SAN FRANCISCO, Jan. 20, 2022 /PRNewswire/ -- The global clinical alarm management market size is expected to reach USD 5.9 billion by 2028, according to a new report by Grand View Research, Inc. 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.
Key Insights & Findings from the report:
- 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
Read 150 page market research report, "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", by Grand View Research
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.
Grand View Research has segmented the global clinical alarm management market on the basis of product, component, end-use, and region:
- Clinical Alarm Management Product Outlook (Revenue, USD Million, 2016 - 2028)
- Nurse Call Systems
- Physiological Monitors
- Bed Alarms
- EMR Integration Systems
- Clinical Alarm Management Component Outlook (Revenue, USD Million, 2016 - 2028)
- Clinical Alarm Management End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Hospitals & Clinics
- Home Care Settings
- Ambulatory Care Centers
- Long-Term Care Facilities
- Specialty Centers
- Clinical Alarm Management Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
List of Key Players of Clinical Alarm Management Market
- Koninklijke Philips N.V.
- General Electric Company (GE Healthcare)
- Spok, Inc.
- Hill-Rom Services, Inc.
- Vocera Communications
- Capsule Technologies, Inc.
- Johnson Controls
Check out more studies form Grand View Research's portfolio on the Global Healthcare IT Industry:
- Artificial Intelligence In Healthcare Market – The global artificial intelligence in healthcare market size was valued at USD 10.4 billion in 2021 is expected to expand at a compound annual growth rate (CAGR) of 38.4% from 2022 to 2030. The growing datasets of patient health-related digital information, increasing demand for personalized medicine, and the rising demand for reducing care expenses are some of the major driving forces of the market growth.
- eClinical Solutions Market – The global eClinical solutions market size was estimated at USD 7.2 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.6% from 2022 to 2030. Increasing research and development activities by biopharma and pharma companies is one of the key trends escalating market growth.
- Fitness App Market – The global fitness app market size was valued at USD 1.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 17.6% from 2022 to 2030. The spreading COVID-19 pandemic led to nationwide lockdowns followed by social distancing norms, thereby aiding the transition from traditional studios and gyms to virtual fitness.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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