The Clinical Alarm Management Market is anticipated to be worth $ 3.0 billion in 2023. It is expected to reach US$ 6.2 billion by 2033, growing at a 7.5% CAGR between 2023 and 2033.
Increasing adoption of clinical decision support tools and real-time communication system, in view of rapid advances in healthcare technologies, are projected to boost the demand for clinical alarm management.
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Key Takeaways from Clinical Alarm Management Market Study
- Adoption of clinical decision support tools and clinical alarm reporting software continues to broaden in both developing and developed countries.
- Clinical alarm reporting software helps in identifying nonactionable alarms that could be fully adjusted or removed, contributing to 80% reduction in ventilator alarms.
- Clinical alarm management solutions – central monitoring system in particular has been garnering significant traction, as it provides actionable intelligence to respond to alarm conditions with appropriate patient care or device management.
- FMI reports that demand for clinical alarm management in hospitals and ambulatory surgical centers is likely to increase at the CAGR of ~14% and ~11% respectively, during the forecast period.
- As compared to developing regions, the sales of clinical alarm management solution is anticipated to be higher in countries of North America and Western Europe.
“With global investments in healthcare industry increasing at rapid pace, clinical alarm management is likely to witness high demand to improve workflow, lower noise levels, and enhance patient care. In addition, solution providers are preparing to expand their portfolios and combine their services with advanced technologies such as Big Data Analytics to gain distinct competitive edge,” says the FMI analyst.
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Key Players Eyeing Greater Opportunities in Asia Pacific
Leading players in the clinical alarm management market are constantly focusing on expanding their business across Asia Pacific. Increasing investments in the digitalization of healthcare infrastructure, especially in developing countries such as China and India, is likely to help attract different clinical alarm management solution providers to continue their businesses in these countries. Further, with a wealth of innovation on the horizon, clinical alarm management market players are set to release advanced solutions and services for the end users.
- Zebra Technologies offers alarm management solutions, which can deliver more than patient event notifications and secure text messaging.
Incorporation of new technologies such as Internet of Things (IoT) in the healthcare sector along with rising adoption of big data analytics has been leading to paradigm shift in patient care delivery. Rapid inclination towards value-based healthcare is likely to remain instrumental to the growth of the clinical alarm management market in the years ahead.
Clinical alarm management Market Outlook by Category
By Component, Clinical alarm management Market is segmented as:
- Solution
- Clinical Decision Support Tool
- Central Monitoring System
- Mobility Solution
- Clinical Alarm Reporting Software
- Alarm Auditing Software
- Service
- Consulting
- Implementation and Integration
- Monitoring and Analytics
By End-User, Clinical alarm management Market is segmented as:
- Hospitals
- Clinics
- Ambulatory Surgical Centres
- Long-term and Palliative Care Centres
- Home Care
- Others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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