Clinical Alarm Management Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, China, UK, Germany, Japan - Size and Forecast 2024-2028

Clinical Alarm Management Market Size 2024-2028

The clinical alarm management market size is forecast to increase by USD 3.51 billion, at a CAGR of 18.69% between 2023 and 2028. The market's trajectory hinges on several pivotal factors. Chief among these is the escalating demand from end-users for heightened productivity and swifter turnaround times, propelling the quest for innovative solutions. Concurrently, the healthcare landscape is witnessing a surge in the adoption of digital technologies, fueled by the need for efficient and accessible healthcare services. This shift towards digital healthcare is reshaping industry dynamics and fostering novel opportunities for growth and development. Moreover, the burgeoning potential of emerging economies is serving as a catalyst, attracting investments and driving market expansion. As these trends converge, the market is poised for significant transformation, offering promising prospects for stakeholders across the healthcare spectrum.

What will be the Size of the Market During the Forecast Period?

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Market Dynamics and Customer Landscape

In the market, several drivers, trends, and challenges shape its landscape. Key drivers include the increasing adoption of advanced analytics and artificial intelligence (AI) for alarm prioritization and actionable insights. Healthcare providers seek customizable solutions to optimize clinical workflows and respond efficiently to alarms, especially for remote patient monitoring and telehealth services. However, challenges arise from implementation and maintenance costs, as well as the complexity of integrating various HCIT tools and Internet-connected medical devices. Balancing these factors while ensuring patient safety and improved health outcomes remains a crucial focus for clinicians and healthcare organizations. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

Increasing demand for high productivity and reduced turnaround time among end-users is the key factor driving the growth of the market. The implementation of a clinical alarm management system contributes to high productivity and enables fast turnaround times using advanced algorithms for holistic monitoring systems and fast and accurate analysis. In addition, the growing burden of disease worldwide places an increasing burden on end users such as hospitals and clinics. The increasing prevalence of diseases such as cancer, hepatitis, and influenza has led to an increase in patient visits to hospitals. To meet the growing demand for timely diagnostics and increased productivity, end users are adopting automation technologies such as alarm management systems to help reduce their workload.

Moreover, the market companies are consistently improving their portfolio of alarm management systems by introducing holistic monitoring systems. For instance, Philips offers distributed alarm management solutions that facilitate efficient workflow, preventing alarm fatigue by providing a seamless approach from electrodes to monitors to mobile solutions to reporting and analysis. Such a development will substantially boost the growth of the market in focus during the forecast period.

Significant Market Trends

Increasing customer satisfaction and delivery outcomes is the primary trend in the enterprise indoor global market. This management has helped streamline hospitals and improve the quality of patient care by increasing hospital staff efficiency. The installation and adoption of clinical alert management by healthcare organizations have helped improve the hospital's ability to ensure patient safety and satisfaction.

Moreover, the systems have also helped reduce operational time and improve patient safety by reinforcing urgent and timely communication between patients and staff. These improvements deliver better outcomes, thereby enhancing hospitals' efficiency and increasing the adoption of clinical alarm management systems, which in turn drives the growth of the market in focus during the forecast period.

Major Market Challenge

Concerns associated with clinical alarm management are a major challenge to the growth of the market. False alarms are a major cause of concern in hospitals. Various studies have indicated that 80%-99% of alarms in hospital units are false or clinically insignificant. This either leads to alarm fatigue or leads to ignorance of alarms assuming that an alarm is false. The sheer number of these alarms can lead to desensitization among nurses.

Similarly, in non-actionable alarms, most alarms in hospital settings are non-actionable. These non-actionable alarms contribute to caregiver desensitization and alarm fatigue. Such issues are expected to hinder the growth of the market in focus during the forecast period.

Customer Landscape

The market research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.

Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Ascom Holding AG: The company offers clinical alarm management solutions such as Ascom Healthcare Platform. 

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• Alpha Communications
• Amplion Clinical Communications Inc.
• Baxter International Inc.
• Critical Alert
• CSINC
• Dragerwerk AG and Co. KGaA
• General Electric Co.
• GlobeStar Systems Inc.
• Intercall Systems Inc.
• Johnson Controls International Plc.
• Koninklijke Philips NV
• Masimo Corp.
• Medtronic Plc
• Mindray Bio medical Electronics Co. Ltd

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segments in the Market?

In the realm of the market, the landscape is shaped by an array of critical factors and technological advancements. At its core, the market revolves around the efficient handling of alarms within healthcare settings. With the advent of advanced analytics and artificial intelligence (AI), alarm prioritization has become more precise, enabling healthcare providers to gain actionable insights from alarm data. Customizable solutions cater to diverse clinical workflows and patient populations, facilitating effective remote patient monitoring and telehealth services. Despite the benefits, challenges persist, including implementation and maintenance costs. However, the emergence of advanced clinical alarm systems and big data analytics, coupled

The market share growth by the software segment will be significant during the forecast period. The software segment dominated the global clinical alarm management market in 2023 owing to the criticality of software that helps in managing and distributing alarms in the hospital and leading to improved workflow, lower noise levels, and enhanced patient care. 

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The software segment was valued at USD 550.60 million in 2018 and will continue to grow by 2022. The alarm management and monitoring software is an end-to-end solution, from the electrodes to monitors to mobile solutions for reporting and analysis. This facilitates an efficient workflow. Moreover, the clinical alarm management software solutions also provide secure access to monitor patient data, thus ensuring data security. companies in the market are providing customized alarm management solution, which includes primary monitoring at the bedside, the central station within the unit, and a mobile application on the caregiver's smartphone. All such factors are further expected to propel the segment to grow, which in turn is anticipated to drive the growth of the market in focus during the forecast period.

Which are the Key Regions for the Market?

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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The governments in this region are aggressively promoting effective healthcare services and have increased investment in healthcare facilities. Government agencies are encouraging the elderly population to adopt medical alert devices. Moreover, a significant rise in the number of hospital visits has also increased the demand for clinical alarm management systems across new healthcare settings.

For instance, in 2020, an estimated 131 million emergency department (ED) visits occurred in the United States, according to the Centers for Disease Control and Prevention (CDC). The increase in the number of hospitals and urgent care centers has surged the demand for clinical alarm management systems in the region. This, in turn, is expected to propel the growth of the regional market in focus during the forecast period.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• Component Outlook 
  • Software
  • Services

• End-User Outlook 
  • Hospitals and clinics
  • Long term care centers
  • Others

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • ROW
    • Argentina
    • Australia
    • Rest of the world

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Market Analyst Overview

In the market, the convergence of various elements shapes its dynamics. From alarm settings to response protocols, every aspect plays a crucial role in ensuring effective patient care. Real-time data from mHealth apps and Internet-connected medical devices empower clinicians to make informed decisions and tailor treatment options accordingly. However, challenges like data breaches and infrastructural limitations persist, necessitating robust security measures and IT support. The demand for business analytics and data management tools underscores the importance of streamlined operations. As global health security gains prominence, the market witnesses a surge in emerging markets. Yet, issues like unarranged patient data and shortages of doctors loom large, highlighting the need for innovative solutions in care communication systems and patient monitoring.

Additionally, with the advent of Internet-connected medical devices and real-time data, clinicians can make timely clinical decisions and implement necessary care interventions. However, this digital transformation requires robust healthcare IT solutions and infrastructure, including reliable networks and wireless connectivity. The need for standardized interfaces and middleware ensures seamless integration across IT systems and data storage, while addressing concerns such as medical identity theft and healthcare data breaches. As healthcare systems evolve, deployment models involving data center providers and cloud professional platform providers become essential, ensuring optimal utilization of resources in the face of public health crises and rising government healthcare expenditure.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2028.
• Precise estimation of the market size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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