The global clinical alarm management market is projected to reach USD 5. 4 Billion by 2027 from USD 3. 3 Billion in 2022, at a CAGR of 10. 4% during the forecast period. Alarms are occurring more frequently, regardless of priority, as a result of the rising patient population and the increased need for healthcare.
New York, Sept. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Clinical Alarm Management Market by Component, Product, End User - Global Forecasts to 2027" - https://www.reportlinker.com/p05644020/?utm_source=GNW
As a result, alarm weariness has developed (sensory overload when clinicians are exposed to an excessive number of alarms). The main issue influencing the adoption of clinical alarm management systems and solutions as safety measures for healthcare providers is alarm fatigue. Given the rising illness prevalence and expanding elderly population, their ability to reduce costs and enable better patient management is a key driver of market expansion.
However, it is anticipated that the clinical alarm management market would experience a slow growth over the next few years due to the existing lack of interoperability in HCIT solutions and the high costs associated with creating an adequate infrastructure for HCIT capabilities among end users. The hesitation of traditional providers owing to a lack of knowledge about clinical alarm management and its necessity may further hinder market expansion..
Solution segment is expected to grow at the highest rate during the forecast period
On the basis of component, the global clinical alarm management market is segmented into solutions and services.The clinical alarm management market was dominated by the solutions segment in 2021.
The significant market share of this sector can be due to the ongoing requirement for software application upgrades and enhancements.
Nurse call systems segment accounted for the largest share of the global Clinical alarm management market
On the basis of product, the clinical alarm management market is segmented into nurse call systems, physiological monitors, EMR integration systems, ventilators, and other products.The nurse call systems segment accounted for the largest market share in 2021.
The large share of this segment can be attributed to the initiatives by research bodies to mitigate the risks associated with alarm fatigue, the increasing number of technologically advanced nurse call systems launched in the market, and the rising focus of healthcare providers on developing alarm management strategies to reduce alarm fatigue. However, the EMR integration systems segment is expected to grow at the highest CAGR during the forecast period, owing to the increased adoption of EHRs and other interoperability solutions in healthcare organizations, growing regulatory requirements and healthcare reforms, the shift of point-of-care diagnostics from hospitals to home care settings, and the need for integrated healthcare systems to improve the quality and outcome of healthcare systems.
The Hospitals segment is expected to grow with the highest CAGR during the forecast period
On the basis of end users, the clinical alarm management market is segmented into hospitals, long-term care centers, and ambulatory care centers & home care settings.The clinical alarm management industry’s greatest market share in 2021 belonged to the hospitals sector.
A substantial portion of this market can be ascribed to hospitals using clinical alarm management solutions more frequently and to the growing number of government initiatives to raise the standard of healthcare.
North America to dominate the Clinical alarm management market in 2022
North America accounted for the largest share of the global clinical alarm management market in 2021. The significant market share of this region can be attributed to the rise in alarm fatigue cases and government initiatives to mitigate its effects as well as the growing demand for integrated healthcare IT systems to ensure dependability, effective data maintenance, data integrity, and prompt patient data availability to authorised healthcare professionals.
For market participants in clinical alarm management, the Asia Pacific area, which consists of Japan, China, India, and the Rest of Asia Pacific, presents high-growth potential. During the projection period, this segment is expected to grow at the highest CAGR of 11.2%. The need to implement and integrate medical devices and HCIT solutions to provide patients with affordable and high-quality clinical care, rising healthcare costs, a growing geriatric population, and an increase in the prevalence of chronic diseases are some of the factors propelling market growth in the Asia Pacific region.
Breakdown of supply-side primary interviews, by company type, designation, and region:
• By Company Type: Tier 1 (55%), Tier 2(25%), and Tier 3 (20%)
• By Designation: C-level (43%), Director-level (32%), and Others (25%)
• By Region: North America (38%), Europe (29%), Asia Pacific(23%), and RoW (10%)
Prominent players in this market are Koninklijke Philips N.V. (Netherlands), Vocera Communications (US), GE Healthcare (US), Ascom (Switzerland), Spok, Inc. (US), Masimo (US), Connexall (Canada), Capsule Technologies, Inc. (US), Cornell Communications (US), Mobile Heartbeat (US), Drägerwerk AG & Co. KGaA (Germany), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Baxter (US), Intercall Systems Inc. (US), Medtronic (Ireland), Johnson Controls (Ireland), West-Com Nurse Call Systems (US), Critical Alert (US), CSinc (India), Live Sentinel (US), Amplion Clinical Communications, Inc. (US), Cerner Corporation (US), Alpha Communications (US), Fujian Huanyutong Technology Co., Ltd. (China), and Tunstall Group (UK).
• The report studies the Clinical alarm management market based on component, product, end user, and region
• The report analyzes factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth
• The report evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders
• The report studies micro-markets with respect to their growth trends, prospects, and contributions to the total Clinical alarm management market
• The report forecasts the revenue of market segments with respect to five major regions
Key Benefits of Buying the Report:
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the Clinical alarm management market and provides them information on key market drivers, restraints, challenges, and opportunities.
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