The clinical alarm management global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Clinical Alarm Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The clinical alarm management market size has grown exponentially in recent years. It will grow from <b>$2.39 billion in 2023 to $2.89 billion in 2024 at a compound annual growth rate (CAGR) of 20.9%. </b> The growth in the historic period can be attributed to patient safety concerns, regulatory compliance, increasing complexity of healthcare devices, alarm fatigue mitigation, patient-centered care initiatives, risk of adverse events.
The clinical alarm management market size is expected to see exponential growth in the next few years. It will grow to <b>$6.31 billion in 2028 at a compound annual growth rate (CAGR) of 21.6%. </b> The growth in the forecast period can be attributed to remote patient management expansion, population health management trends, patient engagement solutions, data analytics for alarm optimization, global health emergency preparedness. Major trends in the forecast period include integration of artificial intelligence (ai), advanced analytics and predictive algorithms, interoperability and integration with ehrs, wireless and mobile solutions, cybersecurity measures, vendor partnerships and collaborations, continuous monitoring technologies.
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Scope Of Clinical Alarm Management Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Clinical Alarm Management Market Overview
Market Drivers –
The growing cases of alarm fatigue are expected to propel the growth of the clinical alarm management market going forward. The term “alarm fatigue” refers to the sensory overload that occurs when clinicians receive an excessive number of alarms, leading to missed alarms and delayed responses. Several patient deaths have been attributed to alarm fatigue. Hospitals are increasingly recognizing alarm fatigue as a critical safety issue, and alarm management has become a priority improvement area. Clinical alarm management solutions help manage alarms and reduce alarm fatigue by using a modern clinical communication tool. For instance, in 2023, according to a research published by the BMJ, a UK-based medical journal owned by the British Medical Association, alarm fatigue is an increasing issue faced by patients in a medical institution. Patient movement, incorrect positioning and premature removal of the device contribute to false alarms. Estimates indicate more than 70% of alarms could be false and obstruct patient safety. Thus, growing alarm fatigue is increasing the adoption of the clinical alarm management solution which is driving the clinical alarm management market.
Market Trends –
Implementation of big data and artificial intelligence is a key trend gaining popularity in the clinical alarm management market. Major companies operating in the market are advancing toward the use of big data and artificial intelligence (AI) to meet customer demand. For instance, in September 2021, Medtronic, an Ireland-based medical device company, partnered with Statis Health, a wholly-owned subsidiary of Stasis Labs based in the US, to provide a Stasis Monitor in India. Stasis Monitor is a patented artificial intelligence-enabled bedside patient monitoring system that has been cleared by the FDA to automate, digitize, document, and communicate critical patient information. Using predictive AI, this device alerts staff when a patient’s condition deteriorates. This monitor provides six vital signs in a single monitor including heart rate, blood oxygen level, electrocardiogram, respiratory rate, blood pressure, and temperature. It also connects with a tablet and cloud-connected app to enable remote monitoring across devices.
The clinical alarm management market covered in this report is segmented –
1) By Product: Physiological Monitors, Nurse Call Systems, Ventilators, Bed Alarms, Anesthesia Machines, Telemetry Monitors, Feeding Pumps, Other Products
2) By Component: Solutions, Services
3) By End-User: Hospitals and Clinics, Home Care Settings, Ambulatory Care Centers, Long-Term Care Facilities, Specialty Centers
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Regional Insights –
North America was the largest region in the clinical alarm management market in 2023. The regions covered in the clinical alarm management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the clinical alarm management market report are Koninklijke Philips NV, GE Healthcare Technologies Inc., Ascom Holdings AG, Spok Holdings Inc., Masimo Corp., Vocera Communications Inc., Medtronic Inc., Dragerwerk AG, Connexall Inc., Mobile Heartbeat LLC, Hill-Rom Services Inc., Cornell Communications Inc., Intercall Systems Inc., Critical Alert Systems LLC, Capsule Technologies Inc., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Baxter International Inc., Johnson Controls International plc, West-Com Nurse Call Systems Inc., Csinc Inc., Live Sentinel Ltd., Amplion Clinical Communications Inc., Cerner Corporation, Alpha Communications Ltd., Fujian Huanyutong Technology Co. Ltd., Tunstall Group Holdings Ltd., AMETEK Inc., Midmark Corporation, Stanley Healthcare Inc., Bernoulli Health Corp., Extension Healthcare, Alertus Technologies LLC, Everbridge Inc., Intego Systems LLC, Nuvon Inc.
Table of Contents
1. Executive Summary
2. Clinical Alarm Management Market characterstics
3. Clinical Alarm Management Market Trends And Strategies
4. Clinical Alarm Management Market – Macro Economic Scenario
5. Global Clinical Alarm Management Market Size And Growth
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31. Global Clinical Alarm Management Market Competitive Benchmarking
32. Global Clinical Alarm Management Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Clinical Alarm Management Market
34. Clinical Alarm Management Market Future Outlook and Potential Analysis
35. Appendix
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