The global clinical alarm management market revenue is expected to reach USD 7,013 million by 2030, exhibiting a CAGR of 10.30% during 2022–2030.
The sector revenue will rise as a result of the increasing count of government initiatives in both developed and developing nations for the use of medical alarms. In this regard, the initiatives by various organizations and governments to enhance the health of the elderly and disabled population would promote industry growth. Governments have also made large expenditures in medical technology to support a range of clinical instruments, which should speed up the industry's growth.
In hospitals and long-term care facilities, medical alarms are frequently utilized to properly and precisely manage patients’ health. The growing big data and advanced health tool utilization will accelerate the demand for alarm management solutions in healthcare settings. Clinical alarms are increasing in need in medical facilities as their efficient usage can help lower healthcare expenses and the chance of medical errors.
Due to an increase in the patient volume, especially those admitted for emergencies, and the rise in the adoption of sophisticated clinical alarm management solutions, the hospitals and clinics category dominated the clinical alarm management market with a revenue share of over 27%.
Similarly, as a result of the surging requirement to increase patient safety in homecare settings by guaranteeing their efficient monitoring and a prompt reaction, the homecare settings category is projected to expand.
However, when a health condition or impairment is serious and ongoing, people typically require long-term care. Such care may become necessary at any time, such as following a heart attack or stroke, as a result of which the long-term-care settings category will witness the highest CAGR during the forecast period. The industry's expansion is accelerated by a number of advantages, including cost-effective services and presence of highly skilled employees, of these medical facilities.
Since the patients at long-term-care facilities are either elderly or critically ill, the need for continuous monitoring and treatment is omnipresent here. Moreover, hearing loss, cataracts and refractive errors, osteoarthritis of the back and neck, diabetes, depression, and dementia are all common among older people. This leads to the increasing demand for the tools needed for disease management, monitoring, diagnosis, and treatment; hence, this category is a key contributor to the segment.
The presence of a sizable aging population and the rising number of patients visiting outpatient clinics and nursing homes are expected to contribute to the Asia-Pacific region's swift expansion. Indian and Chinese patient management technology companies are working hard to achieve a competitive edge, by expanding their domestic client bases. As a result, competition has increased in the developing nations of Asia-Pacific. In addition, the rising healthcare investment in Australia, China, India, and Japan is expected to fuel the industry expansion.
The sector is expected to develop at a significant rate in Europe as initiatives to prevent medical staff burnout and enhance hospital workflows intensify. The region's market is also expanding as a result of the rising patient fall rate and the strong government backing for the implementation of digital health solutions in hospitals.
Moreover, Germany is expanding significantly in the region. This is due to an increase in the healthcare spending in the nation, use of solutions driven by advanced technologies, rise in the awareness of alert fatigue in the country, and favorable reimbursement regulations for hospital care.
Furthermore, it is expected that the U.K. will continue to be one of the most-alluring markets. This is credited to the major developments in the healthcare sector of the nation. For instance, the U.K. government announced plans to construct eight new hospitals in England in July 2021. By 2030, the U.K. government plans to build 40 additional hospitals across the nation.
Key players in the market include Ascom Holding AG, Drägerwerk AG & Co. KGaA, General Electric Company, Hill-Rom Holdings Inc., Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Spok Inc., Vocera Communications, and West-Com Nurse Call Systems Inc.