Global Clinical Alarm Management Market Analysis

The Global Clinical Alarm Management Market stood at around xx Bn in 2023 and is projected to reach US $xx Bn by 2033, exhibiting a CAGR of xx% during the forecast period.

The Global Clinical Alarm Management Market Analysis Executive Summary

Clinical alarm is an audible sound or message precaution issued by any connected medical instrument to inform the health care team about any changes or malfunctions in the patient’s status, or anomalies in physical signs like heart rate, breathing, blood pressure, temperature etc. These alarms are necessary for patient care and management as well as to help monitor and mitigate adverse events. Nonetheless, frequent alarms can lead to alarm fatigue whereby the clinicians become indifferent to the alarms and thus increasing the risk to patients’ safety. About one in three adults worldwide suffers from multiple chronic conditions. In the U.S., 60% of adults have a chronic disease, with 40% having two or more.

Clinical alarm management is a booming market today owing to prolonged implementation of advanced healthcare technologies, significant regulatory policies, and gradual awareness of patients’ safety. In healthcare workplaces, due to excessive non-actionable alarms, the experts have developed a condition known as alarm fatigue. Current market players include Philips Healthcare, GE Healthcare, etc. The sector can be divided into product types and end-users, of which the largest segment is the hospital. North America has the largest share of the hydrogen production and distribution market, while the Asia-Pacific region is expected to grow at the highest rate. Predicted advances include the use of artificial intelligence and machine learning and cloud-based systems for improving the efficacy of the alarms and minimizing false alarms.    

Global Clinical Alarm Management Market Dynamics

Market Growth Drivers

The continuing change in demographics, the growing incidence of chronic care conditions, and the increasing incidence of alarm fatigue have all increased the need for better implementation of clinical alarms, spurring developments in alarm technologies, such as AI and big data. The availability of government funds and the increasing use of telemonitoring for patients with chronic illnesses also strengthen the case for the implementation of these systems. The COVID-19 pandemic highlighted how essential they were in addressing high patient acuity; The value of going through staff turnover, patient length of stay, and complications, has made the healthcare corporations seek to incorporate sound alarm management systems. 

Opportunity

Advanced technology such as AI, machine learning and big data is constantly transforming clinical alarm management by better prioritizing alarms, eliminating unnecessary alarms and setting perfect alarm parameters. Previously, telehealth and remote patient monitoring are other areas where the use of such Systems get boosted. Thus, there is a need for more specific products or solutions for certain clinical requirements, especially in the Asia-Pacific and Latin American countries where the adoption of healthcare IT is on the rise. 

Market Restraints

It has been challenging to implement clinical alarm management and subsequently maintain it because the process demands intense investment in terms of capital and cost. The absence of a product standardization process results in differences and difficulties in staff training; there are too many false alarms to manage for alarm fatigue, which puts patient safety at risk. Conformance with current healthcare IT platforms is challenging; employees may resist the change, and since the technology often requires comprehensive instruction, it may be challenging to implement. Moreover, addressing regulatory and compliance issues consumes enormous amounts of time and funds, which is why stakeholders must also focus on these constraints to implement and improve alarm management solutions. 

Competitive Landscape Clinical Alarm Management Market in Global

Key Players

• Koninklijke Philips N.V.
• Drägerwerk AG & Co. KGaA
• Baxter International
• Stryker (Vocera Communications)
• GE Healthcare: From the US 
• Ascom 
• Spok, Inc
• Masimo Corporation
• Medtronic plc

Recent Developments:

July 2024, Climax Technology launches GX-DT35B Smart Care Medical Alarm to keep seniors safe.

April 2024, Ascom Launched Ascom RemoteWatch™ to Boost IT Uptime and Reliability for Clinicians. Ascom, a global solutions provider focused on healthcare information and communications technology (ICT) and mobile workflows, today announced it launching Ascom RemoteWatchTM.

October 2023, CGI and Delta Wellbeing successfully launched ground-breaking digital alarm-receiving and monitoring platform across Wales.

March 2021, Chubb announced the launch of CareUnity® Digital – a new, future-proof dispersed alarm unit that supports the latest 4G technology.

Mergers and Acquisitions

July 2024, TRxADE Health and Scienture companies are in space of clinical alarm management.

April 2023, Mobile Heartbeat® and Akkadian Labs Announce Technology Partnership.

Healthcare Policies and Regulatory Landscape for Clinical Alarm Management Market in Global

Policy changes and Reimbursement scenario

Laws from the FDA, ISO and other agencies help to set alarm practices while increasing market acceptance to improve patient safety. Cost reimbursement policies also have an important contribution, where availability of coverage in some places makes solutions of alarm management more achievable compared to areas where coverage is limited. Thus, the transition towards value-based care results in investments in alarm management solutions that fit cost per value and outcomes. Growing adoption of interoperability standards, growing popularity of telehealth and Remote Patient Monitoring services enhance the market as the government tries to standardize rules and Medicare reimbursement for new delivery models.