The Global Clinical Alarm Management Market is estimated to reach a CAGR of 32.2% during the forecast period (2022-2029).
Clinical alarm management provides a high level of security and privacy when dealing with isolated data, such as identity and health data. Clinical alarms are widely employed in long-term care facilities and hospitals to maintain patient health accurately and precisely. Clinical alarm management market expansion will be aided by the growing importance and use of health tools and big data. Increased use of these alerts lowers healthcare expenses and reduces the danger of medical errors, enhancing the industry’s need for clinical alarms.
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Clinical alarm management is expected to grow over the forecast period, owing to rising awareness among healthcare providers about the importance of patient safety, increasing government MedTech investments, increasing alarm fatigue, and the growing prominence and use of biodata and mHealth tools.
The increase in prevalence of chronic diseases in the market will drive the market growth
Factors such as expanding electronic health record use, rising chronic disease cases, rising alarm fatigue, and an ageing population are likely to accelerate the growth of the clinical alarm management market. Furthermore, in the projection period of 2022 to 2029, the market’s overall growth is expected to be tempered by reducing false alarms and product technology innovation. Furthermore, drivers such as increased awareness among healthcare professionals to improve patient safety and increased use of big data and mHealth solutions would exacerbate the growth of the clinical alarm management market throughout the forecast period.
Increased awareness among healthcare practitioners in enhancing patient safety using sophisticated technologies such as mHealth and alert management systems is due to the rise in the prevalence of chronic diseases paired with longer hospital stays. In addition, the industry is predicted to rise as government and private healthcare providers increase their investments in healthcare infrastructure. Systems that are not adequately controlled or standardized may cause a false alert, putting the patient’s health in danger. According to the Organisation for Economic Co-operation and Development (OECD) Health at a Glance 2019 report, about one-third of persons aged 15 and up in 27 OECD countries reported living with two or more chronic diseases, such as cancer, heart attack and stroke, chronic respiratory issues, and diabetes. Chronic diseases affect nearly one in every two people in Germany and Finland.
By End User
- Long-term Care Centers
- Ambulatory Care Centers
The clinical alarm management market is highly competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Koninklijke Philips N.V., GE Healthcare, Ascon, Spok Inc, Masimo, Hill-Rom Services Inc, Vocera Communications, and Capsule Technologies Inc, Johnson Controls, West- Com.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the clinical alarm management market globally. For instance,
In May 2022, Vocera Communications, Inc. signed a distribution agreement with Wavelink to procure Vocera solutions for large and small healthcare organizations throughout Australia.
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