containing alarm function in it. Medical alarming devices like respiratory monitoring, fusion pump, bed or chair alarms, cardiac monitors, and ventilator patient call systems. 

The patient needs to have regular monitoring of the health condition and need regular checkups. All the medical staff cannot go, check, and monitor the condition of all the patients. In such cases, the medical alarming devices or systems help the medical staff monitor the patient's health condition. 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. The usage of a clinical alarm system reduces the burden on the patient and medical staff.

MARKET DYNAMICS:

The rise in investments for the development of healthcare facilities and infrastructure increased the adoption of clinical decision support tools and real-time communication systems. The growing need for technological advancements is majorly driving the growth of the global clinical alarm management market.

The usage of alarming clinical systems has been increased in recent times due to their benefits in reducing the burden on the patient and medical staff. There are various factors such as a rapid increase in adoption of big data analytics, advanced clinical decision support tools, and increasing need for clinical alarming reporting software that are expected to witness the market growth. The global healthcare industry has been on the rise 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 hold the capabilities of storing a high volume of data, recording clinical and healthcare functions. Also, advanced clinical alarm management systems, increasing awareness among the care providers towards the rise in patient safety, growing Medtech investments by government, rising prominence, and increased usage of biodata mHealth tools are driving the clinical alarm management market.

However, the rising number of alarm notifications regularly causes a condition called fatigue. Patient caretakers get tired and have a chance of ignoring them, which results in patient safety threats. The alarming clinical systems need to have regular checkups; if not, it may lead to the system's failure it a significant concern for the hospital staff. Sometimes lack of product standardization leads to the 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.

The primary clinical alarming management solution providers are expanding their business activities across emerging countries like India and China. Besides, rising investment in digitalization of technology by the various countries and government have made many countries to 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.

COVID-19 impact on the global 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. When it comes to the healthcare industry, it created a positive impact. The usage of clinical alarm systems has been increased, and it is expected to have better growth than before during the forecast period.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2020 to 2026

Base Year

2020

Forecast Period

2021 to 2026

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 on 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:

  • Solutions
  • Services
    • Implementation and Integration
    • Consulting

Based on the component, the solutions segment contributed a major share and is expected to grow at a high CAGR between 2020 to 2025. The solutions segment enables caregivers to make informed decisions to set alarm protocols and limits of parameters, modifications of priorities in alarm settings, and reductions of technical alarms that avoid audio alarm burdens.

Clinical Alarm Management Market – By Product:

  • Psychological monitors 
  • Nurse call system
  • Bed alarms 
  • Ventilators
  • Pulse Oximeters  

Based on the product, the psychological monitor's segment is forecasted to occupy most of the market shares during the forecast period. The nurse call system segment has also been increased after introducing clinical alarm systems as the care providers need to regularly monitor the patient's health condition, which is anticipated to accelerate the market growth.

The nurse call systems segment is one of the lucrative segment of all 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 to implement EHR's integration with clinical decisions supportiveness, growth in cutting healthcare costs within the pressure, and the rise of geriatric population accelerating the market growth.

The bed alarms products segment is expected to experience promising growth during the forecast period due to increased clinical alarm system usage in hospitals to alert the 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 rise in the use of personalized devices in hospitals.

Clinical Alarm Management Market – By End-User:

  • Hospitals
  • Long-term Care Centers
  • Ambulatory Care Centers & Home Care Settings

Based on the end-user, the ambulatory care centers and home care settings segment is estimated to record a substantial share with a notable compound annual growth rate due to the rise of neediness to streamline administrative tasks, protect clinical information, need to detect riskiness in acute applications, and improvement of accessing information. Additionally, the focus to reduce costs of treatment will also support this segment growth.

Clinical Alarm Management Market – By Region:

  • North America
    • The United States
    • Canada
    • Rest of North America
  • Europe
    • United Kingdom
    • Germany
    • Spain
    • France
    • Italy
    • Rest of EU
  • Asia-Pacific
    • India
    • China
    • Japan
    • Australia
    • New Zealand
    • Rest of APAC
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • The Middle East and Africa

Geographically, the North American clinical alarm management market held a majority share of 40% globally and remained a dominant market player in 2019. Factors such as an increase in the rapid adoption of big data analytics, the introduction of clinical decision support systems, and rising demand for clinical alarm systems have been the primary driving growth factors in this region. Additionally, this region is receiving support from factors such as the rise in awareness regarding patient safety methods, the presence of advanced healthcare infrastructure, and the rise of 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. Factors like improving healthcare facilities, advanced healthcare activities, and information technology are causing regional growth. Furthermore, this regional market is favored by the rise of alarm burden fatigue, having high favorable supportiveness by the government for the healthcare sector, and a large patient population base. Moreover, the rise of numerous hospitals in Germany, France, and the UK propels the growth rate.

The Asia Pacific is expected to have the largest share in the clinical alarm management market during the forecast period. The factors like an increase in the prevalence of chronic diseases, advancing technology, and improving healthcare facilities are casing the 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 positive growth.

KEY MARKET PLAYERS:

The key market participants dominating the global clinical alarm management market are Philips (Netherland), Mobile Heart Beat (US), Bernoulli enterprises (US), 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:

  • In October 2017, a partnership was made by GE Healthcare (US) with Ascom (Switzerland) for enabling the addition of alarm management solutions known as Digistat patient Watch to GE Healthcare's product portfolio for intensive care.
  • In August 2017, Ascom (Switzerland) partnership with Drager (Germany) to offer clinical alarm management solutions to healthcare providers in the market.
  • In October 2016, an acquisition was made by Vocera Communications with Extension Healthcare (US). This helps in the expansion of customer relationships with software revenue starters by providing high relevant cross-selling opportunities.  
  1. INTRODUCTION
    1. Market Definition
    2. Study Deliverables
    3. Base Currency, Base Year and Forecast Periods
    4. General Study Assumptions
  2. RESEARCH METHODOLOGY
    1. Introduction
    2. Research Phases
      1. Secondary Research
      2. Primary Research
      3. Econometric Modelling
      4. Expert Validation
    3. Analysis Design
    4. Study Timeline
  3. Report Overview
    1. Executive Summary
    2. Key Inferences
  4. Market Dynamics
    1. Impact Analysis
      1. Drivers
      2. Restraints
      3. Opportunities       
    2. Regulatory Environment
    3. Technology Timeline & Recent Trends
  5. Competitor Benchmarking Analysis
    1. Key Player Benchmarking                    
      1. Market share analysis      
      2. Products/Service
      3. Regional Presence               
    2. Mergers & Acquisition Landscape                     
    3. Joint Ventures & Collaborations
  6. MARKET SEGMENTATION
    1. By Product
      1. Psychological monitors
      2. Nurse call system
      3. Bed alarms
      4. Ventilators
      5. Pulse Oximeters 
      6. Y-o-Y Growth Analysis, By Product Type
      7. Market Attractiveness Analysis, By Product Type
      8. Market Share Analysis, By Product Type
    2. By Component
      1. Solutions
      2. Services
        1. Implementation and Integration
        2. Consulting
      3. Y-o-Y Growth Analysis, By Component
      4. Market Attractiveness Analysis, By Component
      5. Market Share Analysis, By Component
    3. By End-User
      1. Hospitals
      2. Long-term Care Centers
      3. Ambulatory Care Centers & Home Care Settings
      4. Y-o-Y Growth Analysis, By End-User
      5. Market Attractiveness Analysis, By End-User
      6. Market Share Analysis, By End-User
  7. GEOGRAPHICAL ANALYSIS
    1. Introduction
      1. Regional Trends
      2. Impact Analysis
      3. Y-o-Y Growth Analysis
      4. Market Attractiveness Analysis
      5. Market Share Analysis
    2. North America
      1. Introduction
      2. United States
      3. Canada
    3. Europe
      1. Introduction
      2. U.K
      3. Spain
      4. Germany
      5. Italy
      6. France
      7. Rest of Europe
    4. Asia-Pacific
      1. Introduction
      2. China
      3. India
      4. Japan
      5. South Korea
      6. Australia and NZ
      7. Rest of APAC
    5. Latin America
      1. Introduction
      2. Brazil
      3. Argentina
      4. Mexico
      5. Rest of Latin America
    6. Middle East & Africa
      1. Introduction
      2. Middle-East
      3. Africa
  8. STRATEGIC ANALYSIS
    1. PESTLE analysis
      1. Political
      2. Economic
      3. Social
      4. Technological
      5. Legal
      6. Environmental
    2. Porter’s Five analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Consumers
      3. Threat of New Entrants
      4. Threat of Substitute Products and Services
      5. Competitive Rivalry within the Industry
  9. MARKET LEADERS' ANALYSIS
    1. GE Healthcare
      1. Overview
      2. Products
      3. Financials (subjected to availability based on company type)
      4. Recent Developments
      5. SWOT analysis
      6. Analyst View
    2. Koninklijke Philips N.V.
    3. Vocera Communications
    4. Ascom Holdings
    5. Spok, Inc. (Subsidiary of Spok Holdings, Inc.)
    6. Masimo
    7. Connexall
    8. Bernoulli Enterprise, Inc.
    9. Capsule Technologie
    10. Mobile Heartbeat
  10. COMPETITIVE LANDSCAPE
    1. Market share analysis
    2. Merger and Acquisition Analysis
    3. Agreements, collaborations and Joint Ventures
    4. New Product Launches
  11. MARKET OUTLOOK AND INVESTMENT OPPORTUNITIES
  12. APPENDIX
  13. List of Tables
  14. List of Figures
  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
  • The segment-level analysis in terms of product, component and end-user along with market size forecasts and estimations to detect key areas of industry growth in detail.
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics.
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis.
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development.
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment.
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies.
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions.
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market.

Clinical Alarm Management Market

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