In 2021, the clinical alarm management market will be worth US$ 525.3 million. The clinical alarm management market is expected to exceed $5,920.3 million by 2029, growing at a CAGR of 32.3% between 2022 and 2029. The clinical alarm management market accounted for approximately 3% of the total global patient monitoring market.
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Key Takeaways from Clinical Alarm Management Market Study
Clinical decision support tools and clinical alarm reporting software are increasingly being used in both developing and developed countries.
Clinical alarm reporting software aids in the identification of nonactionable alarms that can be completely adjusted or removed, resulting in an 80% reduction in ventilator alarms.
Clinical alarm management solutions, particularly central monitoring systems, have gained traction because they provide actionable intelligence to respond to alarm conditions with appropriate patient care or device management.
According to FMI, demand for clinical alarm management in hospitals and ambulatory surgical centres is expected to grow at a CAGR of 14% and 11%, respectively, over 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 clinical alarm management market players are constantly focusing on expanding their operations across Asia Pacific.
Increasing investments in the digitalization of healthcare infrastructure, particularly in developing countries such as China and India, are likely to encourage various clinical alarm management solution providers to expand their operations in these countries.
Furthermore, with a slew of new innovations on the horizon, clinical alarm management market participants are gearing up to release advanced solutions and services for end users.
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Zebra Technologies provides alarm management solutions that go beyond patient event notifications and secure text messaging.
The incorporation of new technologies such as the Internet of Things (IoT) in the healthcare sector, as well as the increasing use of big data analytics, has resulted in a paradigm shift in patient care delivery.
The rapid shift toward value-based healthcare is expected to fuel the growth of the clinical alarm management market in the coming years.
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
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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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