Clinical Alarm Management Market Size

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.