Clinical Alarm Management Market: Current Analysis and Forecast (2023-2030)

Report Description

Clinical Alarm Management Market Size & Forecast

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.

Clinical Alarm Management Market Analysis

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.

Clinical Alarm Management Market Trends

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.

Clinical Alarm Management Industry Overview

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.

Clinical Alarm Management Market News

• In April 2023, Mobile Heartbeat, the leading clinical communication and collaboration company collaborated with Akkadian Labs to advance automation solutions for enterprises and most selling products.

• In September 2021, Baxter acquired Hill-Rom Services Inc. to expand connected care and medical innovation globally.

• In January 2021, Masimo launched iSirona, a compact, versatile connectivity hub designed to maximize interoperability across the continuum of care. The iSirona hub offers an efficient way to physically connect up to six medical devices at the bedside and automatically route the data to the Masimo Hospital Automation platform, a vendor-agnostic connectivity solution for EMR integration, surveillance monitoring, alarm management, mobile notifications, smart displays, and analytics.

Clinical Alarm Management Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global clinical alarm management market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Clinical Alarm Management Market Analysis (2023-2030)

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:

Analysis of Historical Market Size

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 Size Estimate & Forecast

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:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the clinical alarm management market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global clinical alarm management market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

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.

Split of Primary Participants in Different Regions

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 main objective of the Global Clinical Alarm Management Market Study

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:

• Analyze the current and forecast market size of the clinical alarm management market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the component, end user, and region
• Define and analysis of the regulatory framework for the clinical alarm management industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the clinical alarm management market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the clinical alarm management market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

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