The Global Clinical Alarm Management Industry is on the cusp of a significant expansion, according to a recent industry analysis. The market is expected to witness a remarkable 7.5% Compound Annual Growth Rate (CAGR) from 2023, reaching a staggering US$ 6.2 billion by 2033.
Recent projections indicate that the industry is poised for an annual expansion of approximately 13% through 2029. This surge is propelled by substantial investments in healthcare facilities and infrastructure development, reshaping the landscape of patient engagement and experience on a global scale. The unwavering commitment to crafting state-of-the-art healthcare environments has emerged as a driving force, catalyzing a revolutionary transformation in 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
The 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 an 80% reduction in ventilator alarms.
Clinical alarm management solutions – central monitoring systems in particular have been garnering significant traction, as they provide 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 solutions 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. The 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 components (solutions and services) and end users (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
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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