Clinical Alarm Management Market Size to Grow at a Steady Rate During Forecast Period (2016-2026)
Clinical Alarm Management Market: Drivers and Restraints
Increasing awareness of care providers towards enhancing patient safety is a prominent factor pushing the revenue growth of the clinical alarm management market. Others revenue drivers include rising medtech investments by governments of all major countries and promoting access to basic healthcare across all sections of the society. Integrated alarm system designs are often not standardized across different medical equipment systems and devices. This could be considered as a restraint for clinical alarm management market. Improper alarm escalation leading to false negative cases - such as a patient needs immediate clinical attention but a clinician is not alerted - substantially compromises on patient-safety. Other factors negatively affecting market growth are lack of product standardization across regions and lack of proper skills to rationalize the alarm adjustment process.
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Clinical Alarm Management Market: Segmentation
Clinical alarm management market is segmented based on product type, end user and geography.
Based on product type, clinical alarm management market is segmented as follows:
Nurse Call System
Based on end user, the clinical alarm management market is segmented as follows:
Ambulatory surgical centers
Long term and palliative care centers
Clinical Alarm Management Market: Overview
In the present market scenario, clinical alarm manufacturers prioritize sensitivity over specificity. This often leads to a large number of false positive cases, which is often misleading. Particularly, when alarm frequency is high, caregivers could become desensitized, develop alarm fatigue, and create a false negative outcome, compromising patient safety. With rise in the number of urban healthcare centers across regions, there clinical alarm management market is witnessing a sustained growth in demand for standard and tested products. To avoid product level dysfunctionalities, the AAMI (Association for the Advancement of Medical Instrumentation) Foundation had added clinical alarms to its portfolio of multidisciplinary initiatives to advance patient safety and created an Alarm Best Practices Workgroup in 2012. The committee reviews and recommends best practices on clinical alarm management at regular intervals. Developed pharmaceutical markets are expected to create sustainable traction in generating demand for standardized clinical alarm systems over the forecast period, while developing markets are expected to follow suit.
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Clinical Alarm Management Market: Region-wise Outlook
The global clinical alarm management marketis classified into seven regions namely, North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan (APEJ), Japan, Middle East and Africa (MEA). North America is expected to dominate the clinical alarm management market in terms of both revenue and demand generation owing to greater awareness on medtech advancement followed by Western Europe. However, over the foreseeable long term, markets in Latin America and Asia-Pacific could prove lucrative in terms of market opportunities owing to persistence of factors such as greater penetration of access to organized healthcare and rising disposable income level contribution to private healthcare spending.
Clinical Alarm ManagementMarket: Key Players
Some of the major companies contributing to global clinical alarm management market include Medtronic, Extension Healthcare, GE Healthcare, Koninklijke Phislips N.V., Baxter incorporated, Connexall, Mindray Medical International Limited among others.
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