Clinical Alarm Management Market is Dominated by North America
Author : Aryan Kumar | Published On : 27 Feb 2024
As per a report by P&S Intelligence, the clinical alarm management market generated a value of USD 3,201 million in 2022, and it will touch USD 7,013 million, advancing at a 10.30% CAGR, by 2030.
The growth in the industry is credited to the, increasing healthcare requirement, rising disease incidence, mounting elderly population, and the growing number of government initiatives in developing and developed countries for the adoption of medical alarms.
Moreover, due to the growing investment in IP-based nurse call systems and wireless technologies will boost the growth of the industry in the years to come.
In 2022, the nurse call systems category accounted for the largest clinical alarm management market share, at more than 26%. This is credited to the fact that product advances fueled by wireless and automation technology, along with the desire to improve clinical workflow and decrease operational costs for the medical institution, while increasing the implementation of the existing resources.
Moreover, the EMR integration systems category will observe the highest growth rate, of approximately 10.6%, in the years to come, owing to the increasing digitalization rate in healthcare, rising interoperability across digital healthcare solutions, and mounting adoption of EMR and EHR solutions from clinics to hospitals.
The bed alarm category will grow significantly in the years to come, owing to the quick and easy access to patient healthcare information provided by this alarm, as well as the extensive adoption of these alarms to determine health conditions by older populations.
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In 2022, the solutions category, based on component, accounted for the larger share of the industry. This is credited to the fact that connected care technologies are being implemented increasingly in healthcare.
In 2022, the North American clinical alarm management industry accounted for the largest share, at more than 46%. This is credited to its production of new products, enhanced healthcare system, rising occurrences of alert fatigue, the existence of key players, and advantageous healthcare regulatory environment in both Canada and the U.S.
Moreover, the APAC clinical alarm management industry will exhibit the highest growth rate in the years to come. This is credited to the increasing number of patients visiting nursing homes and outpatient clinics, as well as the existence of a large elderly population in the region.
Additionally, the increasing healthcare investment in China, Japan, India, and Australia will fuel the expansion of the industry in the years to come.
Hence, with the increasing requirement for healthcare, the mounting population of the elderly, and the growing occurrence of disease, the clinical alarm management industry will continue to grow in the years to come.
