Clinical alarm management refers to how a healthcare team respond to an unfavorable changes in the patient's condition. Clinical alarms warn caregivers of immediate or potential adverse patient conditions. The clinical alarm system includes a full spectrum of alarms that are designed to notify the staff of a change in a patient's physiologic presentation or variation in the measured parameters of medical equipment directly applied to a patient. Clinical alarms are especially designed to draw medical staff's attention, and thus, there is an increase in demand for such systems/solutions.
Market Statistics:
The global Clinical Alarm Management Market is estimated to account for US$ 2,137.0 Mn in terms of value by the end of 2023.
Drivers:
Increasing prevalence of chronic diseases and long hospital stays are expected to drive growth of the global clinical alarm management market during the forecast period. For instance, increasing prevalence of chronic diseases has led to an increase in the number of hospital stays, which in turn is expected to increase or has increased demand for clinical services and long-term care. Chronic diseases, such as cardiovascular disease, cancer, diabetes, and chronic respiratory disease, account for more than 50% of all deaths worldwide. According to the World Health Organization (WHO), Noncommunicable diseases (NCDs), such as heart diseases, cancer, chronic respiratory diseases, and diabetes, kill 41 million people each year, equivalent to 74% of all deaths globally.
Opportunities:
Growing adoption of technologically advanced solutions for providing better healthcare facilities is expected to offer significant growth opportunities for players in the clinical alarm management market. For instance, incorporation of novel technologies such as the Internet of Things (IoT), Big Data, and Artificial Intelligence (AI) in the healthcare sector has led to a paradigm shift in patient care delivery. In March 2018, General Electric Healthcare introduced the LOGIQ E10. This next-gen radiology ultrasound system incorporates AI, cloud connectivity, and advanced algorithms to acquire and reconstruct data faster than ever before. The LOGIQ E10 enables clinicians to make a genuine difference in inpatient care.
Restraints:
High investment for clinical alarm management systems and lack of product standardization and false alarms are major factors expected to hamper growth of the global clinical alarm management market. Technologies, such as Internet of Things (IoT), Artificial Intelligence (AI), and Big Data, have the potential to improve patient outcomes and save millions of lives but are sometimes costly, and integrating such technologies have increased the cost of the system. Moreover, false alarm can adversely impact patient care, contribute to alarm fatigue, and strain hospital resources. However, implementation of 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.
Global Clinical Alarm Management Market - Impact of Coronavirus (Covid-19) Pandemic:
The outbreak of COVID-19 had a positive impact on the clinical alarm management market, as the wider patient pool was getting hospitalized. It is essential/mandatory to keep track of patient's health and provide safe and effective treatment to the patients at healthcare facilities. During the pandemic, healthcare providers were under greater strain owing to the large number of critically ill patients, causing unnecessary chaos among healthcare providers, which in turn increased the implementation of clinical alert systems in COVID-19 hospitals and healthcare facilities. In short, the pandemic had a positive impact on the market.
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Key Takeaways:
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.
Among component, product segment held dominant position in the global clinical alarm management market in 2022, accounting for 86.3% share in terms of value, increasing approval and launch of novel products is expected to propel growth of the segment during the forecast period.
Market Trends:
Need for long term care or increase in focus on long term care is one of the key trends expected to propel the growth of the global clinical alarm management market. 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, and thus, long term care facilities or centres provide a variety of services, such as medical and personal care, to individuals 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.
Competitive Landscape:
Major players operating in the global clinical alarm management market include 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.
Recent Developments:
In April 2022, GE Healthcare and Medtronic teamed up to accelerate personalized care by delivering advanced patient monitoring solutions on the CARESCAPE platform.
In March 2022, Bedside Equipment Alarm Monitoring System (BEAMS) launched at Sheffield Children's Hospital. BEAMS system has been installed in 70 single-occupancy rooms across six wards in the hospital, improving response times to critical equipment and meeting the challenge hospitals currently have of alarms going unheard through walls and closed doors.
In October 2020, Stryker announced the launch of a wireless hospital bed, ProCuity, equipped with fully wireless features that help address nurse call cable connectivity issues prevalent in hospitals.
In July 2020, Hillrom and Aiva teamed up to enable hands-free communication for both patients and staff utilizing an in-room voice assistant and Hillrom's Voalte Mobile solution.
