CLINICAL ALARM MANAGEMENT MARKET ANALYSIS

Market Challenges And Opportunities

Global Clinical Alarm Management Market Drivers:

Rise in burden of chronic diseases to propel market growth

One of the key factors expected to augment growth of the global clinical alarm management market over the forecast period is the rise in prevalence of chronic diseases worldwide. Such a high burden of chronic diseases leads to longer hospital stays and it is expected to augment the market growth. According to the World Health Organization (WHO), noncommunicable diseases (NCDs) kill 41 million people each year, equivalent to 74% of all deaths globally. Cardiovascular diseases account for most NCD deaths, or 17.9 million people annually, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million).

Growing geriatric population to underpin market growth

Another factor which is driving the growth of the global clinical alarm management market is the rise in geriatric (aging) population around the world. For instance, the world's population is ageing and an important part of this demographic shift is the development of chronic illness. People age 65 and older are more likely than younger people to suffer from chronic disease. According to the UN DESA’s Population Division, one in six people in the world will be over the age 65 by 2050, up from 1 in 11 in 2019. In many regions, the population aged 65 will double by 2050, while global life expectancy beyond 65 will increase by 19 years.

Global Clinical Alarm Management Market Opportunities:

Increase in demand for clinical alarm management solutions is expected to offer significant growth opportunities for players in the clinical alarm management market. For instance, various benefits of clinical alarm management solutions are also expected to increase or has increased the demand for these solutions. In May 2021, Vocera Communications, Inc. and Wavelink signed a distribution agreement to procure Vocera solutions for large & small healthcare organizations across Australia. The addition of the Vocera Platform will form a cornerstone of our suite of healthcare solutions, enabling us to offer a world-class clinical communication and workflow platform to our Connected Health partners and their customers, said Ilan Rubin, CEO of Wavelink.

Rising healthcare expenditure and technological advancements in clinical alarm management are expected to offer lucrative growth opportunities for players operating in the global clinical alarm management market. For instance, new technologies such as Internet of Things (IoT), AI (artificial intelligence), and big data, has led to paradigm shift in patient care delivery. Such technological advances by market players are expected to boost the growth of the market. In May 2019, Shenzhen Mindray Bio-Medical Electronics and Masimo teamed up offer Low Perfusion pulse oximetry and Masimo SET (Measure-through Motion) that helps to measure Pulse Rate (PR), Oxygen Saturation (SpO2), and perfusion index in monitoring devices.

Global Clinical Alarm Management Market Restraints:

High capital investment to hinder growth of the market

One of the key factors expected to hamper growth of the global clinical alarm management market is the high investment for clinical alarm management systems. Technologies, such as IoT and AI have the potential to improve patient outcomes and save millions of lives but are sometimes costly, and integrating such technologies have increased the overall cost of the system. Moreover, the cost of these interventions is partly due to the growing industry of technology solutions. Furthermore, installation, add-ons, monthly fees, and any replacement or repair increase the overall cost and add up to the overall cost burden to the healthcare facility.

Lack of product standardization to hamper market growth

Another factor which is hampering the growth of the global clinical alarm management market is the lack of product standardization and false alarms. Clinical alarm management solutions-systems are designed to alert caregivers of potential patient issues, but if it is not correctly managed, they can compromise patient safety. Moreover, false alarm can adversely impact patient care, contribute to alarm fatigue, and strain hospital resources. However, implementation of novel technologies, such as AI, IoT, and big data, to optimize the workflow, reduction of false alarms, and advances or innovations in product technologies are driving the market growth.