Global Clinical Alarm Management System Market by Products, Components, End-users, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020 –2026
The global clinical alarm management system market, was valued at USD 660 million in 2019, and is expected to reach USD 3 billion, expanding at a CAGR of around 23% during the forecast period 2020–2026. The major reasons behind the growth of the market are the increasing adoption of big data analytics in the field of medical science, rising awareness among the care takers to improve patient safety, and growing adoption of clinical decision support tools. Other factors such as rising demand for software related to clinical alarm management system, and increasing prevalence of chronic diseases are the driving factors for the growth of the clinical alarm management system market.
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Primarily, clinical alarms are used in warning caregivers about potential adverse, or immediate patient safety. The association of advancement of medical instrumentation (AAMI), a non-profitable organization, focuses on the usage and innovative development, of effective, reliable and safe medical equipment. It identifies, alarm management to be a main concern among health care companies. The advancements in technology, in the healthcare sector, and initiatives in other medical organizations have created awareness, over a period of time. These advancements helped in making the monitoring equipment, complicated, and improved. The advanced health monitoring equipment, are made with in-built audible alarms, which are intentionally set in, to alert operators, technicians, or clinicians of any delineation from a preprogrammed or predetermined normal status. It helps in ensuring, the safety of patients.
Market Trends, Drivers, Restraints, and Opportunities:
- The increasing number of elderly patients, around the world, is expected to be a driving factor, for the growth of the clinical alarm management system market.
- Rising awareness about patient safety among the care takers, is anticipated to be a reason behind the growth of the clinical alarm market.
- The increasing adoption of big data analytics in the field of medical science, is expected to have a positive impact in the growth of the clinical alarm market.
- Rising demand for software, related to clinical alarm management system is a driving factor for the growth of the clinical alarm market.
- The increasing prevalence of chronic diseases, is anticipated to drive the growth of the clinical alarm market.
- Rise in investment by governments around the world, is expected to have a positive impact in the growth of the clinical alarm market.
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Competitive Landscape:
The major players, which operate in the global clinical alarm management system market, are quite a few in number. Some of them are
- Mindray Medical International Limited
- Koninklijke Philips N.V.
- Capsule Technologies
- Extension Healthcare
- Spencer Health Solutions
- Shenzhen Mindray Bio-Medical Electronics Co
- Vocera Communications
- Baxter International Inc.
- GE Healthcare
- Medtronic
The market leaders are looking for various strategies such as partnerships, acquisitions, mergers, and product development to continue their market dominance. Spencer Health Solutions and Koninklijke Philips N.V. in October 2019, announced the expansion of their partnership to Europe.
The global clinical alarm management system market, has been segmented on the basis of
Products:
- Physiological Monitors
- Ventilators
- Bed Alarms
- Nurse Call Systems
- EMR Integration Systems
- Others
Components:
- Implementation and Integration
- Solutions
- Consulting
- Services
End-users:
- Ambulatory Care Centers & Home Care Settings
- Hospitals
- Long-term Care Centers
Regions:
- Europe
- North America
- Middle East and Africa
- Latin America
- Asia Pacific
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Table of Contents
- Executive Summary
- Assumptions and Acronyms Used
- Research Methodology
- Clinical Alarm Management System Market Overview
- Global Clinical Alarm Management System Market Analysis and Forecast by Type
- Global Clinical Alarm Management System Market Analysis and Forecast by Application
- Global Clinical Alarm Management System Market Analysis and Forecast by Sales Channel
- Global Clinical Alarm Management System Market Analysis and Forecast by Region
- North Clinical Alarm Management System Market Analysis and Forecast
- Latin Clinical Alarm Management System Market Analysis and Forecast
- Europe Clinical Alarm Management System Market Analysis and Forecast
- Asia Pacific Clinical Alarm Management System Market Analysis and Forecast
- Middle East & Africa Clinical Alarm Management System Market Analysis and Forecast
- Competition Landscape
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