Clinical Alarm Management Market Projected to Reach US$ 6.2 Billion by 2033: Valued at US$ 3.0 Billion, According to Market Predictions

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.

The clinical alarm management market is on a pace to expand by ~13% annually, through 2029. Heavy investments in the development of healthcare facilities and infrastructure have been radically changing patient engagement and experience in recent years. Increasing adoption of clinical decision support tools and real-time communication systems, in view of rapid advances in healthcare technologies, is projected to boost the demand for clinical alarm management.

global clinical alarm management market

“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 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.

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.

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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.

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

About FMI:

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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