Clinical Alarm Management Market To Represent CAGR Of 30.4% By 2023 | Emerging Trends, Dynamics, Size, Share and Key Players

Clinical Alarm Management Market To Represent CAGR Of 30.4% By 2023 | Emerging Trends, Dynamics, Size, Share and Key Players

Clinical Alarm Management Market
Clinical Alarm Management Market Analysis: By End-User (Home Care Settings Component, long-term care centers), Component (Solutions, Services), By Product (Mobility Solutions, EMR Integration Systems)

The global Clinical Alarm Management Market is, as per the latest Market Research Future (MRFR) report, is anticipated to record a staggering CAGR of 30.4% during the forecast period of 2018-2023. Clinical alarm systems are mainly used by various healthcare organizations to provide with warnings to caretakers and healthcare officials whenever a patient’s condition becomes critical. These devices are developed using different software and non-invasive technology to effectively and remotely monitor a patient’s health condition. A clinical alarm system is necessary to enable the highest levels of patient safety, patient monitoring, and to reduce the response time of the healthcare team to a patient emergency.

Various factors owing to the ascension noticed in the market include an increasing need for remote patient monitoring and lack of staff to monitor patients personally continuously. Growing awareness towards patient safety and rising demand for best practices in hospitals & healthcare centers are other factors causative of growth in the global clinical alarm management market through the forecast period. Further, rising government regulations in favor of better patient safety have urged healthcare organizations to adopt advanced alarm management devices, driving the market to a great extent. Also, high demand for clinical alarm management in hospitals, clinics, intensive care units, and other healthcare facilities is likely to influence a positive ascension in the growth graph through the assessment period.

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Clinical Alarm Management Market Segmentation

The clinical alarm management market has been segmented based on product, component, end-user, and region. Based on product, the clinical alarm management market is segmented into physiological monitors, EMR integration systems, nurse call systems, bed alarms, mobility solutions, ventilators, clinical decision support tools, and central monitoring systems.

Based on component, the global clinical alarm management market is segmented into solutions and services. Based on end-user, the market is segmented into long-term care centers, ambulatory care centers, hospitals, and home care settings.

Clinical Alarm Management Market Key Players

Some of the notable players in the clinical alarm management market include Medtronic, Baxter, Koninklijke Philips N.V., Mobile Heartbeat (Subsidiary of Hospital Corporation of America) Vocera Communications, GE Healthcare, Mindray Medical International, Ascom Holdings, Masimo, Spok, Inc. (Subsidiary of Spok Holdings, Inc.), Connexall, Bernoulli Enterprise, Inc., Drager, and Capsule Technologie (Subsidiary of Qualcomm Life, Inc.).

Detailed Regional Analysis

The global clinical alarm management market is regionally segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas are estimated to dominate the global clinical alarm management market during the forecast period. A prime market position of the Americas can be owed to the high rate of development in healthcare infrastructure. Further, increasing demand for advanced patient safety devices and rising awareness programs by different organizations, including the American Association of Critical-Care Nurses Association (AACN) are boosting growth in the clinical alarm management market.

Europe, on the other hand, is assessed to garner the second largest share in the global clinical alarm management market through the forecast period. Rising government support for the healthcare sector and a large patient population are promoting growth in the global clinical alarm management market through the forecast period. Further, an increasing number of hospitals in Europe is positively affecting the demand for clinical alarm management market. Increasing investments by healthcare companies in the region are likely to enhance market growth.

Asia Pacific is estimated to grow at the highest rate throughout the assessment period. This fast-paced growth can be ascribed to the presence of many developing economies such as India, China, and Australia. The fast-paced growth of the healthcare sector in these regions, coupled with a rising healthcare expenditure by the government is anticipated to augment the regional clinical alarm management market through the review period. The innovation of new technologies such as the launch of mobile applications is enabling hospitals in the region to adopt systems that facilitate the reduction of noise in healthcare facilities, prompting fast market growth through the conjectured timeline.

Alternatively, the Middle East & Africa is estimated to hold the smallest share in the global clinical alarm management market through the assessment period. Such stagnant growth in the region can be credited to the presence of poor economic conditions, lower awareness towards patient safety, and lacking healthcare infrastructure in the region.

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Industry Update

RF Technologies recently showcased their hospital product lineup at the AWHONN Annual Convention. The new SAFE PLACE Enterprise software includes various products in a single platform. This platform is user-friendly, improved workflow efficiency can be accessed from mobile, and also provides better alarm management.

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