The Global Clinical Alarm Management Industry is poised for a remarkable surge, with anticipated revenues reaching US$ 6.2 billion by 2033, reflecting an impressive 7.5% Compound Annual Growth Rate (CAGR) from 2023. These insights, derived from industry analysis, reveal a dynamic landscape marked by substantial growth opportunities.
According to the latest projections, the industry is set to experience an annual expansion of ~13% through 2029. This acceleration is fueled by significant investments in healthcare facilities and infrastructure development, reshaping patient engagement and experience on a global scale. The commitment to creating state-of-the-art healthcare environments has become a driving force, revolutionizing the healthcare sector.
“With global investments in the healthcare industry increasing at a 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 a distinct competitive edge,” says the FMI analyst.
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Key Takeaways from Global Clinical Alarm Management Industry 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 Global Clinical Alarm Management Industry 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.
The incorporation of new technologies such as the Internet of Things (IoT) in the healthcare sector along with the rising adoption of big data analytics has been leading to a paradigm shift in patient care delivery. Rapid inclination toward value-based healthcare is likely to remain instrumental to the growth of the Global Clinical Alarm Management Industry in the years ahead.
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Find More Valuable Insights on the Global Clinical Alarm Management Industry
In its new offering, Future Market Insights puts forward an unbiased analysis of the Global Clinical Alarm Management Industry, 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 based on 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.
Global Clinical Alarm Management Industry: Segmentation
By 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
