Global Clinical Alarm Management Market - 2021-2028

Global Clinical Alarm Management Market - 2021-2028

Market Overview

The global clinical alarm management market size was valued US$ XX million in 2020 and is estimated to reach US$ XX million by 2028, growing at a CAGR of XX% during the forecast period (2021-2028).

Clinical alarm management provides a high level of security and privacy when dealing with isolated data, such as identity and health data. Clinical alarms are widely employed in long-term care facilities and hospitals to maintain patient health accurately and precisely. Clinical alarm management market expansion will be aided by the growing importance and use of health tools and big data. Increased use of these alerts lowers healthcare expenses and reduces the danger of medical errors, enhancing the industry's need for clinical alarms.

Market Dynamics

Clinical alarm management is expected to grow over the forecast period, owing to rising awareness among healthcare providers about the importance of patient safety, increasing government medtech investments, increasing alarm fatigue, and the growing prominence and use of biodata and mHealth tools.

The increase in prevalance of chronic diseases in the market will drive the market growth

Factors such as expanding electronic health record use, rising chronic disease cases, rising alarm fatigue, and an aging population are likely to accelerate the growth of the clinical alarm management market. Furthermore, in the projection period of 2022 to 2029, the market's overall growth is expected to be tempered by reducing false alarms and product technology innovation. Furthermore, drivers such as increased awareness among healthcare professionals to improve patient safety and increased use of big data and mHealth solutions would exacerbate the growth of the clinical alarm management market throughout the forecast period.

Increased awareness among healthcare practitioners in enhancing patient safety using sophisticated technologies such as mHealth and alert management systems is due to the rise in the prevalence of chronic diseases paired with longer hospital stays. In addition, the industry is predicted to rise as government and private health care providers increase their investments in healthcare infrastructure. Systems that are not adequately controlled or standardized may cause a false alert, putting the patient's health in danger. According to the Organisation for Economic Co-operation and Development (OECD) Health at a Glance 2019 report, about one-third of persons aged 15 and up in 27 OECD countries reported living with two or more chronic diseases, such as cancer, heart attack and stroke, chronic respiratory issues, and diabetes. Chronic diseases affect nearly one in every two people in Germany and Finland.

Furthermore, increased government initiatives for using clinical alarms in developed and emerging countries will move the sector forward. Several initiatives being made by various organizations and the government to improve the health of the geriatric and handicapped population using clinical alarms are expected to spur company growth. Furthermore, as governments become more aware of ensuring patient safety, they are making investments in medical technology to support various clinical instruments, which should help the business thrive.

Recordkeeping, enforcement and regulatory requirements, and patient care have all contributed to an increase in the volume of information in the healthcare industry. As the digitization trend accelerates, the healthcare industry is increasingly turning to big data analytics to provide the highest-quality care at the lowest possible cost. Furthermore, big data analytics can store important data for clinical and healthcare applications like clinical decision support, illness surveillance, and population health management. This contributes to the growth of the global clinical alarm management market.

Lack of product standards and related skills is likely to hamper the market growth

Clinical alarm systems are intended to inform caregivers of potential patient difficulties, but they might jeopardize patient safety if not properly regulated. Due to increased patient safety awareness among care providers and increased government Medtech investments, the industry is developing. However, the market's expansion is stifled by a lack of product standards and related skills.

COVID-19 Impact Analysis

The global epidemic of COVID-19 has resulted in an ongoing healthcare market decline. COVID-19 wreaked havoc on major world economies, particularly the healthcare sector, in addition to communities. Leading stakeholders continue to adjust their tactics in response to the quickly changing environment. COVID-19 is expected to have long-term consequences for the healthcare industry. Countries and big actors would have to make significant modifications to their healthcare systems until the crisis subsides. Shortly, healthcare changes are expected to include technological advancements, cost containment, and increased access. In the present pandemic, digital health and telehealth have taken center stage. The need for remote diagnosis, care, and consultation was stressed again at COVID-19. Telehealth expansion has stalled in recent years due to regulatory and behavioral constraints. However, the segment is expected to rise over the next two years since many healthcare providers are working on telephone calls and video conferencing. Patients with moderate symptoms were also required to consult online for social distancing strategies. Furthermore, it significantly decreased the load on hospitals already overburdened by COVID-19 patient counts. Medical IoT devices that live with patients at home are now being utilized to improve outpatient therapy and reduce recurrent visits. These devices can even be employed in an emergency. As a result of the pandemic, there were severe resource restrictions. This is projected to lead to developing competitive and value-based pricing models, boosting the clinical alarm management market's growth.

Segment Analysis

The long term care centers segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)

Long-term care facilities are healthcare facilities that provide a wide range of services, including personal care and medical, to people who are unable to live independently and to geriatric patients. When a person has a severe, ongoing health condition or disability, they frequently require long-term care. Long-term care may be required unexpectedly, such as after a heart attack or stroke.

Long-term care centers rely heavily on clinical alarm management services and solutions since their patients are either critically ill or elderly patients who require constant monitoring and management of their health and wellness. According to the findings of a 2019 research study titled ""Alarming and/or Alerting Device Effectiveness in Reducing Falls in Long-Term Care (LTC) Facilities? A Systematic Review,"" falls in long-term care (LTC) facilities are becoming a growing concern and alarming devices can be a key intervention in the safety of residents who are prone to falls.

The primary reasons driving the relevant category in the market researched are the rising prevalence of chronic diseases and the growing geriatric population globally. According to the World Ageing Population report, roughly 703 million persons aged 65 and up in the world in 2019. Over the next decades, the number of people aged 65 and up is predicted to more than treble, reaching 1.5 billion by 2050.

Cataracts, hearing loss and refractive errors, back and neck discomfort and osteoarthritis, chronic obstructive pulmonary disease, diabetes, depression, and dementia are common among the elderly. This reflects an increase in the need for equipment for disease diagnosis, treatment, monitoring, and management. According to the Alzheimer's Association, around 5.8 million persons aged 65 and over in the United States will have Alzheimer's dementia in 2020, with that figure predicted to rise to around 13.8 million by 2050. As a result of the considerations mentioned above, clinical alarm management systems and services are projected to see a noticeable rise over the next few years.

Geographical Analysis

North America region holds the largest market share of global clinical alarm management market

The North American region is contemplated to have a significant market share because of its well-established healthcare infrastructure, new product launches, and the presence of key market players. As a result, healthcare providers invest heavily in advancing infrastructure, such as alarm management systems to improve patient care. Furthermore, a large population pool and rising healthcare spending in the region are expected to fuel regional market growth.

According to updated statistics from the Centers for Disease Control and Prevention for 2021, six in ten people in the United States have at least one severe chronic disease, and 4 in 10 adults have two or more severe chronic diseases. According to the same report, heart disease, cancer, chronic lung disease, stroke, Alzheimer's disease, diabetes, and chronic kidney disease cost the country's healthcare system around USD 3.8 trillion per year.

To expand their footprint in the US, the companies are actively involved in new product launches, development, and collaborations. Nihon Kohden, for example, launched its NK-HiQ Enterprise Gateway in February 2019, a next-generation platform that integrates data from Nihon Kohden patient monitoring devices and consolidates multiple applications into a single powerful platform. The NK-HiQ Enterprise Gateway is made up of seven extensions. AWARE alarm management and reporting software, NK-HiQ CNS remote client, NK-HiQ ECG server extension, NK-HiQ HL7 server extension, NK-HiQ Pager server extension, NK-HiQ Wireless server extension, and ViTrac remote viewing are all available.

Spok, Inc., a wholly-owned subsidiary of Spok Holdings, Inc., and Bernoulli Health, Inc. announced a partnership in April 2018 to improve clinical alarm management by capturing and evaluating real-time patient data and alarms from multiple clinical systems and sending actionable alerts to the appropriate caregiver for quick response.

The Asia Pacific region is expected to make a profitable market growth due to developing healthcare infrastructure and advanced technologies in caregiving. Furthermore, rising disposable income and increased access to organized healthcare in developing countries such as China and India are expected to boost the regional market during the forecast period.

Competitive Landscape

The clinical alarm management market is highly competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Koninklijke Philips N.V., GE Healthcare, Ascon, Spok Inc, Masimo, Hill-Rom Services Inc, Vocera Communications, Capsule Technologies Inc, Johnson Controls, West- Com.

The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the clinical alarm management market globally. For instance,

In May 2021, Vocera Communications, Inc. signed a distribution agreement with Wavelink to procure Vocera solutions for large and small healthcare organizations throughout Australia.

In July 2020, Hillrom and Aiva have formed a new commercial partnership to enable hands-free communication for both patients and staff through the use of an in-room voice assistant and Hillrom's Voalte Mobile solution. Hillrom's Voalte system is the only mobile clinical communication platform with a comprehensive solution that includes unique Hillrom hands-free caregiver-to-caregiver communication, nurse call, medical device integration, alert and alarm management, and waveform digitization.

In March 2018, GENERAL ELECTRIC Healthcare has introduced the LOGIQ E10. This next-generation radiology ultrasound system incorporates Artificial Intelligence (AI), cloud connectivity, and advanced algorithms to acquire and reconstruct data faster than ever before. It enables clinicians to make a genuine difference in inpatient care.

In Oct 2019, Koninklijke Philips N.V. and Spencer Health have announced their partnership with Europe. Patients and caregivers can benefit from technological solutions to improve medication plan adherence.

Koninklijke Philips NV

Overview: Koninklijke Philips NV is a technology firm that operates in the healthcare, lighting, and consumer well-being sectors. Personal Health, Diagnosis & Treatment, Connected Care & Health Informatics, and Other are its business segments. Personal Health is concerned with healthy living and preventative care. Personal Care, Domestic Appliances, Oral Healthcare, and Mother & Child Care are all part of this segment. The Diagnosis & Treatment segment combines businesses that promise precision diagnosis and disease pathway selection and businesses that provide image-guided, minimally invasive treatments.

Product Portfolio:

IntelliVue MX750: With a range of capacities that support your cybersecurity initiatives, the Philips IntelliVue MX750 bedside patient monitor directly addresses the increasing security needs of the healthcare IT ecosystem. Furthermore, with a 19"" projected capacitive touchscreen display, this amazing monitor provides enhanced functionality and a wide variety of measurements.

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Target Audience

Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals

Emerging Companies

Manufacturers

Market Segmentation

Global Clinical Alarm Management Market– By Component

Product

Nurse Calling Systems

EMR Integration Systems

Physiological Monitors

Others

Services

Global Clinical Alarm Management Market– By End User

Hospitals

Long -term Care Centers

Ambulatory Care Centers

Others

Global Clinical Alarm Management Market- By Region

North America

Europe

Asia-Pacific

Middle East & Africa

South America