Clinical Alarm Management Market Size, Share & Trends Analysis Report By Product, By Component, By Region And Segment Forecasts, 2021 – 2028
The global clinical alarm management market size is expected to reach USD 5.9 billion by 2028. The market is expected to expand at a CAGR of 27.5% from 2021 to 2028. The increasing prevalence of alarm fatigue is one of the primary factors augmenting the market. Furthermore, rising technological advancements coupled with the growing adoption of clinical alarm management solutions by healthcare facilities due to their benefits are also the driving factors for the market growth during the projected period.
To curb the spread of the COVID-19 pandemic, government institutions across various nations established various COVID-19 alert systems for providing policy directives and situational awareness for the general public.Various healthcare facilities also started adopting various alarm management solutions for providing timely treatment to patients.
Hence, the COVID-19 pandemic fueled market growth in 2020 and 2021.
Alarm fatigue faced by nurses as a result of clinical alarms and false alarms is driving the need for proper alarm management solutions in healthcare facilities.This factor is providing lucrative opportunities to market players for the development of technologically advanced clinical alarm management solutions.
Therefore, growing cases of alarm fatigue coupled with growing demand for advanced solutions for patient safety is also likely to boost the market growth.
Major players in the market are investing in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, among others to maintain a competitive edge in the market.For instance, in October 2021, Ascom received a multi-million contract for providing its Telligence Nurse Call system, which will be delivered over 2 years.