PUBLISHER: The Business Research Company | PRODUCT CODE: 1425323
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425323
Clinical Alarm Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on clinical alarm management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for clinical alarm management? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The clinical alarm management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Clinical alarm management refers to the way a healthcare team responds to unfavorable changes in a patient's condition. This management approach is implemented in both home and hospital settings to leverage technology for improved patient care, time and cost savings, and the reduction of alarm fatigue among healthcare providers.
The main types of products associated with clinical alarm management include physiological monitors, nurse call systems, ventilators, bed alarms, anesthesia machines, telemetry monitors, feeding pumps, and other related devices. Physiological monitors typically consist of multiple components, including a central station, bedside monitors, and ambulatory telemetry transmitters and receivers. These components, along with associated solutions and services, cater to various end-users such as hospitals and clinics, home care settings, ambulatory care centers, long-term care facilities, and specialty centers.
The clinical alarm management market research report is one of a series of new reports from The Business Research Company that provides clinical alarm management market statistics, including clinical alarm management industry global market size, regional shares, competitors with clinical alarm management market share, detailed clinical alarm management market segments, market trends, and opportunities, and any further data you may need to thrive in the clinical alarm management industry. This clinical alarm management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The clinical alarm management market size has grown exponentially in recent years. It will grow from $2.39 billion in 2023 to $2.89 billion in 2024 at a compound annual growth rate (CAGR) of 20.9%. The growth observed in the historical period can be attributed to several factors, including heightened concerns about patient safety, a focus on regulatory compliance, the increasing complexity of healthcare devices, efforts to mitigate alarm fatigue, initiatives promoting patient-centered care, and the recognition of the risks associated with adverse events. These factors collectively contributed to the expansion witnessed during that timeframe.
The clinical alarm management market size is expected to see exponential growth in the next few years. It will grow to $6.31 billion in 2028 at a compound annual growth rate (CAGR) of 21.6%. The anticipated growth in the forecast period can be attributed to the expansion of remote patient management, trends in population health management, the adoption of patient engagement solutions, the use of data analytics for alarm optimization, and an increased focus on global health emergency preparedness. Major trends expected in the forecast period include the integration of artificial intelligence (AI), the utilization of advanced analytics and predictive algorithms, efforts to enhance interoperability and integration with Electronic Health Records (EHRs), the incorporation of wireless and mobile solutions, the implementation of cybersecurity measures, and the formation of vendor partnerships and collaborations. Additionally, continuous monitoring technologies are expected to play a significant role in shaping the landscape of clinical alarm management. These trends collectively contribute to the projected growth in the upcoming period.
The clinical alarm management market is poised for expansion due to the increasing prevalence of alarm fatigue in healthcare settings. Alarm fatigue, characterized by a sensory overload resulting from excessive alarms, and has been linked to patient deaths. Hospitals are prioritizing alarm management solutions as a critical safety improvement area. Clinical alarm management solutions, utilizing modern clinical communication tools, aim to mitigate alarm fatigue risks. A 2023 research publication by the BMJ underscores the rising challenge of alarm fatigue, with factors like patient movement and incorrect device positioning contributing to false alarms. Estimates indicate that over 70% of alarms could be false, emphasizing the imperative for clinical alarm management solutions to ensure patient safety and drive market growth.
The clinical alarm management market is witnessing growth driven by the increasing adoption of Information Technology (IT) in healthcare. IT integration plays a pivotal role in enhancing patient safety and optimizing healthcare operations. Accenture's 2021 report highlights the growing utilization of technology in the USA's healthcare sector, with 31% of institutions using electronic health records and 18% leveraging mobile and tablet applications. The integration of medical devices and systems for monitoring patient conditions, alarm prioritization, and timely responses to critical events signifies the growing influence of IT in driving the clinical alarm management market.
A prominent trend in the clinical alarm management market is the integration of big data and artificial intelligence (AI) to meet evolving customer demands. Major industry players are adopting big data and AI technologies to enhance functionalities. In September 2021, Medtronic collaborated with Statis Health to introduce the Stasis Monitor in India. This AI-enabled bedside patient monitoring system, cleared by the FDA, automates critical patient information processes. The system utilizes predictive AI to alert healthcare staff to deteriorating patient conditions, providing a comprehensive approach to monitoring vital signs and enabling remote monitoring through a tablet and cloud-connected app.
Companies operating in the clinical alarm management market are introducing innovative products to maintain their market position. Wearable devices, such as medical alert pendants, are gaining prominence. TELUS Health's launch of a next-generation Medical Alert Pendant in November 2023 exemplifies this trend. The pendant, designed for older adults, offers advanced features like GPS-enabled location tracking, live emergency support, and a unique fall detection feature. The connected Caregiver App enhances communication and provides updates on the user's daily routines, mobility, and whereabouts, offering a comprehensive solution for emergency assistance and caregiver reassurance.
In January 2021, Philips, a Netherlands-based health technology company, executed a strategic acquisition, acquiring Capsule Technologies for $635 million. This move aimed to strengthen Philips' patient care management solutions portfolio, particularly in real-time patient monitoring across healthcare settings. Capsule Technologies, a US-based provider of medical device integration and information solutions, including Capsule Surveillance, aligns alert notifications with clinical practices. The acquisition reflects Philips' commitment to enhancing its position in the evolving landscape of the clinical alarm management market.
Major companies operating in the clinical alarm management market report are Koninklijke Philips NV, GE Healthcare Technologies Inc., Ascom Holdings AG, Spok Holdings Inc., Masimo Corp., Vocera Communications Inc., Medtronic Inc., Dragerwerk AG, Connexall Inc., Mobile Heartbeat LLC, Hill-Rom Services Inc., Cornell Communications Inc., Intercall Systems Inc., Critical Alert Systems LLC, Capsule Technologies Inc., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Baxter International Inc., Johnson Controls International PLC, West-Com Nurse Call Systems Inc., Csinc Inc., Live Sentinel Ltd., Amplion Clinical Communications Inc., Cerner Corporation, Alpha Communications Ltd., Fujian Huanyutong Technology Co. Ltd., Tunstall Group Holdings Ltd., AMETEK Inc., Midmark Corporation, Stanley Healthcare Inc., Bernoulli Health Corp., Extension Healthcare, Alertus Technologies LLC, Everbridge Inc., Intego Systems LLC, and Nuvon Inc.
North America was the largest region in the clinical alarm management market in 2023. The regions covered in the clinical alarm management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the clinical alarm management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The clinical alarm management market consists of revenues earned by entities by providing services such as implementation, integration, consulting, monitoring, analytics. The market value includes the value of related goods sold by the service provider or included within the service offering. The clinical alarm management market also includes sales of EMR integration systems and monitors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.