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The clinical alarm management market size is estimated to grow at a CAGR of 15.56% between 2022 and 2027. The market size is forecast to increase by USD 2,393.76 million. The growth of the market depends on several factors, including the increasing demand for high productivity and reduced turnaround time among end-users, the increased demand for digital healthcare, and the rapid growth potential in emerging economies.
This clinical alarm management market report extensively covers market segmentation by component (software and services), end-user (hospitals and clinics, long term care centers, and others), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing demand for high productivity and reduced turnaround time among end-users are notably driving the market growth, although factors such as the concerns associated with clinical alarm management may impede the market growth. Our researchers analyzed the data with 2022 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.
Increasing demand for high productivity and reduced turnaround time among end-users is the key factor driving the growth of the global clinical alarm management 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 vendors 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.
Increasing customer satisfaction and delivery outcomes is the primary trend in the enterprise indoor global clinical alarm management 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.
Concerns associated with clinical alarm management are a major challenge to the growth of the global clinical alarm management 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.
The report includes the adoption lifecycle of the market, 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 growth strategies.
Global Clinical Alarm Management Market Customer Landscape
Vendors 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 vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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 2022 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 821.93 million in 2017 and continued to grow by 2021. 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. Vendors 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.
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North America is estimated to contribute 41% 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.
COVID-19 increased the requirement for clinical alarm management systems in the region in 2020-2021, owing to the huge number of patients who chose hospital stays. However, by H2 of 2021, lockdown restrictions in various countries were relaxed due to large-scale vaccination drives, which helped in the resumption of business activities. The growing emphasis on medical alert systems by governments in the region is expected to boost the growth of the clinical alarm management market in North America during the forecast period.
The clinical alarm management market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global clinical alarm management market as a part of the healthcare technology segment within the global healthcare market. The market includes the revenue generated from the sales of healthcare applications and IT systems; Internet-based healthcare tools (such as monitoring devices); and IT consulting services to clinics, hospitals, or businesses operating primarily in the healthcare sector. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Clinical Alarm Management Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.56% |
Market growth 2023-2027 |
USD 2,393.76 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
14.83 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, UK, Germany, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alpha Communications, Amplion Clinical Communications Inc., Ascom Holding AG, 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, Mobile Heartbeat LLC, Oracle Corp., Spok Holdings Inc., Vocera Communications Inc., and West Com Nurse Call Systems Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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