Number of pages: 100 | Report Format: PDF | Published date: March 10, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global clinical alarm management market was valued at US$ 1.458 billion in 2023 and is expected to register a revenue CAGR of 12.98% to reach US$ 5.426 billion by 2031.
Clinical Alarm Management Market Fundamentals
Clinical alarm management systems are software solutions that help healthcare providers manage and prioritize numerous alarms generated by medical devices. These systems aim to improve patient safety and increase staff efficiency. Clinical alarms also enable healthcare personnel to ensure quick and timely responses, enabling healthcare efficiency.
Clinical alarm management aims to ensure patient safety by effectively managing the alarms generated by medical devices. This involves reducing the number of unnecessary alarms, prioritizing the remaining alarms based on their clinical relevance, and ensuring timely response and intervention. Alarm fatigue, which occurs when healthcare providers become overwhelmed by the high frequency and false positive alarms, is a significant issue that can lead to patient harm. By implementing effective clinical alarm management strategies, healthcare organizations can improve the accuracy and relevance of alarms and reduce the risk of alarm fatigue. In addition to enhancing patient safety, effective clinical alarm management can improve workflow efficiency and reduce unnecessary disruptions, allowing doctors to focus on providing high-quality patient care.
Technological advancements in clinical alarm management systems can help in analysis, consulting, training, and reporting services. Technological advancements in clinical alarms have led to the development of more sophisticated algorithms and customizable settings, improved accuracy, and reduced false alarms. Additionally, the integration of wireless communication and real-time monitoring has enabled healthcare providers to respond quickly to critical situations, ultimately increasing patient safety.
Clinical Alarm Management Market Dynamics
The high demand for clinical alarms in managing chronic diseases is the key factor driving the global clinical alarm management market. Clinical alarms are essential in managing chronic diseases, which require ongoing monitoring and intervention to prevent complications and ensure optimal patient outcomes. Clinical alarm systems can detect early signs of complications, such as low blood sugar or high blood pressure, allowing healthcare providers to intervene before the condition becomes more severe. Additionally, patients with chronic diseases often require complex medication treatments, which can be difficult to manage. Clinical alarms can remind patients to take their medication and alert healthcare providers about skipped doses or adverse drug interactions. Furthermore, clinical alarms can also enable remote monitoring of patients with chronic diseases, allowing healthcare providers to track their condition and intervene when necessary.
Technological developments in clinical alarm management are anticipated to increase the revenue share of the global clinical alarm management market in the forecast years. Technologically advanced alarms use advanced algorithms to analyze physiological data and prioritize alarms based on the severity of the condition. This can reduce the number of false positive alarms and ensure that healthcare providers respond to the most critical alarms first. For instance, SOM Tech collaborated with UCSF doctors and academics to create Super Alarm, a device that integrates heterogeneous data, detects trending patterns, and filters out false alarms, ensuring that physicians are only informed when a situation requires clinical care.
As healthcare settings continue to improve, there is a growing need for clinical alarm systems to ensure patient safety and appropriate response in critical events. Advancements in clinical settings are increasing the demand for effective clinical alarm management to ensure patient safety and quality of care. Healthcare organizations are investing in clinical alarm management systems and strategies to meet these demands and provide high-quality care to patients.
However, due to the high cost of the products, the global clinical alarm management market may experience limited revenue growth in the upcoming years.
Clinical Alarm Management Market Ecosystem
The global clinical alarm management market has been analyzed from four perspectives: component, product, end-user, and region.
Clinical Alarm Management Market by Component
Based on the component, the global clinical alarm management market has been segmented into solutions and services.
The solutions segment accounted for the majority of the global clinical alarm management market revenue share in 2022. Clinical alarm solutions are essential for ensuring patient safety, improving healthcare quality, and meeting regulatory requirements. Additionally, healthcare organizations are heavily investing in clinical alarm solutions to improve patient outcomes, reduce alarm fatigue, and provide high-quality patient care.
The services segment is anticipated to grow at a significant revenue CAGR during the forecast period. Services play an important role in the clinical alarm management market. Vendors offer consulting, implementation, and training services to help healthcare organizations optimize alarm management systems. These services ensure that the system is correctly configured, continually monitored and updated, and clinicians are adequately trained.
Clinical Alarm Management Market by Product
Based on the product, the global clinical alarm management market has been segmented into nurse call systems, physiological monitors, EMR integration systems, ventilators, bed alarms, and other products.
The nurse call system segment dominates the global clinical alarm management market. Nurse call systems are essential in hospital settings as they allow two-way contact between patients and caregivers. Moreover, these systems allow patients to call for assistance when needed, improving response times and overall patient satisfaction. They also allow hospital staff to track patient requests and response times, enabling them to manage staff and resources better. Additionally, nurse call systems can integrate with other systems, such as electronic health records, to offer a seamless information flow and improve staff communication.
The EMR integration systems segment is anticipated to expand during the forecast period. EMR integrations can streamline administrative tasks, reduce errors and duplicate data entries, and enable more accurate and timely invoicing. Implementing EMR integration systems can also lead to a more cohesive and effective healthcare system.
Clinical Alarm Management Market by End-user
Based on the end-user, the global clinical alarm management market has been segmented into hospitals, long-term care centers, home care settings, and ambulatory care centers.
The hospitals segment dominated the global clinical alarm management market. Clinical alarms are in great demand in hospitals due to their high requirement to monitor vital signs and inform staff members in the event of any irregularities. With the rising number of hospital patients, an effective tracking system that can assist in spotting potentially life-threatening circumstances becomes essential. Additionally, clinical alarms are critical in maintaining patient safety and immediate care.
Clinical Alarm Management Market by Region
Based on region, the global clinical alarm management market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global clinical alarm management market with the largest revenue share in 2022. This is attributed to the high demand from North American healthcare providers to embrace advanced clinical alerting systems to fulfill their expanding patient care needs. The region is also expected to grow the usage of innovative clinical alarm management solutions as healthcare institutions seek to consolidate and speed up existing alarm management systems.
The Europe market for clinical alarm management is characterized by increasing healthcare standards offering better diagnosis and treatment, increasing adoption of healthcare IT solutions, and the rising prevalence of chronic diseases. Additionally, implementing government initiatives to promote patient safety and reduce healthcare costs is anticipated to drive regional market revenue growth.
The clinical alarm management market in Asia Pacific is rapidly growing, with high demand for advanced and efficient alarm systems in hospitals, clinics, and other healthcare facilities. The market is expected to grow during the forecast years as the region’s need for better patient safety and monitoring systems increases. Moreover, the growth of the clinical alarm management market is also attributed to increasing hospital densities and rising patient population. Additionally, governments in Asia Pacific are heavily investing in advancing their healthcare infrastructure and enabling better healthcare outcomes.
Clinical Alarm Management Market Strategic developments
Clinical Alarm Management Market Competitive Landscape
The prominent market players in the global clinical alarm management market include:
North America dominated the global clinical alarm management market in 2022.
The global clinical alarm management market is expected to register a revenue CAGR of 12.98% during the forecast period.
Clinical alarm management systems are software solutions that help healthcare providers manage and prioritize the numerous alarms generated by medical devices.
Major players in the global clinical alarm management market are Koninklijke Philips N.V., General Electric Company, Ascom Holdings AG, Spok Inc., and Masimo Corporation.
The high cost of systems is the key hindrance to the revenue growth of the clinical alarm management market in the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain