CLINICAL ALARM MANAGEMENT MARKET ANALYSIS

The global clinical alarm management market was valued at US$ 1,709.2 Mn in 2022 and is forecast to reach a value of US$ 10,576.5 Mn by 2030 at a CAGR of 25.59% between 2023 and 2030. The clinical alarm management market is experiencing strong growth due to the rise in prevalence of chronic diseases and rise in geriatric (aging) population around the world. Moreover, increase in demand for clinical alarm management systems or solutions and rising healthcare expenditure and technological advancements is expected to boost the growth of the market. However, factors such as high investment for clinical alarm management systems and lack of product standardization and false alarms are expected to hamper the growth of the market.

Global Clinical Alarm Management Market: Regional Insights

Based on geography, the global clinical alarm management market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period due to the increasing prevalence of chronic diseases, growing geriatric population, and rise in awareness among people towards disease diagnostics in the region. For instance, according to the U.S. Centers for Disease Control and Prevention (CDC), chronic diseases such as heart disease, cancer, and diabetes are the leading causes of death and disability in the United States. Moreover, around 85% of older adults have at least one chronic health condition, and 60% have at least two chronic conditions. This in turn is driving the market growth.

Europe and Asia Pacific are also expected to witness significant growth in the global clinical alarm management market due to the rise in burden of chronic diseases, rise in geriatric population, and rise in focus towards disease diagnostics in these regions. For instance, the increasing prevalence of chronic diseases increases the number of patients staying in hospitals, which in turn is expected to or has increase the demand for clinical alarm management systems. According to the European Chronic Disease Alliance (ECDA), chronic diseases are the leading cause of mortality in Europe, representing 77% of the total disease burden and 86% of all deaths.

Figure 1. Global Clinical Alarm Management Market Share (%), by Region, 2023

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Global Clinical Alarm Management Market Drivers:

Rise in burden of chronic diseases to propel market growth

One of the key factors expected to augment growth of the global clinical alarm management market over the forecast period is the rise in prevalence of chronic diseases worldwide. Such a high burden of chronic diseases leads to longer hospital stays and it is expected to augment the market growth. According to the World Health Organization (WHO), noncommunicable diseases (NCDs) kill 41 million people each year, equivalent to 74% of all deaths globally. Cardiovascular diseases account for most NCD deaths, or 17.9 million people annually, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million).

Growing geriatric population to underpin market growth

Another factor which is driving the growth of the global clinical alarm management market is the rise in geriatric (aging) population around the world. For instance, the world's population is ageing and an important part of this demographic shift is the development of chronic illness. People age 65 and older are more likely than younger people to suffer from chronic disease. According to the UN DESA’s Population Division, one in six people in the world will be over the age 65 by 2050, up from 1 in 11 in 2019. In many regions, the population aged 65 will double by 2050, while global life expectancy beyond 65 will increase by 19 years.

Global Clinical Alarm Management Market Opportunities:

Increase in demand for clinical alarm management solutions is expected to offer significant growth opportunities for players in the clinical alarm management market. For instance, various benefits of clinical alarm management solutions are also expected to increase or has increased the demand for these solutions. In May 2021, Vocera Communications, Inc. and Wavelink signed a distribution agreement to procure Vocera solutions for large & small healthcare organizations across Australia. The addition of the Vocera Platform will form a cornerstone of our suite of healthcare solutions, enabling us to offer a world-class clinical communication and workflow platform to our Connected Health partners and their customers, said Ilan Rubin, CEO of Wavelink.

Rising healthcare expenditure and technological advancements in clinical alarm management are expected to offer lucrative growth opportunities for players operating in the global clinical alarm management market. For instance, new technologies such as Internet of Things (IoT), AI (artificial intelligence), and big data, has led to paradigm shift in patient care delivery. Such technological advances by market players are expected to boost the growth of the market. In May 2019, Shenzhen Mindray Bio-Medical Electronics and Masimo teamed up offer Low Perfusion pulse oximetry and Masimo SET (Measure-through Motion) that helps to measure Pulse Rate (PR), Oxygen Saturation (SpO2), and perfusion index in monitoring devices.

Global Clinical Alarm Management Market Trends:

Need for long term care is a recent trend

People often need long-term care when they have serious, ongoing health illness and/or disability. The need for long-term care may arise suddenly, such as after a heart attack or stroke. Long term care facilities or healthcare centres provide a variety of services, such as both medical and personal care, to people who are unable to live independently and for geriatrics. Clinical alarm management solutions play an important role in these centres as the patients in these centres are either critically ill or aged patients who require continuous monitoring or management of their health and wellness. This trend is expected to continue over the forecast period.

Increase in usage of clinical alarms is another trend

Clinical alarms are prevalent in various healthcare settings, such as emergency departments, labor and delivery units, critical care units, and medical/surgical nursing floors. By customizing different alerts with different sounds, clinicians can use the audible context to quickly identify whether the alert needs to be checked or investigated immediately. Improving alarm safety can be achieved by incorporating human, organizational, and technical factors in an integrated approach, increasing the usage of clinical alarms. This trend is also expected to continue over the forecast period, driving the growth of the global clinical alarm management market.

Global Clinical Alarm Management Market Restraints:

High capital investment to hinder growth of the market

One of the key factors expected to hamper growth of the global clinical alarm management market is the high investment for clinical alarm management systems. Technologies, such as IoT and AI have the potential to improve patient outcomes and save millions of lives but are sometimes costly, and integrating such technologies have increased the overall cost of the system. Moreover, the cost of these interventions is partly due to the growing industry of technology solutions. Furthermore, installation, add-ons, monthly fees, and any replacement or repair increase the overall cost and add up to the overall cost burden to the healthcare facility.

Lack of product standardization to hamper market growth

Another factor which is hampering the growth of the global clinical alarm management market is the lack of product standardization and false alarms. Clinical alarm management solutions-systems are designed to alert caregivers of potential patient issues, but if it is not correctly managed, they can compromise patient safety. Moreover, false alarm can adversely impact patient care, contribute to alarm fatigue, and strain hospital resources. However, implementation of novel technologies, such as AI, IoT, and big data, to optimize the workflow, reduction of false alarms, and advances or innovations in product technologies are driving the market growth.

Figure 2. Global Clinical Alarm Management Market Share (%), by Component, 2023

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Global Clinical Alarm Management Market Segmentation:

The global clinical alarm management market report is segmented into Component, End User, and Geography.

Based on Component, the market is segmented into Product and Services. Out of which, Product Segment is expected to dominate the clinical alarm management market over the forecast period and this is attributed to the increase in demand for clinical alarm management systems/solutions. Clinical alarms provide caregivers with the actionable information and priority alarms and event notifications in the right place at the right time.

Services Segment is also expected to witness robust growth in the near future and this is owing to the rise in adoption of clinical alarm management services. Clinical alarm management services include analysis, consulting, training, and reporting services. Patients use these services to alert caregivers whenever they require their services.

Based on End User, the market is segmented into Hospitals, Long-term Care Centers, and Other End Users. Out of which, Hospitals Segment is expected to dominate the market over the forecast period and this is attributed to the increase in number of hospitalizations.

Long-term Care Centers Segment is also expected to witness robust growth in the near future and this is owing to the rise in focus on long-term care or need for long-term care.

Global Clinical Alarm Management Market: Key Developments

In June 2022, Ascom attained a multi-year service contract renewal in its Long-term Care business with the Dutch care home provider Coloriet. TeleCARE IP is a Wireless Nurse Call System for assisted living, long- term, and acute-care settings, helps with wearables and wired components to enhance residents’ security and safety.

In June 2022, Phoebe planned to transform part of its Phoebe North campus into a long-term acute care hospital (LTACH), filling significant healthcare need in the community. The plan is to convert around 20,000 square feet of space into the 24- bed acute care facility (LATCH).

In May 2021, Huntleigh launched its new SC500 Series vital signs monitor. The innovative device manufactured at the Cardiff-based site in the U.K. provides high-performance monitoring, capable of delivering a combination of both SPOT check and medium to long-term monitoring.

In July 2021, the Rankin government of Novascotia, Canada, invested US$ 96.5 million in the new long-term care beds and facilities to better serve residents, their families, and staff who care for residents in long-term care.

Global Clinical Alarm Management Market: Key Companies Insights

The global clinical alarm management market is highly competitive. This is attributed to the rise in prevalence/burden of chronic disease around the world, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global clinical alarm management market are Connexall USA, Inc., Spok Inc., Masimo, GE Healthcare, Medtronic PLC, Ascom Holding AG, Koninklijke Philips N.V., Baxter International Inc., Nihon Kohden Corporation, TigerConnect (Critical Alert System), West Com Nurse Call Systems, Inc., Stryker (Vocera Communications), and Amplion Clinical Communications, Inc., among others.

*Definition: Clinical alarms are designed to draw medical staff's attention when the patient's conditions goes beyond the proper range, are causing a new alarm hazard problem. Clinical alarm management refers to how caregivers respond to an unfavorable changes in a patient's condition. Clinical alarms warn caregivers of immediate or potential adverse patient conditions.