Emphasis on Component (Solutions and Services); End User (Hospitals, Long-term Care Centers, and Others); and Region/Country
The Clinical Alarm Management Market was valued at USD 2.7 Billion and is expected to grow at a strong CAGR of around 20.2% during the forecast period (2023-2030) owing to the rising prevalence of chronic diseases.
The Clinical Alarm Management Market is escalating due to several reasons including the rise in healthcare expenditure, rising strategic collaborations, and increasing technological advancements. The increasing global incidence of chronic diseases has contributed to higher hospital admissions and longer stays thereby driving the demand for clinical alarms.
According to Statistics Canada, chronic diseases like, cancer and heart disease remained the two leading causes of death in Canada, accounting for 41.8% of deaths in 2022. In 2021, these diseases account for 44.3% of all deaths.
Moreover, in February 2024, Royal Philips received 510(k) clearance for its latest IntelliVue patient monitor software, which features the long-anticipated availability of several new solutions, including the award-winning Philips Sounds alarm package which softens and rounds the alarm tones and adjusts alarm intervals to more gently signal status or request action using a more soothing as well as impactful set of alarm sounds. Such technological advancements are driving the growth of the market during the forecast period.
This section discusses the key market trends that are influencing the various segments of the Clinical Alarm Management Market as identified by our team of research experts.
Artificial Intelligence Transforming the Medical Device Industry
The trend of integrating artificial intelligence (AI) and machine learning (ML) in clinical alarm management systems. AI and ML technologies are being increasingly incorporated into clinical alarm management systems to enhance their effectiveness. AI and ML algorithms can analyze historical data from patient monitors and other medical devices to predict when alarms are likely to occur. AI algorithms can learn from individual patient data to customize alarm settings based on their specific needs and conditions. This comprehensive data integration enhances the contextual understanding of alarms, enabling more informed decision-making by clinicians. Therefore, the integration of AI and ML technologies into clinical alarm management systems holds great promise for improving patient safety, reducing alarm fatigue, and enhancing the efficiency of healthcare delivery. For instance, in February 2024, Vanderbilt University Medical Center performed a new study to demonstrate the promise of artificial intelligence to help refine and target the myriad of computerized alerts intended to assist doctors and other team members in day-to-day clinical decision-making.
North America is Expected to Grow with Significant CAGR During Forecast Period
Within North America, the U.S. holds a major share of the market. The major factors boosting the market’s growth in the country are the increasing number of chronic disease cases, rising hospital admissions, improving hospital infrastructure, growing focus on R&D, a well-established healthcare infrastructure, and the presence of several market players.
According to a government source, the Centers for Disease Control and Prevention (CDC), it is estimated that 6 out of 10 adults in the US have a chronic disease. This statistic emphasizes the sheer magnitude of the population in need of clinical alarm management and highlights the potential market demand.
According to the American Hospital Association, there were about 6,093 hospitals in the U.S. in October 2022, which comprises community hospitals run by non-profit organizations as well as by state and local governments.
The clinical alarm management market is competitive, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are GE HealthCare; Ascom; Spok, Inc.; Masimo; Hill-Rom Services, Inc.; Vocera Communications, Inc.; Capsule Technologies, Inc.; Medtronic; Connexall; and Mobile Heartbeat.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Clinical Alarm Management Market
6. Clinical Alarm Management Market Revenue (usd Bn), 2020-2030f
7. Market Insights By Component
8. Market Insights By End User
9. Market Insights By Region
10. Clinical Alarm Management Market Dynamics
11. Clinical Alarm Management Market Opportunities
12. Clinical Alarm Management Market Trends
13. Demand And Supply-side Analysis
14. Value Chain Analysis
15. Competitive Scenario
16. Company Profiled
17. Disclaimer
Analyzing the historical market, estimating the current market, and forecasting the future market of the global clinical alarm management market were the three major steps undertaken to create and analyze the adoption of clinical alarm management in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global clinical alarm management market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the clinical alarm management market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the clinical alarm management market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, end user, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the clinical alarm management market. Further, we conducted factor analysis using dependent and independent variables such as component, end user, and region of the clinical alarm management market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the clinical alarm management market sector across the globe.
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global clinical alarm management market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global clinical alarm management market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, end user, and region in the global clinical alarm management market.
The current & future market trends of the global clinical alarm management market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the current market size and growth potential of the clinical alarm management market?
Q2: What are the driving factors for the growth of the clinical alarm management market?
Q3: Which segment has the largest share of the clinical alarm management market by component?
Q4: What are the emerging technologies and trends in the clinical alarm management market?
Q5: Which region will dominate the clinical alarm management market?
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