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Clinical Alarm Management Market Size, Share & Trends Analysis Report By Product, By Component, By Region And Segment Forecasts, 2021 - 2028

Clinical Alarm Management Market Size, Share & Trends Analysis Report By Product, By Component, By Region And Segment Forecasts, 2021 - 2028

  • December 2021
  • 150 pages
  • ID: 6195315
  • Format: PDF
  • Grand View Research

Summary

Table of Contents

Clinical Alarm Management Market Size, Share & Trends Analysis Report By Product (Nurse Call Systems, Bed Alarms), By Component (Solutions, Services), By Region, And Segment Forecasts, 2021 - 2028

Clinical Alarm Management Market Growth & Trends

The global clinical alarm management market size is expected to reach USD 5.9 billion by 2028. The market is expected to expand at a CAGR of 27.5% from 2021 to 2028. The increasing prevalence of alarm fatigue is one of the primary factors augmenting the market. Furthermore, rising technological advancements coupled with the growing adoption of clinical alarm management solutions by healthcare facilities due to their benefits are also the driving factors for the market growth during the projected period.

To curb the spread of the COVID-19 pandemic, government institutions across various nations established various COVID-19 alert systems for providing policy directives and situational awareness for the general public.Various healthcare facilities also started adopting various alarm management solutions for providing timely treatment to patients.

Hence, the COVID-19 pandemic fueled market growth in 2020 and 2021.

Alarm fatigue faced by nurses as a result of clinical alarms and false alarms is driving the need for proper alarm management solutions in healthcare facilities.This factor is providing lucrative opportunities to market players for the development of technologically advanced clinical alarm management solutions.

Therefore, growing cases of alarm fatigue coupled with growing demand for advanced solutions for patient safety is also likely to boost the market growth.

Major players in the market are investing in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, among others to maintain a competitive edge in the market.For instance, in October 2021, Ascom received a multi-million contract for providing its Telligence Nurse Call system, which will be delivered over 2 years.

This contract is in partnership with Mega Datatech, a pioneering systems integrator in Macao.

Clinical Alarm Management Market Report Highlights
• The nurse call systems segment accounted for the largest revenue share of more than 24% in 2020 owing to product developments driven by wireless technology and automation and reduced operating costs
• The services component segment is expected to witness the fastest growth rate of 28.2% during the projected period owing to initiatives by public and private health institutions, increasing service offerings by key market players, and growing demand to minimize risks to patient safety
• By end-use, the hospitals and clinics segment held the largest revenue share of over 26% in 2020 and the long-term care facilities segment is expected to witness the fastest growth rate over the projected period
• North America is likely to hold the largest revenue share of more than 45% in 2020 owing to the increasing need for integrated Healthcare IT systems to make certain the reliability, data integrity, and efficient maintenance of data
• Asia Pacific is estimated to witness the fastest CAGR of 31.3% during the forecast period owing to the growing adoption of technologically advanced solutions

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