Clinical alarm management systems are likely to gain quick mileage in the foreseeable future. It has been assessed in a report published by Market Research Future (MRFR) that the clinical alarm management market share was valued USD 1.02 billion in 2021 and is expected to reach USD 5.35 billion by 2030 at 31.30% CAGR during the forecast period 2022-2030.These systems are non-invasive and send a warning to the doctors and nurses in case of emergencies. Increasing patient population is likely to fuel demand for these systems as it ensures efficiency and quick response to emergencies.
The rising burden of chronic diseases has propelled the expansion of the clinical alarm management market and is poised to demonstrate a similar pattern in the years to come. Technological innovations by the key players are further expected to generate more demand in the nearby future, thus, catalyzing the growth of the global clinical alarm management market. It is also highlighted that the rising adoption of technology in the healthcare sector is benefitting the expansion of the clinical alarm management market over the next couple of years. However, factors such as sleep disruption and noise fatigue are anticipated to undermine the growth pace of the clinical alarm management market in the foreseeable future.
The different segments, on the basis of products, identified in this study on the clinical alarm management market are nurse call systems, EMR integration systems, physiological monitors, bed alarms, mobility solutions, ventilators, central monitoring systems, and clinical decision support tools.
The different components of the global clinical alarm management market outlook assessed in this MRFR report are solutions and services.
On the basis of the end-user, the clinical alarm management market has been segmented into hospitals, ambulatory care centers home care settings, and long-term care centers.
For an extensive geographical assessment of the global clinical alarm management market, it has been segmented into four major regions – Americas, Europe, the Middle East Africa (MEA), and Asia Pacific. Americas is currently holding the largest market share and is anticipated to maintain its prominence over the next couple of years. The developed healthcare infrastructure of the region is providing impetus to the expansion of the clinical alarm management market. Europe is poised to maintain its position at the second spot and is anticipated to benefit from the government support and funds. Asia Pacific clinical alarm management market is projected to register the highest CAGR over the assessment period.
The market exhibits robust competition among the key players on account of technological advancements. Since the technology is gaining momentum among the healthcare providers, participants in the global clinical alarm management market are anticipated to introduce innovative technologies for staying ahead of the curve. In addition, investments are expected to be increased in research and development for the development of product portfolios. This, in turn, is expected to impact revenue generation of the noted vendors favorably in the years to come.
Koninklijke Philips N.V., Vocera Communications, Medtronic, Baxter, Mindray Medical International, Ascom Holdings, Spok, Inc. (Subsidiary of Spok Holdings, Inc.), GE Healthcare, Masimo, Connexall, Drager, Capsule Technologie (Subsidiary of Qualcomm Life, Inc.), Bernoulli Enterprise, Inc., and Mobile Heartbeat (Subsidiary of Hospital Corporation of America) are some of the main players of the global clinical alarm management market and are poised to earn massive revenue in the upcoming years.
The market is also projected to make way for the entry of new players owing to the increasing number of technology startups venturing into the healthcare sector. The most promising strategies being adopted by the market participants for ensuring market growth are mergers acquisitions, partnerships, product development, collaboration, etc.
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