The clinical alarm management market is the clinical alarm management market is anticipated to reach US$3.0 billion in 2023. By 2033, it is expected to have increased by 7.5% CAGR from 2023 to 2033, reaching US$ 6.2 billion. It is anticipated that the occurrence of alarm fatigue and the rising need for cost containment in various healthcare settings would encourage the implementation of innovative clinical alarm management systems and, as a result, develop the clinical alarm management market. In a medical environment, clinical alarm management means reducing pointless alarms.
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.
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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.
Find More Valuable Insights on Clinical Alarm Management Market
In its new offering, Future Market Insights puts forward an unbiased analysis of the global clinical alarm management market, providing historical demand data (2014-2018) and forecast statistics for the period, 2019-2029.
The study provides key insights on the clinical alarm management market on the basis of component (solution and services) and end user (hospitals, clinics, ambulatory surgical centers, long-term and palliative care centers, home care, and other end users) across seven major regions.
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Clinical Alarm Management Market: Segmentation
Component
- 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
End User
- Hospitals
- Clinics
- Ambulatory Surgical Centres
- Long-term and Palliative Care Centres
- Home Care
- Others
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Excluding Japan
- Japan
- Middle East & Africa
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