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Clinical Alarm Management Global Market Growth Opportunities, Emerging Trends, Industry Analysis And Global Forecast 2024 To 2033
Clinical Alarm Management Global Market
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
Growing adoption of IT in healthcare is expected to propel the clinical alarm management market going forward. Information Technology (IT) in healthcare refers to the use of digital systems and technologies to manage, store, and exchange health information for improved patient care and administrative efficiency. Clinical alarm management in healthcare IT is a vital component aimed at improving patient safety and streamlining healthcare operations. It involves the integration of medical devices and systems to monitor patient conditions, prioritize and filter alarms, and ensure timely responses to critical events. For instance, in 2021, Accen*ture, a US-based professional services company published a report according to which in the USA, there is an increasing use of technology in healthcare, 31% of healthcare institutions use electronic health records, 18% of healthcare institutions use mobile and tablet applications. Therefore, growing adoption of IT in healthcare is driving the clinical alarm management.
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.
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Major Key Players of the Market:
Koninklijke Philips NV, GE Healthcare Technologies Inc., Ascom Holdings AG, Spok Holdings Inc., Masimo Corp., Vocera Communications Inc., Medtronic Inc., Dragerwerk AG, Connexall Inc., Mobile Heartbeat LLC, Hill-Rom Services Inc., Cornell Communications Inc., Intercall Systems Inc., Critical Alert Systems LLC, Capsule Technologies Inc., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Baxter International Inc., Johnson Controls International plc, West-Com Nurse Call Systems Inc., Csinc Inc., Live Sentinel Ltd., Amplion Clinical Communications Inc., Cerner Corporation, Alpha Communications Ltd., Fujian Huanyutong Technology Co. Ltd., Tunstall Group Holdings Ltd., AMETEK Inc., Midmark Corporation, Stanley Healthcare Inc., Bernoulli Health Corp., Extension Healthcare, Alertus Technologies LLC, Everbridge Inc., Intego Systems LLC, Nuvon Inc.
Clinical Alarm Management Market 2024 Key Insights:
• 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%.
• Growing Cases Of Alarm Fatigue Drives The Clinical Alarm Management Market
• The Role Of Big Data And Ai In Patient Care
• North America was the largest region in the clinical alarm management market in 2023
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