Global Clinical Alarm Management Market Analysis/Forecast Report 2023-2028: Gradual Shift of Accountability from Payers to Providers and Growing Demand for Value-Based Healthcare

DUBLIN, Feb. 26, 2024 /PRNewswire/ -- The "Global Clinical Alarm Management Market by Product (Nurse Call Systems; Connectivity/Integration Software - EMR, Central Hubs, Notification/Alert; Ventilators, Patient Monitors, Capnography, Oximeter), Type (Centralized), End User - Forecast to 2028" report has been added to  ResearchAndMarkets.com's offering.

The global clinical alarm management market is projected to reach USD 5.4 billion by 2028 from USD 2.7 billion in 2023, at a CAGR of 14.5%

The push for interoperability in healthcare systems will drive the adoption of clinical alarm solutions that seamlessly integrate with electronic health records (EHRs), clinical decision support systems (CDSS), and other healthcare IT systems, enhancing overall workflow efficiency.

Efforts to address alarm fatigue, growing awareness, and adoption of evidence-based practices in healthcare are the factors that will drive the growth of this market. On the other hand, the sensitivity of patient health data requires robust security measures. Concerns about data breaches, unauthorized access, or cybersecurity threats may impede the adoption of clinical alarm systems to a certain extent over the forecast period.

The button-based nurse call systems segment is estimated to hold the major share in 2022 over the forecast period

The nurse call systems market is bifurcated into button-based systems, integrated communication systems, and other nurse call systems. The button-based nurse call systems segment accounted for the largest market share during the forecast period. The growth of this segment can largely be attributed to factors such as the low cost, ease of use, high reliability, and fast response time of button-based systems.

Over the last few years, several market players have launched button-based systems offering advanced functionalities such as automatic logging of call responses and automatic recording of the responder's identity, which are further expected to generate significant interest among end users in the coming years. Additionally, the cost-effectiveness and relatively straightforward installation of these systems make them an attractive choice for healthcare facilities seeking efficient solutions to improve communication and responsiveness.

Connectivity software segment is estimated to hold the largest share of clinical alarm management market, by software

Based on the type of software, the clinical alarm management market is segmented into connectivity software, clinical decision support tools, and other software. The connectivity software segment is expected to hold the largest share during the forecast period. Connectivity software facilitates seamless integration and interoperability among electronic health records (EHRs), patient monitoring devices, and clinical decision support tools.

Several governmental and non-governmental organizations have incentivized healthcare providers to implement EHRs integrated with clinical decision support (CDS), such as clinical alarm management. The segment's predominant market share is driven by the rising acceptance of Electronic Health Records (EHRs) and other interoperability solutions in healthcare organizations, expanding regulatory demands and healthcare reforms, the transition of point-of-care diagnostics from hospitals to home care settings, and the need for integrated healthcare systems to enhance the overall quality and outcomes of healthcare delivery.

Centralized alarm management systems segment expected to hold the largest share of type segment of the market in 2022

Based on type, the clinical alarm management market is divided into centralized alarm management systems and decentralized/distributed alarm management systems. In 2022, the centralized alarm management systems segment accounted for the largest share of the clinical alarm management market.

These systems enhance patient safety and healthcare efficiency by providing a centralized platform for healthcare providers to monitor, prioritize, and respond to alarms promptly. Reducing alarm fatigue, improving response times, and ultimately contributing to better patient outcomes by ensuring timely attention to critical events are some of the factors that contribute to the growth of the segment.

Asia Pacific to register the highest growth in the clinical alarm management market in the forecast period

In 2022, Asia Pacific was expected to register the highest growth for clinical alarm management systems in the forecast period. Factors such as increasing healthcare expenditure, developing healthcare infrastructure, rising adoption of HCIT solutions, large patient population, and growing geriatric population are expected to drive the growth of the clinical alarm management market in the Asia Pacific.

Premium Insights

• Increasing Incidences of Alarm Fatigue to Drive Market
• On-Premise Deployment Mode and Japan to Dominate Market Share in 2023
• India to Register Highest Growth Rate During Forecast Period
• North America to Dominate Clinical Alarm Management Market During Forecast Period
• Emerging Markets Segment to Register Higher Growth Rate During Forecast Period
• Nurse Call Systems Segment to Dominate Market in 2028
• Centralized Alarm Management Solutions to Dominate Market in 2028
• On-Premise Deployment Mode to Account for Largest Market Share in 2028
• Hospitals & Surgical Centers Segment to Dominate Market in 2028

Market Dynamics: Impact Analysis

Drivers

• Increasing Alarm Fatigue
• High Prevalence of Chronic Diseases
• Growing Geriatric Population
• Need for Cost Containment in Healthcare Delivery
• Rising Prominence of Big Data and Mhealth Tools

Restraints

• Lack of Interoperability
• High Investments Required to Build It Infrastructure

Opportunities

• Rising Demand for Hcit Globally
• Growing Adoption of Ehrs

Challenges

• Lack of Knowledge Among Traditional Healthcare Providers
• Data Security Issues

Industry Insights

Overview of Key Industry Trends

• Gradual Shift of Accountability from Payers to Providers
• Growing Demand for Value-Based Healthcare
• Rising Adoption of Cloud-Based Alarm Management Solutions

Technology Analysis

• Machine Learning
• Artificial Intelligence
• Internet of Things

Company Profiles

Key Players

• Koninklijke Philips N.V.
• Dragerwerk AG & Co. KGaA
• Vocera Communications (Acquired by Stryker Corporation)
• GE Healthcare
• Ascom Holdings Ag
• Baxter International, Inc.
• Spok, Inc. (Subsidiary of Spok Holdings, Inc.)
• Masimo
• Connexall
• Cornell Communications
• Mobile Heartbeat (Subsidiary of Hospital Corporation of America)
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
• Intercall Systems, Inc.
• Medtronic plc
• Johnson Controls
• West-Com Nurse Call Systems, Inc.
• Oracle (Cerner Corporation)
• Teldio Corporation
• Alpha Communications
• Nihon Kohden Corporation

Other Players

• Tigerconnect
• Jct Healthcare Pty Ltd.
• Amplion Clinical Communications, Inc.
• Tunstall Group
• Amplelogic

For more information about this report visit https://www.researchandmarkets.com/r/y7kr8e

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