In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Clinical alarms are the alarming systems used in hospitals by the patients in order to alert the medical caregivers whenever they require their services. These alarms form an essential part of the hospital since they signal the care providers when a patient needs attention for care.
The clinical alarms are provided to notify the care providers about any patient issues. The alarms should be accurate so that the caregiver can take appropriate action and manage the concerns. The various systems supervise the health condition of the patients by monitoring any major fluctuations occurring in the patient’s body and warning the medical professionals about them.
However, the high number of patients in hospitals makes it difficult for the hospital staff to respond to every patient at the same time, giving rise to the demand for an effective clinical alarm management system. The increasing number of alarm notifications every day causes a condition known as alarm fatigue, in which the caregivers get tired of the alarms and begin to ignore them, resulting in a threat to patient safety.
Management of clinical alarms is required to ensure that the alarms work well and are effective so that the caregiver is able to attend the patient in a proper manner and take required action as soon as possible in case of an emergency by reducing the response time. The ideal clinical alarm management system improves the workflow of medical professionals and provides an accurate solution to the problems faced by people at medical institutions.
The rising demand for clinical alarm management system is attributed to the increasing number of patients in hospitals which are growing every year due to the growing incidences of chronic diseases among people, especially among the geriatric population. According to data on ageing collected by the United Nations, the number of people above the age of 80 are expected to increase by three times from 143 million in 2019 to 426 million in the year 2050.
The market for clinical alarm management is anticipated to expand by a significant CAGR during the forecast period, i.e., 2019-2027 and attain a considerable market size by the end of 2027. The market is segmented by end user into hospitals, home care and others, out of which, the home care segment is anticipated to grow at the highest rate during the forecast period as a result of the growing geriatric population and its affordable expenditure as compared to hospitals.
On the other hand, the hospitals segment is estimated to hold the largest market share by 2027. This can be attributed to the increasing healthcare facilities available at hospitals and the improving quality of services provided to the patients.
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Advanced techniques are required to develop the modern clinical alarm management system. The notifications should be instant and should inform the caregiver about the gravity of the condition, which would allow them to respond accordingly. The sounds made by the alarm system should be controlled and in such a way that they do not disturb the patient or cause alarm fatigue among the medical professionals. The alarms should give a precise reading as well. If the system of clinical alarms is not managed in a proper manner, it can compromise the safety of patients. Huge investments in research and development activities pertaining to enhanced medical facilities is estimated to significantly support the growth of the market.
Increasing incidences of chronic health conditions such as cardiovascular disease and diabetes have resulted in occupancy of a higher number of beds in the hospitals, mostly for a longer duration. Data presented by WHO states that the number of hospital beds per 1000 people was just 2.7 in 2011. Even the long term home care centers have a high demand for effective clinical alarm management. The high prevalence of chronic disorders is driving the demand for clinical alarm management market, thereby boosting the growth of the market.
The market for clinical alarm management has a high potential to grow in future. However, currently there is a lack of awareness about the various alarm systems present in the healthcare sector. Due to this, the market might suffer as the demand would not be as high as it should be, which might hamper the growth of the market.
Our in-depth analysis of the clinical alarm management market includes the following segments:
On the basis of regional analysis, the clinical alarm management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in North America region is estimated to lead the market of clinical alarm management on account of growing number of chronic disorders as well as geriatric population in the region. The high incidences of diseases as a result of unhealthy lifestyle among the population have further contributed to the growth of the market in this region.
The market in Europe is anticipated to display high growth on the back of improving healthcare facilities in this region along with expanding advancements in the healthcare and information technology sectors.
The clinical alarm management market is further classified on the basis of region as follows: