CLINICAL ALARM MANAGEMENT MARKET ANALYSIS

Clinical Alarm Management MarketSize and Trends

The global clinical alarm management market was valued at US$ 1,709.2 Mn in 2022 and is forecast to reach a value of US$ 10,576.5 Mn by 2030 at a CAGR of 25.59% between 2023 and 2030. The clinical alarm management market is experiencing strong growth due to the rise in prevalence of chronic diseases and rise in geriatric (aging) population around the world. Moreover, increase in demand for clinical alarm management systems or solutions and rising healthcare expenditure and technological advancements is expected to boost the growth of the market. However, factors such as high investment for clinical alarm management systems and lack of product standardization and false alarms are expected to hamper the growth of the market.

Global Clinical Alarm Management Market Trends:

Need for long term care is a recent trend

People often need long-term care when they have serious, ongoing health illness and/or disability. The need for long-term care may arise suddenly, such as after a heart attack or stroke. Long term care facilities or healthcare centres provide a variety of services, such as both medical and personal care, to people who are unable to live independently and for geriatrics. Clinical alarm management solutions play an important role in these centres as the patients in these centres are either critically ill or aged patients who require continuous monitoring or management of their health and wellness. This trend is expected to continue over the forecast period.

Increase in usage of clinical alarms is another trend

Clinical alarms are prevalent in various healthcare settings, such as emergency departments, labor and delivery units, critical care units, and medical/surgical nursing floors. By customizing different alerts with different sounds, clinicians can use the audible context to quickly identify whether the alert needs to be checked or investigated immediately. Improving alarm safety can be achieved by incorporating human, organizational, and technical factors in an integrated approach, increasing the usage of clinical alarms. This trend is also expected to continue over the forecast period, driving the growth of the global clinical alarm management market.