With the emergence and long-term Impact of COVID-19, the Global Clinical Alarm Management Market is to reach USD 5.62 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Clinical Alarm Management Market is poised to raise up to USD 5.62 Billion by 2030. Clinical alarm management involves the systematic oversight and optimization of alarms generated by medical devices in healthcare settings. It focuses on prioritizing alarms based on severity, customizing settings for individual patients, integrating systems for efficient communication, and employing technology solutions such as predictive analytics. The goal is to prevent alarm fatigue among healthcare professionals, ensuring that alarms are meaningful, relevant, and promptly addressed to enhance patient safety. This approach emphasizes the importance of education, training, and leveraging advanced technologies to improve the accuracy and effectiveness of clinical alarms.
The surge in cases of alarm fatigue and the growing need for cost-containment measures in healthcare delivery, the high prevalence of chronic diseases, coupled with the rising geriatric population are the key factors that are contributing to the regional market growth across the globe. In addition, rising healthcare expenditure and prolonged hospital stays are acting as a catalyzing factors for the demand for clinical alarm management, which is bolstering the market growth at a substantial rate.
In the United States, the Centers for Medicare and Medicaid Services projected a 5.4% annual growth in national health spending, reaching USD 6.2 trillion by 2028. With health expenditure expected to outpace the GDP growth, the health share of the economy is projected to rise by 19.7% in 2028, creating opportunities for clinical alarm management and driving market growth. Additionally, Canada’s health expenditure increased from USD 301.5 billion in 2020 to USD 308.1 billion in 2021, indicating a rising trend.
Similarly, Mexico’s health spending as a share of GDP was 6.2% in 2020, as reported by the OECD in June 2022, positively impacting the growth of the clinical alarm management market over the estimated period. Moreover, the rising inclination towards the adoption of Electronic Health Record (EHR), as well as the increasing use of big data and mHealth tools present various lucrative opportunities over the forecast years. However, the rising data security issues and the lack of interoperability are challenging the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Clinical Alarm Management Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rising utilization of technologically advanced solutions to enhance healthcare services, increasing emphasis on delivering high-quality healthcare services and a favorable regulatory environment in both the U.S. and Canada. Furthermore, the region benefits from the presence of key market players, including GE Healthcare, Ascom, and Koninklijke Philips N.V., contributing to the overall growth of the market.
Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. The rising demand for clinical alarm management systems, rapid adoption of big data analytics, and growing investments in the healthcare sector, particularly in countries such as Australia, China, India, and Japan are significantly propelling the market demand across the region.
The global Clinical Alarm Management Market is highly competitive owing to the presence of several key manufacturers such as Koninklijke Philips N.V., General Electric Company, Ascom Holding AG, Spok Holdings, Inc., Masimo, Hill-Rom Services, Inc. (Baxter), and others.
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Key findings of the study suggest:
- Global Clinical Alarm Management Market is anticipated to grow with a healthy growth rate of more than 21.30% over the forecast period 2023-2030.
- In the Product segment, nurse call systems emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to increasing emphasis on delivering high-quality healthcare services.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Product:
- Nurse Call Systems
- Physiological Monitors
- Bed Alarms
- EMR Integration Systems
- Ventilators
- Others
By Component:
- Solutions
- Services
By End-use:
- Hospitals & Clinics
- Home Care Settings
- Ambulatory Care Facilities
- Long-term Care Facilities
- Specialty Centers
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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