Clinical Alarm Management Market Segmentation by Product Type - EMR Integration Systems | Physiological Monitors | Bed Alarms | Ventilators
Report ID: PMRREP33200
Number of Pages: 250
Format: PPT*, PDF, EXCEL
Industry: Healthcare
Published Date: November-2022
Newly-released Clinical Alarm Management Market analysis report by Persistence Market Research shows that global sales of the Clinical Alarm Management Market in 2021 was held at US$ 1.2 Bn. With 26.5%, the projected market growth during 2022 - 2032 is expected to be significantly higher than the historical. Nurse Call System is expected to be the highest revenue-generating segment, accounting for an expected CAGR rate of 23.5% during 2022 - 2032.
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Attribute |
Details |
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Global Clinical Alarm Management Market (2022) |
US$ 1.5 Bn |
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Global Clinical Alarm Management Market (2032) |
US$ 15.7 Bn |
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Global Clinical Alarm Management Market CAGR (2022 – 2032) |
26.5% |
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U.S. Clinical Alarm Management Market (2022) |
US$ 450 Mn |
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Key Companies Profiled |
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As per the Clinical Alarm Management Market research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2017 to 2021, market value of the Clinical Alarm Management Market increased at around 22.1% CAGR.
False alarms had been a source of concern during Covid-19, causing unnecessary chaos among healthcare workers, and are likely to increase the focus on proper implementation of clinical alarm systems in hospitals and COVID 19 healthcare facilities.
According to a study published in August 2020 titled "Breaking the COVID-19 Lockdown: Curbing Alert Fatigue," 85% to 100% of alarms at healthcare facilities or outpatient encounters per day do not require clinical action. New burdens arise from the spread of the coronavirus, adding to the urgency of reducing reports of nuisance alarms to protect working healthcare providers who are also in short supply of personal protective equipment (PPE).
Owing to this, Clinical Alarm Management Market is projected to grow at a CAGR of 26.5 % over the coming 10 years.
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Get a Customized VersionThe clinical alarm management procedure provides a high level of confidentiality and security when performing isolated information, such as identity and health information. Clinical alarms are commonly found in long-term care and rehabilitation clinics in order to record the health state of the patient. The expansion of clinical alarm management market will be promoted through the expansion of using wellness services, as well as by the increase in the significance of big data. Together, these developments could save healthcare expenses and minimize the danger of medical errors, which will boost the need for alarms.
More dedicated government initiatives to improve access to biomedical provisioned device capabilities in developed and developing nations will drive the industry forward. The continued success of other projects for the health of the geriatric and handicapped population using a biomedical provisioned device designed to promote their safety suggests favorable growth prospects for the clinical alarm management market.
North America is projected to account for the highest market share during the forecast period. The rising number of patients in North America is a key factor in the region's hospitals and clinics adopting clinically based alarm systems. According to the CDC, over 90 million outpatient surgeries, over 911 million doctor visits, and over 155 million emergency department visits were conducted in the United States in 2019.
U.S. Clinical Alarm Management Market Analysis
The United States is expected to account for the highest market of US$ 5.9 Bn by the end of 2032. This is attributable to a significant increase in research & development activity. According to the Alzheimer's Association, approximately 5.8 million people aged 65 and up in the United States suffer from Alzheimer's dementia in 2020, with that number expected to rise to around 13.8 million by 2050. As a result, clinical alarm management solutions and services are expected to see significant growth over the next few years.
China Clinical Alarm Management Market Analysis
China will dominate the Asia Pacific Clinical Alarm Management market during the forecast period 2022 to 2032, with a CAGR of 29.2%, approaching a market revenue of US$ 2 Bn by 2032. During the forecast period, the market is expected to grow at a healthy rate.
Japan Clinical Alarm Management Market Analysis
Japan on other hand is projected to register a CAGR of 20.5% during 2022 – 2032. The healthcare infrastructure and new technologies used in caregiving are expected to drive the market across developed and emerging nations. In addition, robust per capita income and improved access to organized healthcare encourage the increased role of regional markets.
What are the Product Type insights about Clinical Alarm Management Market?
With a projected CAGR of 21.1%, the nurse call systems segment dominated the market in 2021, as these systems are increasingly used in healthcare facilities to improve patient satisfaction, improve quality of care, and increase caregiver productivity. Tracking isolated data sets, such as health and identity data, leads to effective security as well as healthcare in specialized care facilities and hospitals. The demand for improved alarm monitoring in specialized care facilities and hospitals justifies the use of clinical alarms. Demand for clinical alarm management systems is expected to rise as companies deploy more healthcare tools and integrate big data for greater management of health monitoring solutions. This will lower costs and decrease the overall risk of medical errors, which will boost demand for clinical alarm management systems.
What are the Component and End-User Insights for the clinical alarm management market?
The software segment dominates the clinical alarm management market as the software allows caregivers to make informed decisions on alarm protocols and parameter limits, as well as reduce the audio alarm burden.
Ambulatory surgical centres and hospitals use clinical alarm management solutions extensively to respond to clinical alarms. Due to the rising adoption of clinical alarm management due to the increasing need for early detection and intervention, as well as significant applications of clinical alarm management in remote patient monitoring, the ambulatory care centers & home care settings segment would register significant market growth throughout the forecast period.
The market is extremely fragmented, with many local businesses competing against multinational competitors. Prominent companies are focusing on research and development of new products in order to stay competitive in the industry. The key players in the Clinical Alarm Management Market are Koninklijke Philips N.V.; General Electric Company (GE Healthcare); Ascom; Spok, Inc.; Masimo.
Some of the recent developments of key clinical alarm management providers are as follows:
Similarly, recent developments related to companies offering Clinical Alarm Management have been tracked by the team at Persistence Market Research, which are available in the full report.
By Product Type
By Component
By End-User
By Region
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The global Clinical Alarm Management Market is worth more than US$ 1.2 Bn at present.
The value of the Clinical Alarm Management Market is projected to increase at a CAGR of around 26.5% during 2022 – 2032.
The value of the Clinical Alarm Management Market increased at a CAGR of around 22.1% during 2017 – 2021.
Growing government MedTech investments, increasing alarm fatigue, and rising prominence and use of bio-data and mHealth tools are expected to drive the market over the forecast period.
The market for Clinical Alarm Management Market in China is projected to expand at a CAGR of around 29.2% during 2022 - 2032.
While the market in South Korea is expected to grow at nearly 34.1%, the market in Japan is projected to register a CAGR of nearly 20.5% during 2022 - 2032.
