Clinical Alarm Management Market
The Covid-19 pandemic has threated to overwhelm the healthcare system in most countries across the globe. As a result, digitisation in the healthcare sectors, which was earlier thought to be a luxury that was limited to developed countries and private healthcare providers that catered to high-income clients, has gained traction across the board. Even developing countries like India, Indonesia, Bangladesh and several others have unveiled and executed digitisation programmes for their huge populations. Concurrently, public and private spending towards healthcare has also grown substantially since the outbreak of the pandemic in early 2020. All these factors have meant that the demand for clinical alarm management systems has seen a big spurt.
Previous estimates had projected a strong growth trajectory for the market in relatively prosperous countries in North America, the Asia-Pacific and Western Europe. However, these projections have been altered and nearly all regional segments will see previously unprecedented growth rates. Furthermore, these growth rates are now likely to be determined by the absolute value of investments in healthcare delivery programmes as opposed to relative prosperity. At the same time, certain developing trends can also lead to unforeseen challenges for sales and distribution of clinical alarm management systems.
Key among these are supply chain distributions that are being witnessed around the globe, and especially those being caused by increasing protectionist policies in certain countries that are aiming to boost their internal economies. Given that technology protectionism is a key area of concern for several countries, the dynamics of clinical alarm management system distribution may see acute changes. At the same time, given the high levels of technology dependency in existence currently, such protectionism may be unrealistic to achieve. These trends are leading to some uncertainly for prominent market players despite all the positive indications.
Clinical Alarm Management Market - Key Research Findings
- The global clinical alarm management market was valued at ~US$ 591 Mn in 2018.
- The market is likely to increase at a CAGR of ~13% during the forecast period of 2019-2029.
- Rapid adoption of big data analytics, implementation of clinical decision support tools, and growing demand for clinical alarm reporting software are factors that have been driving growth of clinical alarm management systems.
- North America remains a prominent region for the market, which accounted for a market share of ~40% in 2018. However, sales of clinical alarm management systems in APEJ (Asia Pacific Excluding Japan) are expected to grow at a high CAGR during the forecast period, and become the most significant market for clinical alarm management.
- APEJ, due to its strong economic growth and rising investment in the healthcare industry, will continue to be one of the prominent regional markets for clinical alarm management.
- In order to stay ahead of the pack, companies are opting for product innovation strategy by integrating central monitoring systems in clinical alarm management. Such developments are likely to aid the market players in meeting the growing demand from various end users, including hospitals, clinics, ambulatory surgical centres, long-term and palliative care centres, home care, and others end users.
- For instance, in March 2018, GENERAL ELECTRIC Healthcare launched the LOGIQ E10, a next-generation radiology ultrasound system integrating Artificial Intelligence (AI), cloud connectivity, and advanced algorithms, to acquire and reconstruct data faster than ever before. It helps clinicians in making a real difference in patient care.
- Similarly, in October 2019, Koninklijke Philips N.V. and Spencer Health Solutions announced the expansion of their partnership to Europe. Technological solutions can help patients and their caregivers to improve medication plan compliance.
Key Factors Shaping the Clinical Alarm Management Market
Rising Adoption of Big Data Analytics
The volume of information in the healthcare industry has been on the rise, guided by enforcement and regulatory requirements, record keeping, and patient care. Currently, as the digitalization trend grows at rapid pace, the healthcare industry is moving towards the adoption of big data analytics to offer the best quality healthcare facilities with minimized cost.
Moreover, big data analytics has capabilities of storing a large volume of data regarding clinical and healthcare functions, which include clinical decision support, disease surveillance, and population health management.
Increasing Adoption of Clinical Decision Support Tools
The U.S. department of health and human services has been assertive towards reimbursement models, such as bundled payments. Medicare service centres are increasingly trying to achieve greater consistency for cancer care and predictability of costs by adopting clinical decision tools. These tools are identified for transforming safety, quality, and efficiency in healthcare services as these clinical decision support tools offer timely and relevant information to physicians and other clinicians.
These tools help improve the efficiency and safety at a potentially lower cost of care. Moreover, clinical decision support tools include order sets for particular condition and type of patients, databases, and recommendations that can provide relevant information to their patients and alerts about potentially harmful situations.
Growth Opportunities in Asia Pacific Region
Major clinical alarm management solution providers are focused on expanding their business across Asian Pacific countries such as India and China. Increasing investments in digitalization of technology by governments in these countries have led numerous companies to expand their businesses.
Furthermore, healthy economic growth in these areas, along with the continued adoption of advanced technology, including Big Data and rising healthcare investments, generate significant growth opportunities for clinical alarm management systems.
Market Research Methodology - Perfected through Years of Diligence
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Clinical Alarm Management Market: Structure Analysis
- The market is highly competitive in nature, with majority of key players putting an emphasis on product innovations and business partnerships, to achieve a stronger global footprint.
- Increasing application areas of clinical alarm management solutions and competitive market have resulted in the differentiation and expansion of products by clinical alarm management providers.
- Tier-1 players of in clinical alarm management systems account for ~40% revenue share. Vendors such as GE Healthcare and Koninklijke Philips N.V. are among the largest and most experienced in the industry and have significant regional coverage across the globe.
Clinical Alarm Management Market: Segmentation
- Clinical Decision Support Tool
- Central Monitoring System
- Mobility Solution
- Clinical Alarm Reporting Software
- Alarm Auditing Software
- Implementation and Integration
- Monitoring and Analytics
- Ambulatory Surgical Centres
- Long-term and Palliative Care Centres
- Home Care
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Excluding Japan
- Middle East & Africa