Market Synopsis
Market Research Future (MRFR)
proposes that the global clinical alarm management market is slated to
demonstrate 30.4% CAGR during the forecast period (2018-2023). Rising awareness
regarding patient safety is highly favoring the
market growth. Clinical alarms offer critical warnings to healthcare physicians or caretakers regarding a
patient’s condition. Such devices are generally
used in clinics and homes and hospitals. Clinical alarm management
devices are developed using different non-invasive technology and software in order to monitor the condition of a patient.
These solutions are extensively adopted by the ambulatory surgical centers and
hospitals to respond to clinical alarms. They are implemented for some applications and include mobility
solutions, clinical decision support tools, alarm auditing software, central
monitoring systems, and clinical alarm reporting software.
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Market Potential and Pitfalls
The
clinical alarm is an essential solution for proper patient monitoring
during critical conditions, the safety of
the patients, and alert the healthcare staff regarding changes in a patient’s
condition. Clinical alarm management is high in demand in clinics, hospitals,
intensive care units, and healthcare facilities owing to the rising awareness
regarding patient safety, increasing government mandates regarding the safety of the patients, and surging demand for
best practices in healthcare centers and hospitals.
The
market’s course is chiefly directed by the rising incidences of chronic
diseases, need for cost-containment in the healthcare delivery, growth
in the geriatric population, and increasing prominence of mHealth tools and big
data.
On the contrary, sleep disruption
caused due to noise, noise fatigue, and an unpleasant environment for the staff,
patients, as well as families due to the noise of the alarm are some of the
major concerns considered to vitiate the market growth throughout the appraisal
period. Additionally, the unstandardized integrated alarm systems are likely to
deter the market growth to a large extent.
Global Clinical Alarm Management Market: Segmental Analysis
The global clinical alarm
management market has been segmented on the basis of component,
product, and end-user.
By mode of product, the global
clinical alarm management market has been
segmented into physiological monitors, nurse call systems, bed alarms,
EMR integration systems, mobility solutions, ventilators, clinical decision
support tools, and central monitoring systems. Among these, the EMR integration
systems segment is likely to occupy a significant share in the global market. The growth is credited to the burgeoning
adoption of EHRs and interoperability solutions in the healthcare
organizations, shift of POC diagnostics
from hospitals to home care settings, rising healthcare reforms and regulatory
requirements, and the need for integrated healthcare systems in order to improve the outcome and quality of
healthcare systems.
By mode of component, the global clinical alarm management
market has been segmented into services
and solutions. Among these, the solutions segment is predicted to occupy a
significant share. The growth is credited
to the frequent need for improvements and upgrades in the software
applications.
By mode of end-users, the global
clinical alarm management market has been
segmented into long-term care centers, hospitals, and ambulatory care
centers & home care settings.
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Regional Insights
Geographically, the clinical
alarm management market span across regions namely, Europe, America,
Asia-Pacific, and the Middle East and Africa.
Considering
the global scenario, the American region is considered to dominate the
global clinical alarm management market. Growing awareness regarding patient
safety methods, increased healthcare
infrastructure, and innovation by the healthcare companies are likely to
influence the market. Moreover, awareness programs associated with clinical
alarm management by organizations like the American
Association of Critical-Care Nurses and Association
for the Advancement of Medical Instrumentation are likely to add an impetus to
the growth of the market.
Europe
is predicted to occupy the second position due to the rising support
from the government for the healthcare
sector and surging awareness programs conducted by various foundations are
estimated to contribute to the market growth. Factors
like huge patient population and the increased
number of hospitals in this region are highly influencing the market growth.
The Asia Pacific region is
assumed to be the fastest growing region due to the presence of developing nations like China, India, and
Australia. Moreover, with the increasing expenditure on healthcare by the
government, innovation of latest technologies for instance launch of the mobile application in order to reduce noise in the hospitals, and development of software are some of the major factors
contributing to the growth of the market in this region.
Industry Updates
February 11, 2019: A wholly owned
subsidiary of Spok Holdings, Spok, Inc., will exhibit their latest evolution of
integrated healthcare communication platform named Spok Care Connect. It
comprises a clinical alarm and alerting management solution, a fully integrated
healthcare contact center, and a multiple device application for the care team
messaging.
Competitive Dashboard
The prominent players operating
the global clinical alarm management market are Bernoulli Enterprise Inc., GE
Healthcare, Medtronic, Ascom Holdings, Baxter, Mobile Heartbeat (Subsidiary of
Hospital Corporation of America), Drager, Mindray Medical International,
Capsule Technologie (Subsidiary of Qualcomm Life, Inc.), Vocera Communications,
Connexall, Spok, Inc. (Subsidiary of Spok Holdings, Inc.), Masimo, and
Koninklijke Philips N.V.
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