Global clinical alarm management market is projected to witness a CAGR of 15.03% during the forecast period 2024-2031, growing from USD 2.57 billion in 2023 to USD 7.87 billion in 2031F. The expansion of the healthcare sector supports the market’s growth, the increasing prevalence of various chronic diseases, and the rising emphasis on enhancing patient outcomes. Prevalence of various chronic diseases such as diabetes, respiratory disorders, hypertension, and cardiovascular diseases is increasing in different regions across the globe, boosting the global clinical alarm management market size. According to estimates from the Australian Bureau of Statistics, one in two individuals (49.9%) in Australia is living with at least one chronic condition.
The rise in such conditions can be attributed to several factors, including environmental factors, unhealthy diets, sedentary lifestyles, and the growing geriatric population. Vital signs such as oxygen saturation, heart rate, blood glucose levels, and blood pressure are regularly monitored for patients with chronic diseases. Clinical alarm management systems play a crucial role in improving patient outcomes as they alert healthcare providers of any critical events and deviations from the baseline values, ensuring proactive management of chronic diseases by intervening in a timely manner. Several healthcare providers and organizations are increasingly focusing on population health management strategies so as to enhance health outcomes and reduce the burden of chronic diseases.
The market’s growth is further supported by the increasing initiatives by governments in both developing and developed countries to boost the utilization of clinical alarm management systems. Several initiatives are being undertaken by governments across the globe to enhance the quality of care provided to the physically challenged and geriatric population. Such initiatives are expected to boost the demand for clinical alarm management systems, providing lucrative growth opportunities to the market.
Strategic Partnerships Boost the Global Clinical Alarm Management Market Growth
Collaborations and partnerships between various market players and health institutes, such as hospitals, allow the companies to expand their customer base and support the development of advanced technologies. Such partnerships are aiding hospitals in improving response time, providing advanced care to patients. For instance, Tutum Medical, in partnership with the Sheffield Children’s Hospital, has developed the bedside equipment alarm monitoring system (BEAMS) for single patient rooms. The system allows healthcare providers to improve their workflow and reduce costs for the hospital by enhancing the response time for bedside critical alarms. The partnerships also support the development of systems that create their own wi-fi mesh network, removing the requirement to interface to hospital infrastructure.
Strategic collaborations are also aiding companies in expanding their distribution network. In 2022, Spok Inc. signed an agreement with inTechnology Distribution, allowing them to distribute their communication products across the Asia-Pacific. With this partnership, the companies aim to ensure that their customers in the region are provided with high quality products, aiding them in providing better care for their patients.
Expansion of the Geriatric Population Will Bolster Market Demand
The increasing geriatric population is one of the major factors driving the global clinical alarm management market. The growth of the aging populace is propelling the utilization of clinical alarm management systems as they are more prone to developing chronic diseases. The application of clinical alarm management systems to remotely monitor elderly patients is growing. Technologies that can assist in monitoring elderly individuals’ health outside conventional healthcare settings are becoming increasingly important as the population ages. The World Health Organization (WHO) estimates that by 2030, one in six individuals across the globe will be 60 or older, and by 2050, the population aged 60 and older will be approximately 2.1 billion. The older population requires full-time monitoring as they are at high risk of medical emergencies, including stroke and heart attack.
North America Holds a Significant Share of the Market
The market expansion in the region can be attributed to the rapid expansion of the healthcare sector due to the increasing prevalence of chronic diseases and rising awareness about healthcare advancements. The National Center for Chronic Disease Prevention and Health Promotion estimates that six in ten adults in the United States are living with at least one chronic disease, and four in ten adults are living with two or more. This increase, along with the expansion of the geriatric population in North America, is providing lucrative growth opportunities for the market. The rising investments by leading market players towards novel product development and strategic collaborations to expand their footprint in the region are further bolstering the expansion of the clinical alarm management market in North America. The utilization of clinical alarm management systems also allows healthcare organizations to reduce waste and enhance efficiency, thus boosting the global clinical alarm management market demand.
Cloud-based Clinical Alarm Management Systems Expected to Witness Significant Growth
The growth of cloud-based clinical alarm management systems can be attributed to the various advantages the deployment mode offers. Cloud-based clinical alarm management systems enable healthcare organizations to monitor the data of remote patients. According to the estimates of Statistics Sweden, the life expectancy at birth is expected to increase to 87.4 years for men and 89.7 years for women in Sweden by 2070. This growth is expected to propel the requirement for clinical alarm management systems and bolster the adoption of cloud-based deployment as they aid in improving the quality of care provided to the patients and allowing for hospital optimization. Cloud-based clinical alarm management systems also provide remote monitoring and flexibility, allowing healthcare providers to access patient data from outside the premises of the clinics and hospitals. Furthermore, cloud-based solutions have a short deployment time as opposed to their counterparts, allowing healthcare organizations to quickly configure and deploy cloud-based critical alarm management systems, ensuring that patients receive access to critical functionalities and features at a faster rate.
Hospitals and Clinics Hold Significant Global Clinical Alarm Management Market Share
The rising adoption of clinical alarm management systems in hospitals and clinics can be attributed to existing IT infrastructure comprising medical device interfaces, communication systems, and electronic health records in these facilities. The clinical alarm management systems can integrate seamlessly with such systems and facilitate comprehensive patient monitoring and interoperability. The increasing construction of hospitals and clinics and the growing integration of virtual care and digital technologies propel the demand for clinical alarm management systems. Fraser Health announced in September 2023 that it is opening a new hospital and cancer center to represent the new generation of hospital care by enabling patient care outside and inside the hospital, supporting thousands of patients all year round.
Future Market Scenario (2024-2031F)
According to the global clinical alarm management market analysis, the expansion of the digital healthcare ecosystem is expected to provide lucrative growth opportunities to the market. The increasing prevalence of various chronic diseases and the expansion of the geriatric population is expected to propel the requirement for long-term care services and facilities, bolstering the utilization of clinical alarm management systems. The incorporation of intelligent management interventions will aid in reducing false alarms. The integration of artificial intelligence with clinical alarm management systems is expected to ensure accurate identification of critical patients, supporting the expansion of the market.
Report Scope
“Clinical Alarm Management Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global clinical alarm management market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031F. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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