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Clinical Alarm Management Market Set for Remarkable Growth, Estimated to Reach US$ 6.2 Billion by 2033 with 7.5% CAGR from 2023

July 14, 2023 : Clinical Alarm Management Market Expected to Reach US$6.2 Billion by 2033, Driven by Technological Advancements in Healthcare.

The clinical alarm management market is poised for significant growth, projected to reach US$3.0 billion in 2023 and increase at a compound annual growth rate (CAGR) of 7.5% from 2023 to 2033, ultimately reaching US$6.2 billion.

Rapid developments in healthcare infrastructure and increased investments have transformed patient engagement and experience, leading to a surge in demand for clinical alarm management. The adoption of clinical decision support tools and real-time communication systems has gained momentum, driven by advancements in healthcare technologies.

Industry analysts state, “As global investments in the healthcare industry continue to rise, the demand for clinical alarm management is expected to increase. Solution providers are expanding their portfolios and integrating advanced technologies like Big Data Analytics to gain a competitive advantage.”

Key takeaways from the clinical alarm management market study include:

  • Clinical decision support tools and clinical alarm reporting software are being adopted in developing and developed countries.
  • Clinical alarm reporting software assists in identifying nonactionable alarms, resulting in an 80% reduction in ventilator alarms.
  • Clinical alarm management solutions, particularly central monitoring systems, are gaining traction as they provide actionable intelligence to respond to alarm conditions effectively.
  • The demand for clinical alarm management in hospitals and ambulatory surgical centers is projected to grow at CAGRs of ~14% and ~11%, respectively, during the forecast period.
  • Clinical alarm management solutions sales are expected to be higher in North America and Western Europe compared to developing regions.
  • Leading players in the market are exploring opportunities in the Asia Pacific region, particularly in countries like China and India, due to increased investments in healthcare digitalization.
  • The integration of technologies such as the Internet of Things (IoT) and the adoption of big data analytics are driving a transformation in patient care delivery.
  • Zebra Technologies is one of the key players offering alarm management solutions that provide patient event notifications and secure text messaging.

Future Market Insights offers a comprehensive global clinical alarm management market analysis, including historical demand data and forecast statistics. The market is examined based on components (solutions and services) and end-users (hospitals, clinics, ambulatory surgical centers, long-term and palliative care centers, home care, and others) across seven major regions.

The clinical alarm management market is primed for substantial growth, propelled by technological advancements and the ongoing shift towards value-based healthcare.