Report Id: SNS/HC/2091 | June 2022 | Region: Global | 125 Pages
Report Scope & Overview:
The Clinical Alarm Management Market Size was valued at USD 1405 million in 2022, and is expected to reach USD 9942 million by 2030, and grow at a CAGR of 27.7% over the forecast period 2023-2030.
Over the past 25 years, hospitals have seen a significant surge in technological advancements. With these developments come complex and intricate monitoring tools, many of which are produced with audible alerts built-in. These clinical alarms are designed to notify the clinician of a departure from a preset "normal" status and are regarded as a crucial tool for enhancing patient safety because they convey information that necessitates a reaction or awareness on the operator's part. Few hospitals equipment had alarm capabilities 25 years ago. The majority of modern devices come with a working alarm.
Alarm fatigue growing
High Rate of Chronic Illnesses
Population Ageing and Growing Older
Healthcare Delivery Must Be Cost-Containment-Friendly
MHealth and Big Data Tools are Getting More Popular and Used
Infrastructure Building Will Cost a Lot of Money
Markets in Transition for HCIT
Increasing Ehrs Adoption
Traditional Healthcare Providers React with Reluctance
IMPACT OF COVID-19
Alarm weariness became an acute concern during the COVID-19 epidemic. This led to a rise in the use of clinical alarm management solutions, which helped the industry expand. Several institutions were also engaged in numerous efforts for the creation of cutting-edge technological solutions. For instance, a few researchers in New York, USA, created a COVID-specific algorithm in January 2021. This system ranks patients' chances of experiencing respiratory failure within 48 hours. Therefore, during the COVID-19 pandemic, such elements have had a favourable impact on the market.
By Product Type
The market was dominated by the nurse call systems segment, which had a revenue share of approximately 26.0 percent. Product advances fueled by automation and wireless technology, as well as the desire to enhance clinical workflow and lower operational costs for the healthcare institution while maximizing the use of existing resources, are the drivers responsible for this significant share. During the predicted period, it is also anticipated that increasing financing for wireless technologies and IP-based nurse call systems would accelerate market growth.
Due to increasing digitalization in healthcare, a spike in EHR/EMR adoption from clinics to hospitals, and growing interoperability across digital healthcare solutions, the EMR integration systems category is predicted to see the highest CAGR of 29.9% from 2022 to 2028.
By Component type
The market leader and source of the biggest revenue share was the clinical alarm management solutions sector. This is due to the increasing use of connected care technology in healthcare, initiatives by significant businesses, and the requirement to lessen alert fatigue. Over the course of the forecast period, it is expected that the market will be driven by the need to reduce unfavourable patient outcomes, false or bothersome alarms, and regulatory requirements.
The services segment is anticipated to experience the fastest growth rate over the forecast period as a result of initiatives taken by both public and private health institutions, expanded service offerings by significant market participants, and rising consumer demand to reduce risks to patient safety, all of which are expected to support the segment's growth in the years to come. Another factor anticipated to fuel market growth is the development of technology and the growing number of clinical alarm management service providers.
Due to an increase in patient traffic, an increase in emergency cases, and the adoption of sophisticated clinical alarm management solutions, the hospitals and clinics sector led the market and accounted for the greatest revenue share. As a result of the requirement to increase patient safety in home care settings by guaranteeing efficient patient monitoring and a prompt reaction, the home care settings market is also anticipated to expand.
Due to the rise in old-age facilities and increased understanding of the significance of clinical alarm management systems in these facilities, the long-term care facilities category is predicted to develop at the quickest pace of 28.9% over the projected period.
Some of the major key players are as follows: Ascom, Capsule Technologies, Inc., General Electric Company (GE Healthcare), Hill-Rom Services, Inc., Johnson Controls, Koninklijke Philips N.V., Masimo, Spok, Inc., Vocera Communications, West-Com, and other players.
By Product Type
Nurse Call Systems
EMR Integration Systems
By Component type
Hospitals & Clinics
Home Care Settings
Ambulatory Care Centers
Long-Term Care Facilities
Due to greater knowledge of healthcare breakthroughs in the region, North America is anticipated to dominate the market in terms of demand and revenue. Additionally, it is anticipated that rising markets in Asia-Pacific and Latin America would create attractive business prospects. This is brought on by improved access to organized healthcare and rising disposable income levels that are contributing to the cost of private healthcare in these areas.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2022||US$ 1405 Million|
|Market Size by 2030||US$ 9942 Million|
|CAGR||CAGR of 27.7% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Product Type (Nurse Call Systems, Physiological Monitors, Bed Alarms, EMR Integration Systems, Ventilators, Others)
• By Component type (Solutions, Services)
• By End-use (Hospitals & Clinics, Home Care Settings, Ambulatory Care Centers, Long-Term Care Facilities, Specialty Centers)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Ascom, Capsule Technologies, Inc., General Electric Company (GE Healthcare), Hill-Rom Services, Inc., Johnson Controls, Koninklijke Philips N.V., Masimo, Spok, Inc., Vocera Communications, West-Com, and other players.|
|DRIVERS||• Alarm fatigue growing
• High Rate of Chronic Illnesses
• Population Ageing and Growing Older
|RESTRAINTS||• Interoperability issues
• Infrastructure Building Will Cost a Lot of Money
Frequently Asked Questions (FAQ) :
Manufacturer and service provider, research institutes, universities, and private libraries, suppliers, and distributors.
Ascom, Capsule Technologies, Inc., General Electric Company (GE Healthcare), Hill-Rom Services, Inc., Johnson Controls, are the key players of Clinical Alarm Management market.
Some of the main drivers are Alarm fatigue growing, High Rate of Chronic Illnesses, and Population Ageing and Growing Older.
Due to greater knowledge of healthcare breakthroughs in the region, North America is anticipated to dominate the market in terms of demand and revenue.
Clinical Alarm Management Market Size was valued at USD 1101 million in 2021, and expected to reach USD 6099 million by 2028
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
22.214.171.124 United Kingdom
126.96.36.199 South Korea
188.8.131.52 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Clinical Alarm Management Market Segmentation, By Product Type
8.1 Nurse Call Systems
8.2 Physiological Monitors
8.3 Bed Alarms
8.4 EMR Integration Systems
9. Clinical Alarm Management Market Segmentation, By Component type
10. Clinical Alarm Management Market Segmentation, By End-use
10.1 Hospitals & Clinics
10.2 Home Care Settings
10.3 Ambulatory Care Centers
10.4 Long-Term Care Facilities
10.5 Specialty Centers
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Capsule Technologies, Inc.
12.3 General Electric Company (GE Healthcare)
12.4 Hill-Rom Services, Inc.
12.5 Johnson Controls
12.6 Koninklijke Philips N.V.
12.8 Spok, Inc.
12.9 Vocera Communications
13. Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share Analysis
13.3 Recent Developments
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