The global Clinical Alarm Management Market 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% between 2020 to 2025 and worth 1948 million by 2025.
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:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2019 to 2025 |
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Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
Based on the component, product, end-user, and region |
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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 |
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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 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:
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:
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:
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.
MAJOR HAPPENINGS IN THIS MARKET IN THE RECENT PAST:
Clinical Alarm Management Market
