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Growing Adoption Of Remote Patient Monitoring Systems Fueling The Growth Of The Market Due To Rising Need For Continuous, Real-Time Health Tracking Driving Market Acceleration in the Medical Wireless Alarm System Industry, 2025
Medical Wireless Alarm System Market
How Large Will the Medical Wireless Alarm System Market Size By 2025?
The size of the market for wireless medical alarm systems has experienced a quick expansion in the near past. The market is projected to increase from $1.22 billion in 2024 to $1.42 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 16.4%. Factors contributing to the pattern of growth during this historical period include higher acceptance of automated systems in hospitals, an expanding geriatric population suffering from chronic diseases, escalated demand for monitoring patient safety, a surge in the employment of real-time location systems, and an increasing consciousness about emergency response systems.
How Big Is the Medical Wireless Alarm System Market Size Expected to Grow by 2029?
The market size for medical wireless alarm systems is set to experience significant expansion in the upcoming years, with predictions of it reaching $2.64 billion in 2029 at a compound annual growth rate (CAGR) of 16.7%. This growth through the forecast period can be linked to the rising demand for wireless communication in healthcare institutions, the escalating popularity of wearable medical devices, the evolving focus on the sophisticated design of healthcare facilities, the emerging use of cloud-based health monitoring solutions, and the growing requirement for remote health monitoring. Key trends for this period are expected to include the development of low-energy wireless protocols, the integration with digital health records, the incorporation of multi-parameter sensors, advances in voice-activated alarms, and the progression in edge computing for alarm systems.
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Which Key Market Drivers Powering Medical Wireless Alarm System Market Expansion and Growth?
The surge in the utilization of remote patient monitoring systems is anticipated to fuel the expansion of the medical wireless alarm system market in the future. Remote patient monitoring (RPM) is the technique by which health professionals collect patient health data remotely through digital technologies and transmit it for evaluation and advice. The escalating focus on remote patient monitoring is attributed to the increasing incidence of chronic illnesses that necessitate constant, real-time health monitoring to manage these conditions effectively, thus minimizing hospital visits. Medical wireless alarm systems amplify remote patient monitoring systems by facilitating immediate alerts and continuous health monitoring, making them crucial for managing chronic illnesses and enhancing patient safety. They expedite the response time by instantly alerting healthcare professionals regarding significant changes, thus boosting the efficiency of healthcare delivery. In April 2024, Insurance Thought Leadership Inc., a company based in the US providing information about insurance and risk management, reported a steep increase in telehealth usage with over 53 million Medicare participants and 91% of health systems running telehealth programs. Consequently, the accelerating adoption of remote patient monitoring systems is propelling the expansion of the medical wireless alarm system market.
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What Are the Key Trends Driving Medical Wireless Alarm System Market Growth?
Leading corporations in the medical wireless alarm system market are concentrating on creating unique items, like Lite Plus monitoring goods, to increase patient protection and streamline healthcare procedures. Lite Plus monitoring goods constitute advanced, wireless healthcare equipment intended for patient vital tracking and immediate medical staff notification for better patient servicing and prompt intervention. For instance, Aulisa Medical USA Inc., a medical device firm based in the US, initiated Guardian Angel in August 2023. These products, cleared by the FDA, are wearable, wireless Lite Plus monitoring systems that continuously keep tabs on blood oxygen saturation (SpO2) and pulse rate (PR) with instantly displayed data on a smartphone and local device, equipped with adjustable alarms for rapid detection of abnormal vital signs. They enable multiple caregivers, have cloud data storage, and Bluetooth-to-Wi-Fi conversion for extensive remote monitoring, specifically designed for infants (foot sensor) and adults (finger sensor) within approximately a 32-foot radius.
What Are the Emerging 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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Who Are the Global Leaders in the Medical Wireless Alarm System Market?
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
Which are the Top Profitable Regional Markets for the Medical Wireless Alarm System Industry?
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.
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