Market Trends of Clinical Alarm Management Industry
This section covers the major market trends shaping the Clinical Alarm Management Market according to our research experts:
Long term care Segment is Expected to Witness High Growth Over the Forecast Period
Long-term care facilities are healthcare centers that provide various services, including medical and personal care, to people who cannot live independently and geriatric patients. People frequently need long-term care for 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. Hence, the use of clinical alarms is increasing in long-term facilities. Furthermore, the growing prevalence of chronic diseases coupled with the increasing geriatric population globally are the major factors driving the respective segment in the market studied. For instance, according to 2022 statistics published by American Heart Association, the prevalence rate of heart failure in the United States was 6 million, 1.8% of the total population, in 2021. Thus, the high burden of heart failure cases in the country is expected to increase the demand for clinical alarm management to alert healthcare professionals and physicians which is further expected to boost the market's growth over the forecast period.
The older population is often susceptible to osteoarthritis, chronic obstructive pulmonary disease, depression, and dementia. This indicates the rising demand for devices required for the monitoring, assisting, and management of patients. For instance, according to World Population Aging Highlight United Nations 2022, in 2022, there were 771 million people aged 65 years or over globally. The older population is projected to reach 994 million by 2030. Thus, the increasing geriatric population is expected to increase hospital admission, which in turn is expected to drive market growth.
Thus, owing to the factors above the usage of clinical alarm management solutions and services is expected to grow significantly during the forecast period.
North America is Expected to Dominate the Clinical Alarm Management Market Over the Forecast Period
North America region is anticipated to have a significant market share owing to increased hospital stays due to chronic disease, and rising healthcare expenditure. For instance, as per the Centers for Medicare and Medicaid Services, national health spending was projected to grow at an average annual rate of 5.4% from 2019-2028 and reach USD 6.2 trillion by 2028. As national health expenditure is projected to grow 1.1% points faster than the average yearly GDP over 2019-2028, the health share of the economy is projected to rise by 19.7% in 2028. Thus, the increasing healthcare spending is anticipated to create opportunities for clinical alarm management, thereby propelling market growth.
Additionally, according to the National Health Expenditure Trend 2021 report from the Canadian Institute of Health Information, Canadian health expenditure increased to USD 308.1 billion in 2021 compared to USD 301.5 billion in 2020. Hence, with the increasing healthcare cost and information technology, the adoption of clinical alarm management is expected to increase in the region. Also, according to the OECD, in June 2022, Mexico's health spending as a share of GDP was 6.2% in 2020; this is expected to impact the market's growth positively.
The companies are actively involved in new product launch developments and collaborations to expand their footprint in the United States. For instance, in August 2022, AirStrip released an FDA-cleared alarm communication solution. The alarm communication platform is built on the core AirStrip ONE solution bundle to enable healthcare providers to focus on patient safety, reduce alarm fatigue, and notify mobile clinicians when critical, actionable alarm conditions occur for their patients and require attention.
Thus, owing to the abovementioned factors, the studied market in the North American region is expected to project growth over the forecast period.
