Clinical Alarm Management Market Predicted to Grow at 7.5% CAGR, Reaching US$6.2 Billion by 2033 | FMI Findings

The Clinical Alarm Management Industry, currently valued at US$ 3.0 billion in 2023, is set to undergo a significant transformation over the next decade, as forecasted by experts at Future Market Insights (FMI). With an anticipated compound annual growth rate (CAGR) of 7.5% from 2023 to 2033, the market is projected to reach a substantial US$ 6.2 billion by the end of this period.

The Clinical Alarm Management Industry has been surging at an impressive pace, with an estimated annual growth rate of approximately 13% until 2029. This rapid advancement can be attributed to substantial investments in healthcare infrastructure and facilities, resulting in a paradigm shift in patient engagement and experience.

Moreover, the widespread adoption of clinical decision support tools and real-time communication systems, driven by the relentless progress in healthcare technologies, is expected to fuel the demand for clinical alarm management solutions.

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In light of this, an FMI analyst stated, “As global investments in the healthcare industry continue to surge, clinical alarm management is poised for high demand due to its potential to enhance workflow efficiency, reduce noise levels, and elevate patient care quality. Furthermore, solution providers are gearing up to expand their portfolios and integrate advanced technologies such as Big Data Analytics to gain a competitive edge in the market.”

The Clinical Alarm Management Market’s journey toward unparalleled growth is not only evident but also indicative of its critical role in the evolving healthcare landscape. Stay tuned for further updates as FMI continues to monitor and report on this dynamic market segment.

Key Takeaways from 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 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.

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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 industry in the years ahead.

Find More Valuable Insights on 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 industry on the basis of components (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 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

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End User

• Hospitals
• Clinics
• Ambulatory Surgical Centres
• Long-term and Palliative Care Centres
• Home Care
• Others

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 areas such as 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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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