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
2. Clinical
Alarm Management Market Characteristics
3. Clinical
Alarm Management Market Trends And Strategies
4. Clinical
Alarm Management Market - Macro Economic Scenario
5. Global
Clinical Alarm Management Market Size and Growth
.
31. Global Clinical Alarm Management Market Competitive Benchmarking
32. Global
Clinical Alarm Management Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Clinical Alarm Management Market
34.
Clinical Alarm Management Market Future Outlook and Potential Analysis
35.
Appendix
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