Clinical Alarm Management Market Set for Exponential Growth, Projected to Reach USD 9942 Million by 2030

AUSTIN, TEXAS, UNITED STATES, March 12, 2024 /EINPresswire.com/ -- The Global Clinical Alarm Management Market is witnessing remarkable growth, driven by increasing focus on patient safety, regulatory initiatives to reduce alarm fatigue, and advancements in alarm management technologies.

According to SNS Insider, the clinical alarm management market size was valued at USD 1405 million in 2022 and is expected to reach USD 9942 million by 2030, exhibiting a robust Compound Annual Growth Rate (CAGR) of 27.7% over the forecast period of 2023-2030.

The clinical alarm management market report provides a comprehensive analysis of the current and projected trends in this rapidly growing industry. With the increasing adoption of advanced technology in healthcare settings, the demand for effective alarm management solutions is on the rise. The report covers key factors driving the market growth, including strict regulatory requirements, rising patient safety concerns, and advancements in communication technologies. Additionally, it discusses challenges such as alarm fatigue and false alarms that healthcare providers face when implementing these systems. By offering insights into market dynamics, competitive landscape, and future opportunities, this report serves as a valuable resource for stakeholders looking to make informed decisions about investing in clinical alarm management solutions.

Clinical alarms play a vital role in healthcare settings, providing critical alerts and notifications to healthcare providers about changes in patient conditions, equipment malfunctions, and other safety-related events. However, the high volume of clinical alarms generated by medical devices can lead to alarm fatigue among healthcare professionals, compromising patient safety and clinical effectiveness.

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Major Key Players in the Clinical Alarm Management Market:

• Ascom
• Capsule Technologies Inc.
• General Electric Company (GE Healthcare)
• Hill-Rom Services Inc.
• Johnson Controls
• Koninklijke Philips N.V.
• Masimo
• Spok Inc.
• Vocera Communications
• West-Com

Key factors driving the growth of the clinical alarm management market include:

• Focus on Patient Safety: The increasing emphasis on patient safety and the prevention of adverse events in healthcare settings is driving healthcare organizations to implement comprehensive alarm management solutions to prioritize and contextualize clinical alarms, reduce unnecessary alerts, and improve response times.

• Regulatory Initiatives: Regulatory bodies, such as the U.S. Food and Drug Administration (FDA) and The Joint Commission, have issued guidelines and standards to address alarm fatigue and improve alarm management practices, prompting healthcare providers to invest in innovative alarm management technologies and strategies to enhance patient care.

• Advancements in Alarm Management Technologies: Ongoing advancements in alarm management technologies, including intelligent alarm algorithms, predictive analytics, and integration with electronic health record (EHR) systems, are enabling healthcare organizations to streamline alarm workflows, optimize alarm settings, and enhance clinical decision-making.

• Increasing Adoption of Healthcare IT Solutions: The growing adoption of healthcare information technology (IT) solutions, such as alarm management software, middleware platforms, and communication systems, is driving market growth by enabling seamless integration of clinical alarms with existing healthcare infrastructure and improving care coordination.

Key Segments Covered in Clinical Alarm Management Market Report:

By Product Type
• Nurse Call Systems
• Physiological Monitors
• Bed Alarms
• EMR Integration Systems
• Ventilators
• Others

By Component type
• Solutions
• Services

By End-use
• Hospitals & Clinics
• Home Care Settings
• Ambulatory Care Centers
• Long-Term Care Facilities
• Specialty Centers

The market was dominated by the clinical alarm management solutions segment, which accounted for a revenue share of over 25% in 2022. The growing adoption of connected care technologies in healthcare, initiatives by leading companies and the need to reduce alarm fatigue are behind these developments. The need to reduce adverse patient events, false/ nuisance alarms, and comply with regulatory mandates is anticipated to drive the market over the forecast period.

The market is dominated by the nurse call systems segment, which accounted for more than 20 % of total revenue in 2022. The development of products based on wireless technology and automation, as well as the necessity to improve clinical processes and reduce operating costs in healthcare facilities while maximising use of available resources are factors which account for this high level of share. In addition, market growth is expected to be stimulated by increased funding for wireless technologies and IP based nurse call systems during the forecast period.

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Key Regional Development

Due to the growing importance of quality healthcare services, North America is dominating the clinical alarm management market and accounts for more than 44.2 % of total revenues in 2022. Market growth in this region is further supported by an increasing incidence of alarm fatigue and favourable regulatory environment in the United States as well as Canada. Furthermore, market growth will be supported by the presence of key players such as GE Healthcare, Ascom and Koninklijke Philips NV in this region.

The market is expected to grow at the highest compound annual growth rate over the forecast period in the Asia Pacific region. The increasing adoption of technology solutions to improve health care facilities can be seen as a cause for this. Moreover, market growth is expected to be stimulated by increasing investments in health care in countries such as Australia, China, India, and Japan.

Key Takeaway from Clinical Alarm Management Market Study–

• Information about the main drivers, restraints and opportunities is provided in addition to market research.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the urgent care apps market segmentation assists to determine the prevailing market opportunities.

Recent Development Related to Clinical Alarm Management Market –

• In July 2022, In the Asia Pacific region, Spok has entered into an agreement with in Technology to distribute and implement its healthcare communication products. This development will help the company to establish its market presence in the emerging healthcare infrastructure of the region, as well as improve hospitals' integrated key communication solutions with their existing data systems, such as clinical alarms, patient monitoring, and electronic medical records.

• In March 2022, Sheffield Children's Hospital has entered into a collaboration with Tutum Medical to develop the new concept of bedside equipment alarms monitoring system BEAMS, the system integrates critical bedside monitoring systems to improve ability of nursing staff responses and track staff walking wards to monitor for alarms. The system is expected to reduce the frequency of alarms by 95%, leading to a significant reduction in alarm fatigue and improved availability of staff for effective patient care.

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Akash Anand
SNS Insider Pvt. Ltd
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