Clinical Alarm Management Market Worth $5.4 billion | MarketsandMarkets

CHICAGO, Dec. 19, 2023 /PRNewswire/ -- Clinical Alarm Management Market in terms of revenue was estimated to be worth $2.7 billion in 2023 and is poised to reach $5.4 billion by 2028, growing at a CAGR of 14.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. The clinical alarm management market presents significant growth opportunities due to the implementation of government initiatives supporting the adoption of Healthcare Information Technology (HCIT) solutions, increased government healthcare expenditure, and the presence of skilled IT experts in emerging Asia Pacific markets like India and China. The growing adoption of Electronic Health Records (EHRs) further contributes to these prospects. However, challenges arise as some traditional healthcare providers, lacking IT knowledge, exhibit hesitancy towards adopting clinical alarm management solutions. Some view the noise and chaos caused by alarms as normal, leading to the perception that implementing these solutions is a time-consuming task with limited or no clinical benefits. These dynamics present potential challenges and threats to the market landscape.

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Clinical Alarm Management Market Scope:

"Consulting & Implementation Services segment accounted for the largest share of the global Clinical alarm management market, by services."

Based on the type of services, the clinical alarm management market is bifurcated into consulting & implementation, training & education, and integration & support. In 2022, the consulting & implementation services segment accounted for the largest share of the clinical alarm management market in the forecast period. The increasing adoption of clinical alarm management solutions by healthcare providers due to the complexities associated with implementing & managing alarm management systems, combined with the access to experts with specialized knowledge and the advantage of customizing the solution according to the needs of the organization, are the determinants that collectively propel the dynamic growth of this market segment.

"Clinical decision support tools segment is expected to register the highest growth in the clinical alarm management market, by software."

Based on the type of software, the clinical alarm management market is bifurcated into connectivity software, clinical decision support tools, and other software. The clinical decision support tools segment is expected to register the highest growth in the projected timeframe. Clinical decision support tools offer a solution by integrating with alarm systems, which helps in leveraging patient data, and applying intelligent algorithms to analyze and contextualize alarms. Escalating complexities in healthcare environments and, the need for timely & accurate responses from clinicians mitigating alarm-related challenges are some of the factors attributing to the growth of this segment.

"Hospitals segment is expected to grow at the highest CAGR of the clinical alarm management market in 2022."

Based on the end user, the Clinical alarm management market encompasses hospitals & surgical centers, maternity care centers & fertility centers, home care settings, long-term & tertiary care centers, trauma & emergency care centers, ambulatory care centers & opds, and other end users. Notably, the hospital segment is expected to grow at the highest CAGR during the forecast period. Hospitals are adopting clinical alarm management solutions to improve patient safety and reduce alarm fatigue among healthcare staff. Clinical alarms warn caregivers of immediate or potential adverse patient conditions, and they are essential for providing appropriate care to patients. Additionally, centralized system administration, standardized clinical system interoperability, and improved scalability and flexibility significantly contribute to the elevated growth rate observed within this segment.

"Asia Pacific is expected to register the highest growth in the clinical alarm management market in 2022."

Based on region, the global market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. In 2022, Asia Pacific is expected to register the highest growth over the forecast period. The growth of the Asia Pacific region can be attributed to the growing need for the implementation & integration of medical devices & HCIT solutions, the growing elderly population, and the distribution of infectious diseases and their outbreaks in this region. The region's commitment to fostering innovation through collaborations between companies further bolsters its position in the clinical alarm management market.

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Clinical Alarm Management Market Dynamics:

Drivers:

1.  Rising prominence and usage of big data & mhealth tools

Restraints:

1.  High investments required to build IT infrastructure

Opportunities:

1.  Emerging Markets

Challenge:

1.  Data Security Concerns

Key Market Players of Clinical Alarm Management Industry:

The prominent players in clinical alarm management market are Koninklijke Philips N.V. (Netherlands), Drägerwerk AG & Co. KGaA (Germany), Baxter International, Inc. (US), Stryker (Vocera Communications) (US), GE Healthcare (US), Ascom Holdings AG (Switzerland), Spok, Inc. (US), Masimo (US), Connexall (Canada), Cornell Communications (US), Mobile Heartbeat (US), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Intercall Systems, Inc. (US), Medtronic Plc (Ireland), Johnson Controls (Ireland), West-Com Nurse Call Systems (US), Oracle (Cerner Corporation) (US), Teldio corporation (Canada), Alpha Communications (US), Nihon Kohden Corporation (Japan), TigerConnect (US), JCT Healthcare Pty Ltd. (Australia), Amplion Clinical Communications, Inc. (US), AmpleLogic (India), and Tunstall Group (UK). Players adopted organic as well as inorganic growth strategies such as product launches and enhancements, and investments, collaborations, joint ventures, funding, partnerships, acquisition, expansions, agreements, sales contracts, and alliances to increase their offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.

Breakdown of the supply-side, demand side, primary interviews by company type, designation, and region:

• By Supply Side: Tier 1 (31%), Tier 2 (28%), and Tier 3 (41%)
• By Demand Side: Purchase Managers (40%), Hospital Directors/VPs/Managers/Department Heads (35%), and Others (25%).
• By Designation: C-level Executives (31%), Director-level (25%), and Managers (44%)
• By Region: North America (45%), Europe (20%), Asia Pacific (28%), and RoW (4%)

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Recent Developments:

• In June 2023, Ascom and Niels-Stensen-Kliniken Group signed a contract to support the installation of the Ascom smart alarming system solution and IP-DECT infrastructure. The project is worth more than 1 million Swiss francs, including services.
• In April 2023, Koninklijke Philips N.V. and Northwell Health entered a seven-year agreement to help the health system standardize patient monitoring, enhance patient care, and improve patient outcomes while driving interoperability and data innovation.
• In April 2023, Mobile Heartbeat partnered with Akkadian Labs to integrate the company's Akkadian Provisioning Manager with Mobile Heartbeat's MH-CURE. The partnership aims to streamline the provisioning process for Mobile Heartbeat users, hence, improving the clinical communication and collaboration experience for healthcare professionals.
• In March 2023, UniHA, the leading cooperative purchasing network for French public hospitals, selected Ascom as a unique provider for its multisource medical alarm management systems. The project includes software, mobility solutions and services.

Clinical Alarm Management Market - Key Benefits of Buying the Report:

The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or a combination of the below-mentioned five strategies.

This report provides insights into the following pointers:

• Analysis of key drivers (increasing alarm fatigue, high prevalence of chronic diseases, growing geriatric population, need for cost containment in healthcare delivery, rising prominence and usage of big data & health tools), restraints (lack of interoperability, high investments required to build IT infrastructure), opportunities (rising demand for HCIT globally, growing adoption of EHRs), and challenges (lack of knowledge among traditional healthcare providers, data security issues) influencing the growth of clinical alarm management market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the clinical alarm management market.
• Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various types of clinical alarm management solutions across regions.
• Market Diversification: Exhaustive information about products, untapped regions, recent developments, and investments in the clinical alarm management market.
• Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the clinical alarm management market.

Related Reports:

Clinical Decision Support Systems Market - Global Forecasts to 2028

mHealth Solutions Market - Global Forecasts to 2028

Healthcare IT Integration Market - Global Forecasts to 2026

Nurse Call Systems Market - Global Forecasts to 2025

Clinical Workflow Solutions Market - Global Forecasts to 2025

The Global Biotechnology Industry Outlook - 2024

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