The "Clinical Alarm Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The global clinical alarm management market is expected to witness a CAGR of 12.5 % over the forecast period.
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.
North America Expected to have Significant Market Share
North America region is anticipated to have a significant market share owing to well-established healthcare infrastructure, new product launches, and the presence of key market players. Hospitals in the region are consolidating at a rapid pace and there is rising competition is due to this healthcare providers are investing huge amounts in advancing the infrastructure such as alarm management systems to improve patient care. Moreover, the presence of a large pool of population and increasing healthcare spending in the region is projected to fuel the regional market growth.
According to the Center for Disease Control and Prevention 2021 updated statistics, 6 in 10 adults in United States have at least one chronic disease and 4 in 10 adults in United States have two or more chronic diseases. As per the same report heart disease, cancer, chronic lung disease, stroke, Alzheimers Disease, Diabetes and Chronic Kidney Disease and posing around USD 3.8 trillions annual healthcare costs on the country's healthcare system.
The companies are actively involving in the new product launches developments and collaborations to expand their footprint in United States. For instance, in February 2019, Nihon Kohden launched its NK-HiQ Enterprise Gateway, the next-generation platform that integrates data from Nihon Kohden patient monitoring devices and consolidates multiple applications into a single powerful platform. NK-HiQ Enterprise Gateway consists of 7 extensions AWARE alarm management and reporting software application, NK-HiQ CNS remote client, NK-HiQ ECG server extension, NK-HiQ HL7 server extension, NK-HiQ Pager server extension, NK-HiQ Wireless server extension, ViTrac remote viewing.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Prevalence of Chronic Diseases and Long Hospital Stays
4.2.2 Rising Healthcare Expenditure and Technological Advancements in Clinical Alarm Management
4.3 Market Restraints
4.3.1 High Investment for Clinical Alarm Systems
4.3.2 Lack of Product Standardization and False Alarms
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Component
5.2 By End-User
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/bmxwu
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