Clinical Alarm Management Market Outlook in Comparison to 2023 to 2033
The Global Clinical Alarm Management Industry is on the brink of an extraordinary surge, with anticipated revenues soaring to US$ 6.2 billion by 2033, representing a remarkable 7.5% Compound Annual Growth Rate (CAGR) from 2023. These insights, meticulously derived from thorough industry analysis, unveil a dynamic landscape brimming with substantial growth opportunities.
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
