Clinical Alarm Management Global Market Report 2023

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New York, April 26, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Clinical Alarm Management Global Market Report 2023” – https://www.reportlinker.com/p06450868/?utm_source=GNW
, Cornell Communications, Intercall Systems Inc., and Critical Alert.

The global clinical alarm management market is expected to grow from $1.98 billion in 2022 to $2.39 billion in 2023 at a compound annual growth rate (CAGR) of 20.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The clinical alarm management market is expected to grow to $5.18 billion in 2027 at a CAGR of 21.4%.

The clinical alarm management market consists of revenues earned by entities by providing services such as implementation, integration, consulting, monitoring, analytics.The market value includes the value of related goods sold by the service provider or included within the service offering.

The clinical alarm management market also includes sales of EMR integration systems and monitors.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

The way a healthcare team responds to unfavourable changes in a patient’s condition is referred to as clinical alarm management. These are used in home and hospital settings in order to utilize technology and improve patient care, save time and money, and reduce alarm fatigue.

North America was the largest region in the clinical alarm management market in 2022. The regions covered in the clinical alarm management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of products in clinical alarm management are physiological monitors, nurse call systems, ventilators, bed alarms, anaesthesia machines, telemetry monitors, feeding pumps, and others.Physiological monitors are systems generally consisting of several components, including a central station, bedside monitors, and ambulatory telemetry transmitters and receivers.

The different components include solutions and services that are used for various end-users such as hospitals and clinics, home care settings, ambulatory care centers, long-term care facilities, and specialty centers.

The growing cases of alarm fatigue are expected to propel the growth of the clinical alarm management market going forward.The term alarm fatigue refers to the sensory overload that occurs when clinicians receive an excessive number of alarms, leading to missed alarms and delayed responses.

Several patient deaths have been attributed to alarm fatigue.Hospitals are increasingly recognizing alarm fatigue as a critical safety issue, and alarm management has become a priority improvement area.

Clinical alarm management solutions help manage alarms and reduce alarm fatigue by using a modern clinical communication tool.For instance, in 2020, according to The Joint Commission, a US-based non-profit tax-exempt organization, alarm alert, and notification overload which mainly led to alarm fatigue were one of the top 10 health technology hazards and failure to respond to clinical alarms ranked 8th on The Joint Commission’s list of top 10 sentinels (never) events.

Thus, growing alarm fatigue is increasing the adoption of the clinical alarm management solution which is driving the clinical alarm management market.

Implementation of big data and artificial intelligence is a key trend gaining popularity in the clinical alarm management market.Major companies operating in the market are advancing toward the use of big data and artificial intelligence (AI) to meet customer demand.

For instance, in September 2021, Medtronic, an Ireland-based medical device company, partnered with Statis Health, a wholly-owned subsidiary of Stasis Labs based in the US to provide a Stasis Monitor in India.Stasis Monitor is a patented artificial intelligence-enabled bedside patient monitoring system that has been cleared by the FDA to automate, digitise, document, and communicate critical patient information.

Using predictive AI, this device alerts staff when a patient’s condition deteriorates.This Monitors provide six vital signs in a single monitor including heart rate, blood oxygen level, electrocardiogram, respiratory rate, blood pressure, and temperature.

It also connects with a tablet and cloud-connected app to enable remote monitoring across devices.

In January 2021, Philips, a Netherlands-based health technology company acquired Capsule Technologies for $635 million.Through this acquisition, Philips aimed to boost and scale its patient care management solutions portfolio including real-time patient monitoring across all healthcare settings.

Capsule Technologies is a US-based provider of medical device integration and information solutions for healthcare providers including Capsule Surveillance, which aligns alert notifications to clinical practice.

The countries covered in the clinical alarm management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The clinical alarm management market research report is one of a series of new reports that provides clinical alarm management market statistics, including clinical alarm management industry global market size, regional shares, competitors with clinical alarm management market share, detailed clinical alarm management market segments, market trends, and opportunities, and any further data you may need to thrive in the clinical alarm management industry. This clinical alarm management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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