Clinical Alarm Management Market Worth $5.4 Billion by 2027 - Exclusive Report by MarketsandMarkets™
In June 2022, Ascom (Switzerland) collaborated with German Healthcare Foundation (Germany). Through this collaboration, the German Healthcare Foundation commissioned Ascom to roll out the Ascom Digistat software to improve care efficiency at three of its hospital sites. The contract value amounts to approximately EUR 1.4 million.
Northbrook, IL 60062 -- (SBWire) -- 09/06/2022 --Clinical Alarm Management Market is projected to grow from USD 3.3 billion in 2022 to USD 5.4 billion by 2027, at a CAGR of 10.4% from 2022 to 2027, according to a new report by MarketsandMarkets™. The Alarm fatigue is the primary factor driving the adoption of clinical alarm management systems and solutions as safety initiatives for healthcare providers. Their potential to cut costs and facilitate better patient management, given the rising disease prevalence and growing geriatric population, is a key contributor to market growth.
However, the current lack of interoperability in HCIT solutions and the high investments needed to build an effective infrastructure for HCIT capabilities among end users are expected to hinder the growth of the clinical alarm management market in the coming years.
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"Solutions segment is expected to grow at the highest rate during the forecast period"
The clinical alarm management market is segmented based on components: solutions and services. In 2021, the solutions segment accounted for the largest share of the market. The higher share of this segment can be attributed to the frequent need for upgrades as well as improvements in software applications.
"The Nurse call system segment is estimated to account for the largest share of the Clinical alarm management market in 2022"
The products in clinical alarm management market are segmented into nurse call systems, physiological monitors, EMR integration systems, ventilators, and other products. The nurse call systems segment accounted for the largest market share in 2021. However, the EMR integration systems segment is expected to grow at the highest CAGR during the forecast period, owing to the increased adoption of EHRs and other interoperability solutions in healthcare organizations, growing regulatory requirements and healthcare reforms.
"The Hospital segment is estimated to account for the largest share of the Clinical alarm management market"
Based on end users, the market is segmented into hospitals, long-term care centers, and ambulatory care centers & home care settings. In 2021, the hospitals segment accounted for the largest share of the market. The large share of this segment can be attributed to the growing adoption of clinical alarm management solutions among hospitals and various government initiatives to improve the quality of care.
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"North America to dominate the Clinical alarm management market in 2022"
The biggest market share for clinical alarm management was held by North America. The large share of this region can be attributed to the rise in alarm fatigue cases and government initiatives to mitigate its effects, as well as the expanding demand for integrated healthcare IT systems to guarantee dependability, effective data maintenance, data integrity, and prompt patient data availability to authorised healthcare professionals.
The Asia Pacific region, comprising Japan, China, India, and the Rest of Asia Pacific, offers high-growth opportunities for players in the clinical alarm management market. This segment is estimated register the highest CAGR of during the forecast period. Owing to factors such as growing need for the implementation and integration of medical devices and HCIT solutions to provide cost-effective and quality clinical care to patients, increasing healthcare expenditure, growing geriatric population, and the increasing prevalence of chronic diseases
Prominent players in this market are Koninklijke Philips N.V. (Netherlands), Vocera Communications (US), GE Healthcare (US), Ascom (Switzerland), Spok, Inc. (US), Masimo (US), Connexall (Canada), Capsule Technologies, Inc. (US), Cornell Communications (US), Mobile Heartbeat (US), Drägerwerk AG & Co. KGaA (Germany), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Baxter (US), Intercall Systems Inc. (US), Medtronic (Ireland), Johnson Controls (Ireland), West-Com Nurse Call Systems (US), Critical Alert (US), CSinc (India), Live Sentinel (US), Amplion Clinical Communications, Inc. (US), Cerner Corporation (US), Alpha Communications (US), Fujian Huanyutong Technology Co., Ltd. (China), and Tunstall Group (UK).
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