The Clinical Alarm Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Clinical Alarm Management Global Market Report 2024, The clinical alarm management market size has grown exponentially in recent years. It will grow from $2.39 billion in 2023 to $2.89 billion in 2024 at a compound annual growth rate (CAGR) of 20.9%. 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 $6.31 billion in 2028 at a compound annual growth rate (CAGR) of 21.6%. 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..
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.
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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
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 report table of contents includes:
1. Executive Summary
- Clinical Alarm Management Market Characteristics
- Clinical Alarm Management Market Trends And Strategies
- Clinical Alarm Management Market – Macro Economic Scenario
- Global Clinical Alarm Management Market Size and Growth
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31. Global Clinical Alarm Management Market Competitive Benchmarking - Global Clinical Alarm Management Market Competitive Dashboard
- Key Mergers And Acquisitions In The Clinical Alarm Management Market
- Clinical Alarm Management Market Future Outlook and Potential Analysis
- Appendix
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