Clinical Alarm Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The global clinical alarm management market is expected to witness a CAGR of 12.5 % over the forecast period. 

The COVID-19 pandemic continues to transform the growth of various markets, and the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous other markets will continue to remain unscathed and show promising growth opportunities. Clinical alarm management is one such industry that might have a positive impact due to the COVID 19 pandemic owing to the extensive patient pool getting admitted in the hospital due to the infection as it is essential and mandatory to keep track of patient's health and to provide proper effective treatment to the patients at healthcare facilities.

However, the false alarms have also been a concern in the current pandemic which is creating unnecessary chaos among the healthcare representatives, which is likely to increase the focus on proper implementation of clinical alarm systems at hospitals and COVID 19 healthcare facilities.

As per an August 2020 research study titled “Curbing COVID-19-Related Alert Fatigue”, the results demonstrated that 85% to 99% of alarms per day at clinical facilities do not require clinical action and COVID-19 creates added urgency for the need to reduce such nuisance alerts to protect the health and safety risks of the respiratory therapists or nurses who investigate alarms in person while wearing personal protective equipment (PPE), which is also still in short supply.

The growth is attributed to growing prevalence of chronic diseases coupled with longer hospital stays, increasing awareness among the healthcare providers in optimizing patient safety using advanced technologies such as mHealth, alarm management systems. Also, growing investment in healthcare infrastructure by government and private health care providers is expected to fuel the market growth. If properly managed or standardized, systems may give the false alarm and sometimes patient health may be at risk. According to OECD, Health at a Glance, 2019 report, almost one third of people aged 15 years and over reported living with two or more chronic conditions, that include cancer, heart attack and stroke, chronic respiratory problems and diabetes, on average across 27 OECD countries globally. In Germany and Finland, the prevalence of chronic diseases rises to almost one in two.

However, Lack of standardization and improper management of the systems may impede Clinical Alarm Management market growth. However, the implementation of big data and artificial intelligence to optimize the workflow, reduction of false alarms and innovation in product technologies are fuelling the market growth.

Scope of the Report

Clinical alarms are used to warn the caregivers regarding the adverse patient conditions and help to take the quick action. Previously there were only a few medical systems are having the features of clinical alarm. However, nowadays the scenario has changed, most of the devices are coupled with alarm systems, and management of these systems has become vital for providing better healthcare. The Clinical Alarm Management Market is Segmented by Component (Product and Services), By End-User (Hospitals, Long-term Care Centers, Others), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.

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Key Market Trends

Long term care Segment Expected to have Lucrative Growth

Long term care facilities are the healthcare centers that provide a variety of services including both medical and personal care, to people who are unable to live independently and for geriatric patients. People frequently need long-term care when they have a severe, continuing health ailment or disability. The necessity for long-term care can arise suddenly, such as after a heart attack or stroke.

Clinical alarm management services and solutions play an important role at long-term care centers as the patients at these centers are either critically ill or aged patients who require continuous monitoring and management of their health and wellness. As per 2019 research study titled “Alarming and/or Alerting Device Effectiveness in Reducing Falls in Long-Term Care (LTC) Facilities? A Systematic Review”, the results of the study demonstrated that as falls within long-term care (LTC) facilities are a growing concern and alarming devices can be a key intervention in the safety of those residents who are prone to falls.

Growing prevalence of chronic diseases coupled with the increasing geriatric population globally are the major factors driving the respective segment in the market studied. According to the World Ageing Population report, in 2019, around 703 million people aged 65 years and above were living all across the world. Over the next three decades, this number of older populations is expected to increase more than double, over 1.5 billion by the year 2050.

Older population is often susceptible to hearing loss, cataracts and refractive errors, back and neck pain and osteoarthritis, chronic obstructive pulmonary disease, diabetes, depression, and dementia. This indicates the rising demand for devices required for diagnosis, treatment, monitoring and management of the diseases. As per the data of Alzheimer’s Association, in 2020, about 5.8 million people aged 65 years and above are suffering from Alzheimer’s dementia in the United States and this number is expected to reach around 13.8 million in the year 2050. Thus, owing to the aforementioned factors the usage of clinical alarm management solutions and services are expected to grow significantly during the forecast period.

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