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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.
Revenue of Clinical Alarm Management Market from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032
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. This high growth is mainly attributed to the increasing number of chronic diseases, growing geriatric population, and rising demand for better patient care. The market is expected to grow at a CAGR of around 20.9% during the forecast period (2018-2026) and reach a value of US$ 7,686.5 Mn by 2026.
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.
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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 workers from fatigue and potential injury. Proper implementation of clinical alarm systems will help reduce the number of false alarms, and ultimately improve patient safety.
False alarms have been a source of concern during Covid-19, causing unnecessary chaos among healthcare workers. They 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, 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 workers' morale and prevent burnout.
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.
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:
Koninklijke Philips N.V. has announced a new product called“IntelliVue Guardian” which is designed to help hospitals prevent adverse patient events.
General Electric Company (GE Healthcare) has announced a new product called“AlarmXpert” which is designed to help hospitals manage their clinical alarms more effectively.
Ascom has announced a new product called“My nurse call” which is designed to provide nurses with more efficient communication tools.
Spok, Inc. has announced a new product called“Spok Care Connect” which is designed to provide hospitals with a comprehensive communications platform for clinical alarms.
Masimo has announced a new product called“SafetyNet” which is designed to provide hospitals with an enhanced level of safety for patients.
In May 2021, Wavelink signed a distribution agreement with Vocera Communications, Inc. to procure Vocera solutions for large and small healthcare organizations across Australia . In July 2020, Hillrom and Aiva announced a new commercial partnership under which Hillrom will allow patients and staff to communicate with each other using a two-way voice system and Hillrom's Voalte mobile solution. Hillrom's Voalte mobile solution is a full mobile clinical communication platform that includes two-way caregiver-to-caregiver communication.
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Market Segments Covered in Clinical Alarm Management Market Analysis
By Product Type
EMR Integration Systems
Long-Term Care Facilities
Home Care Settings
Ambulatory Care Centres
Hospitals & Clinics
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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.
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