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Medical Wireless Alarm System Market Size Forecasted To Achieve 2.67 Billion By 2029 With Steady Growth
Medical Wireless Alarm System
What Is the Medical Wireless Alarm System Market Size and Projected Growth Rate?
In recent times, the market size of the medical wireless alarm system has been expanding swiftly. It is set to increase from $1.22 billion in 2024 to $1.43 billion in 2025, marking a compound annual growth rate (CAGR) of 17.2%. The unprecedented growth during this historic period can be credited to the rising implementation of hospital automation systems, an aging population with chronic diseases, growing requirements for patient safety monitoring, intensified usage of real-time location systems, and an increased consciousness about emergency response systems.
The market for medical wireless alarm systems is predicted to witness swift expansion in the forthcoming years. With a compound annual growth rate (CAGR) of 16.9%, it is slated to reach a value of $2.67 billion by 2029. The surge observed in this forecasted period can be ascribed to the escalating demands for wireless communication in medical centers, augmented usage of wearable medical technologies, an amplified emphasis on intelligent healthcare facilities, increased utilization of cloud-based health monitoring, and a rising requirement for remote health monitoring. The forecasted period will also see trends like the evolution of low-energy wireless protocols, the amalgamation with electronic health records, integration of multi-parameter sensors, progression in voice-activated alarms, and the introduction of edge computing for alarms.
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What Are the Major Segments in the Medical Wireless Alarm System Market?
The medical wireless alarm system market covered in this report is segmented -
1) By Product Types: Wireless Fidelity, Bluetooth, Cellular, Other Product Types
2) By Type Of Alarm System: Portable Alarm Systems, Stationary Alarm Systems, Wearable Alarm Systems
4) By Applications: Hospitals, Clinics, Ambulatory Surgery Center, Other Applications
5) By End-User: Healthcare Providers, Home Care Providers, Assisted Living Facilities, Patients And Caregivers
Subsegments:
1) By Portable Alarm Systems: Handheld Devices, Wireless Pager Systems, Mobile Phone-Based Alerts
2) By Stationary Alarm Systems: Bedside Alarm Systems, Wall-Mounted Systems, Fixed Monitoring Stations
3) By Wearable Alarm Systems: Smartwatch-Based Systems, Clip-on Devices, Wristband Sensors
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What Are The Driving Medical Wireless Alarm System Market Evolution?
The expansion of the medical wireless alarm system market is projected to be driven by the increasing implementation of remote patient monitoring systems. Digital technology is utilized in remote patient monitoring (RPM) to gather data about the health of patients from a distance and convey it to healthcare professionals for evaluation and advice. The escalating incidence of chronic diseases that necessitate constant, real-time health monitoring for effective management and reduction of hospital visits has prompted a greater emphasis on remote patient monitoring. Medical wireless alarm systems augment remote patient monitoring by allowing for immediate alerts and continuous monitoring of health, thus, they are crucial for handling chronic illnesses and enhancing patient safety. These systems expedite the response time by immediately alerting healthcare professionals about critical changes, thereby boosting the efficiency of care delivery. For example, as per Insurance Thought Leadership Inc., a US-based firm specializing in insurance and risk management information, there was a staggering increase in telehealth usage to over 53 million Medicare beneficiaries, with 91% of health systems implementing telehealth programs by April 2024. Hence, the rising embrace of remote patient monitoring systems is fueling the expansion of the medical wireless alarm system market.
Which Firms Dominate The Medical Wireless Alarm System Market Segments?
Major companies operating in the medical wireless alarm system market are Koninklijke Philips N.V., Stryker Corporation, Baxter International, Roper Technologies Inc., AMETEK Inc., ADT Inc., OSI Systems Inc., Connect America Holdings LLC, Ascom Holding AG, Napco Security Technologies Inc., TIDI Products LLC, Vitality Inc., Life Alert Emergency Response Inc., TekTone Sound & Signal Mfg, LifeStation Inc, Medical Guardian LLC, LifeFone Inc, Cadi Scientific Pte Ltd, Best Buy Co. Inc., Hospitech Healthcare
What Are the Latest Developing Trends in the Medical Wireless Alarm System Market?
Prominent companies in the medical wireless alarm system market are concentrated on creating groundbreaking products like Lite Plus monitoring devices to augment patient safety and smooth running of healthcare processes. These Lite Plus monitoring devices are high-end, wireless medical tools designed to oversee patient vitals and inform medical personnel in a timely manner for better patient administration and immediate response. For example, in August 2023, Aulisa Medical USA Inc., an American medical device manufacturing company, introduced Guardian Angel. These state-of-the-art products are FDA approved, wearable, wireless Lite Plus monitoring systems that incessantly monitor blood oxygen saturation (SpO2) and pulse rate (PR), with instant data displayed on a smartphone and local device. They come with adjustable alarms for early recognition of any irregularities in vital signs. They accommodate multiple caregivers, offer cloud data storage, and have a Bluetooth-to-Wi-Fi conversion function for prolonged remote monitoring. They are specifically designed for infants (using a foot sensor) and adults (using a finger sensor) within roughly a 32-foot radius.
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Which Is The Largest Region In The Medical Wireless Alarm System Market?
North America was the largest region in the medical wireless alarm system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical wireless alarm system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Medical Wireless Alarm System Market?
2. What is the CAGR expected in the Medical Wireless Alarm System Market?
3. What Are the Key Innovations Transforming the Medical Wireless Alarm System Industry?
4. Which Region Is Leading the Medical Wireless Alarm System Market?
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