Clinical Alarm Management Market CAGR Projected to Grow at 9.0% through 2027
Component – Solutions Component Dominate Clinical Alarm Management Market
The solutions component is projected to be more than thrice the size of the services component at the end of the forecast period and key stakeholders in the clinical alarm management market are advised to take this into account. The solutions component could exceed a value of US$ 3 billion by the end of the decadal study with a third of this being in the clinical decision support tools sub-segment. However, a substantially higher CAGR is likely in the mobility solutions segment as the number of smartphone users has risen exponentially in the past few years. Most healthcare professionals access their smartphone to monitor their patients on a real-time basis via patient monitoring apps. This enhances caregiver efficiency by minimizing institutional operational cost and allows organizations to use mobility for alarm management as well as clinical decision support.
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End User – Focus on Hospitals and Ambulatory Surgical Centres in Clinical Alarm Management Market
Hospitals and ambulatory surgical centres are the largest end-users in the clinical alarm management market and should remain so for the foreseeable future. Although hospitals are approx. thrice the size of ambulatory surgical centres, the latter is on track to post a higher CAGR of 9.5% from 2017 to 2027, making the segment vital for companies involved in the clinical alarm management market. A major challenge faced by hospitals is alarm fatigue that can occur because different clinical alarms generated by medical devices can have a devastating impact on clinicians, patients, and relatives. Alarm fatigue occurs when clinicians are desensitized and non-reactive on account of an overwhelming load and is a grave threat for patient safety. Human factors, staffing issues, and technological also come into play here and all this can significantly hamper growth of the clinical alarm management market.
Region – North America Largest Contributor in Clinical Alarm Management Market
North America had a market share of slightly under half the clinical alarm management market at the end of 2017 but is projected to lose a massive 420 BPS going forward. Nonetheless, its commanding lead ensures that Western Europe doesn’t surpass it during the course of the forecast period. The US accounts for roughly 4/5th of the North America clinical alarm management market because the US Department of Health and Human Services allow reimbursement models such as bundled payments. Medicare and Medicaid service centres are striving to achieve greater cancer care consistency and cost predictability with the adoption of clinical decision tools. These tools play a game-changing role improving safety, quality, and efficiency as they offer timely, relevant information to healthcare professionals at a lower cost.
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Competition Dashboard in Clinical Alarm Management Market
Companies profiled in the clinical alarm management market report are Medtronic, GE Healthcare, Baxter, Koninklijke Philips, Connexall, Vocera, Drager, Mindray Medical International Limited, , and Spok Inc.
Vendors dealing in clinical alarm management software could try to streamline their product portfolio by seamlessly integrating their platform / solutions with local players through a joint venture or strategic partnership. Mobility solution is poised to witness immense growth as smartphone ownership will skyrocket in future. Therefore, investing in mobility solutions could be a wise bet.
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