Market Size of Clinical Alarm Management Industry
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 2.64 Billion |
| Market Size (2029) | USD 8.60 Billion |
| CAGR (2024 - 2029) | 26.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Clinical Alarm Management Market Analysis
The Clinical Alarm Management Market size is estimated at USD 2.64 billion in 2024, and is expected to reach USD 8.60 billion by 2029, growing at a CAGR of 26.70% during the forecast period (2024-2029).
Clinical alarm management is one of the industries that had a positive impact due to the COVID-19 pandemic owing to the extensive patient pool getting admitted to the hospital due to the infection. Moreover, during the COVID-19 pandemic, nurses were more stressed because of the more significant number of critically ill patients, and during this situation, the clinical alarms were of great use. For instance, according to the study by Elsevier, in October 2022, the alert system, according to nurses, is crucial to their ability to respond quickly. The power of the personnel to respond promptly declines as the number of devices grows along with the frequency of nuisance alerts caused by the increase in patients. False alarms have been a concern during the pandemic, creating unnecessary chaos among healthcare representatives, which increased the focus on properly implementing clinical alarm systems at hospitals and COVID-19 healthcare facilities. Clinical alarm management has demonstrated the ability to enhance health outcomes and reduce chaos during the pandemic which made the hospitals realize the advantage of clinical alarm management systems over manual systems. Hence, the demand for clinical alarm management systems increased, eventually driving the market growth.
The rise in the clinical alarm management market is attributed to the growing prevalence of chronic diseases coupled with longer hospital stays, increasing awareness among healthcare providers in optimizing patient safety using advanced technologies such as mHealth, alarm management systems, and growing investment in healthcare infrastructure by government and private health care providers. For instance, according to AIIMS, for the year 2021-2022 up to September 2021 about 0.83 million (8.3 lakh) people visited OPDs, and 33,830 surgeries were performed. 67,961 people got admission to AIIMS. Such a high number of admissions and surgeries increases the demand for the implementation of clinical alarm management, thereby boosting the market's growth over the forecast period.
Furthermore, the 2022 EU4Health work program has been allocated a budget of more than USD 706.41 million (EUR 835 million) to boost health systems in Europe, including around USD 65.14 million (EUR 77 million) for digital investment, USD 402.76 million (EUR 380.9 million) for crisis preparedness, USD 95.16 million (EUR 90 million) for health promotion and disease prevention, and USD 133.75 million (EUR 126.5 million) for health systems and health workforce. Investments in healthcare IT and digital healthcare are anticipated to boost market growth over the forecast period. Thus, the abovementioned factors such as an increase in chronic disease and investment in healthcare IT are impacting the market growth of the clinical alarm management market. However, high investment in clinical alarm systems and lack of product standardization, and false alarms are the factors expected to restrain the market growth.
Clinical Alarm Management Industry Segmentation
As per the scope of the report, clinical alarms are used to warn caregivers regarding adverse patient conditions and help to take quick action. Previously, only a few medical systems are having the features of clinical alarm. However, nowadays the scenario has changed, most of the devices are coupled with alarm systems, and management of these systems has become vital for providing better healthcare. The Clinical Alarm Management Market is Segmented by Component (Product and Services), End-User (Hospitals, Long-term Care Centers, and Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
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Clinical Alarm Management Market Size Summary
The clinical alarm management market is poised for significant growth, driven by the increasing need for efficient patient monitoring systems in healthcare settings. The COVID-19 pandemic highlighted the critical role of clinical alarms in managing the influx of patients and ensuring timely responses from healthcare professionals. This experience underscored the advantages of automated alarm systems over manual processes, leading to a surge in demand for these technologies. The market is further propelled by the rising prevalence of chronic diseases and the growing geriatric population, which necessitate prolonged hospital stays and continuous monitoring. Additionally, investments in healthcare infrastructure and digital health technologies are expected to bolster market expansion, as healthcare providers seek to enhance patient safety and optimize operational efficiency.
North America is anticipated to hold a substantial share of the clinical alarm management market, supported by increased healthcare expenditure and a high incidence of chronic diseases requiring extended hospital care. The region's focus on advancing healthcare IT solutions and managing healthcare costs is expected to create favorable conditions for market growth. Companies in the sector are actively engaging in product development and strategic partnerships to strengthen their market presence. Despite challenges such as high implementation costs and the issue of false alarms, the market is expected to thrive, driven by the ongoing demand for reliable and efficient clinical alarm management systems in both acute and long-term care settings.
Clinical Alarm Management Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing Prevalence of Chronic Diseases and Long Hospital Stays
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1.2.2 Rising Healthcare Expenditure and Technological Advancements in Clinical Alarm Management
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1.3 Market Restraints
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1.3.1 High Investment for Clinical Alarm Systems
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1.3.2 Lack of Product Standardization and False Alarms
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Component
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2.1.1 Product
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2.1.1.1 EMR Integration Systems
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2.1.1.2 Nurse Calling Systems
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2.1.1.3 Physiological Monitors
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2.1.1.4 Others
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2.1.2 Services
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2.2 By End-User
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2.2.1 Hospitals
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2.2.2 Long-term Care Centers
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2.2.3 Others
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Clinical Alarm Management Market Size FAQs
How big is the Clinical Alarm Management Market?
The Clinical Alarm Management Market size is expected to reach USD 2.64 billion in 2024 and grow at a CAGR of 26.70% to reach USD 8.60 billion by 2029.
What is the current Clinical Alarm Management Market size?
In 2024, the Clinical Alarm Management Market size is expected to reach USD 2.64 billion.
