Clinical Alarm Management Market Size is expected to grow commendably from 2022 to 2028, due to the rising incidence of alarm fatigue and the failure to respond to appropriate alarm signals, thereby resulting in serious, potentially fatal, consequences among patients. In addition, the significant advantages of managing clinical alarm systems, such as false alarm reduction, staff efficiency improvement, and increased quality of care, will further augment industry demand during the forecast period. Medical alert systems or personal emergency response systems refer to devices that offer emergency monitoring of patients in hospitals or homes. The systems provide a fast and easy way for elderly people and those with health issues to get assistance during an emergency, including medical issues or falls.
Escalating healthcare spending in developing economies and the global burden of chronic diseases are some of the factors amplifying the clinical alarm management market trends during the forecast timeline. People with heart disease, diabetes, asthma, and other chronic health conditions are at high risks of developing flu complications, resulting in hospitalization. In addition, the rising elderly population will also stimulate the need for clinical alarm system management, as age-related changes can impair body systems involved in maintaining balance and may lead to hospital admissions due to injuries and fractures caused by falls.
Ventilators will emerge as a key product segment for the clinical alarm management market by 2028, owing to the growing prevalence of cigarette smoking and lung cancer in countries including the U.S. As per the CDC, cigarette smoking is related to around 80%-90% of lung cancer deaths in the country. This risk factor will boost the demand for ventilators and their clinical alarm management systems in the coming years.
Europe clinical alarm management market is poised to depict a strong growth rate through 2028, driven by the high spending on big data in the region, as this technology can help reduce alarm fatigue. As per the British Heart Foundation’s data, there are above 100,000 hospitalizations each year in the UK because of heart attacks. Such factors could proliferate the adoption of medical alarm systems to help keep heart patients connected with the physician and care team.
The competitive landscape of the clinical alarm management industry consists of companies such as Connexall, Extension Healthcare, Vocera Communications, Spok Holdings, Koninklijke Philips, Medtronic, GE Healthcare, Mindray Medical International, Baxter International, and Dragerwerk, among others. Strategic mergers and acquisitions, innovative product launches, and business expansions are some of the initiatives being undertaken by these market players to reinforce their footprint in the global market.
The ongoing COVID-19 pandemic has posed unprecedented financial challenges across the healthcare sector worldwide. America’s hospitals and health systems, for example, witnessed total four-month losses of $202.6 billion during the pandemic, according to the American Hospital Association’s report. This economic crisis may have asserted a negative influence on the market outlook over the past months. However, the rising incidence of alarm fatigue exacerbated by the coronavirus outbreak may help the industry regain traction over the foreseeable future. The increased number of COVID-19-infected patients filling the ICUs has added an extra layer of complexity to the long-existing alarm fatigue problems, which could fuel the need for efficient management systems to reduce clinical alarm hazards.
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