Clinical Alarm Management Market Development | Industry Report 2023
According to research report the clinical alarm management market is expected to reach USD 1,724 million by 2023 from an estimated USD 457 million in 2018, at a CAGR of 30.4% during the forecast period. Growth in the clinical alarm management market can be attributed to the increasing alarm fatigue, high prevalence of chronic diseases, growth in the geriatric population, need for cost-containment in healthcare delivery, and rising prominence and usage of big data and mHealth tools. However, the lack of interoperability in HCIT solutions and the high investments needed to build an effective infrastructure for HCIT capabilities among end users may hamper the adoption of clinical alarm management solutions and services during the forecast period to a certain extent.
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The clinical alarm management market is segmented based on component, product, end user, and region.
• Based on component, the global clinical alarm management market is segmented into two broad categories based on component, namely— solutions and services. The services segment is expected to grow at the highest CAGR during the forecast period owing to the increasing adoption of clinical alarm management solutions and indispensable and recurring nature of services.
• Based on product, the global clinical alarm management market is categorized into nurse call systems, physiological monitors, EMR integration systems, bed alarms, ventilators, and others (infusion pumps and pulse oximeters). The EMR integration systems segment is also expected to grow at the highest rate during the forecast period owing to the increased adoption of EHRs and other interoperability solutions in healthcare organizations, growing regulatory requirements & healthcare reforms, shift of point-of-care diagnostics from hospitals to home care settings, and the need for integrated healthcare systems to improve the quality and outcome of healthcare systems.
• Based on end user, the global clinical alarm management market is segmented into hospitals, long-term care centres, and ambulatory care centres & home care settings. The ambulatory care centres & home care settings segment is expected to register the highest CAGR during the forecast period. The high growth in this segment can be attributed to the rising need to streamline administrative tasks, secure clinical information, and improve access to information; increasing need for early detection and intervention for reducing the risk of acute complications; and increasing focus on reducing treatment costs; and benefits of clinical alarm management in remote patient monitoring.
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Geographically, North America is expected to dominate the global clinical alarm management market in 2018. The clinical alarm management market in the region is driven by the increasing cases of alarm fatigue and initiatives by government bodies to curtail the effects of alarm fatigue and the increasing need for integrated healthcare IT systems to ensure reliability, efficient maintenance of data, data integrity, and timely availability of patient data to authorized healthcare professionals.