The global clinical alarm management market is projected to reach USD 5.4 billion by 2028 from USD 2.7 billion in 2023, at a CAGR of 14.5% during the forecast period. Growth in this market is primarily driven by increasing focus on patient safety and the need to prevent adverse events, stricter regulatory standards and guidelines related to alarm management, and interoperability & integration improvements in healthcare. However, the concerns about data breaches, unauthorized access, or cybersecurity threats are expected to hamper the growth of this market during the forecast period to a certain extent.
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The clinical alarm management market presents significant growth opportunities due to the implementation of government initiatives supporting the adoption of Healthcare Information Technology (HCIT) solutions, increased government healthcare expenditure, and the presence of skilled IT experts in emerging Asia Pacific markets like India and China. The growing adoption of Electronic Health Records (EHRs) further contributes to these prospects. However, challenges arise as some traditional healthcare providers, lacking IT knowledge, exhibit hesitancy towards adopting clinical alarm management solutions. Some view the noise and chaos caused by alarms as normal, leading to the perception that implementing these solutions is a time-consuming task with limited or no clinical benefits. These dynamics present potential challenges and threats to the market landscape.
Driver: Rising prominence and usage of big data & mhealth tools
The development of IT infrastructure in domains such as big data and mHealth plays a major role in facilitating the adoption of HCIT tools such as clinical alarm management. For instance, a clinician can collect real-time data from sources such as mHealth apps or the patient’s Internet-connected medical devices. The data can be run through clinical alarm management systems to equip physicians with real-time, evidence-based treatment options. This assists in health outcomes and curbs costs.
Business analytics and data management tools are required to track a large number of patients, store patient-related data, analyze cases, apply appropriate care interventions, and monitor results. In order to achieve the required results from clinical alarm management solutions, companies need to be able to capture and thoroughly analyze vast amounts of data, draw inferences from the data, and identify predictive markers. This allows healthcare providers to reduce alarm fatigue, make accurate clinical decisions, and integrate with freestanding and networked patient care devices and clinical systems, resulting in improved patient safety. In this regard, analytical tools for big data ensure extraction, analysis, and meaningful use of patient data to support evidence-based clinical decision-making. The rising prominence and usage of big data analytical tools are likely to propel the growth of the clinical alarm management market.
Restraint: High investments required to build IT infrastructure
The implementation of healthcare IT solutions requires robust infrastructure, in terms of multiple networks, wireless connectivity, security from data breaches, and technology. Cost issues act as a major barrier to the successful deployment of complex HCIT solutions. Currently, the infrastructural development in the healthcare industry is moving at a slow pace; therefore, to implement clinical alarm management solutions, the end users (Hospitals, inpatient & outpatient healthcare facilities) have to make further investments in improving & updating their infrastructure to support IT systems. In terms of IT infrastructure, high investments are required to build networks, develop standardized interfaces, middleware, increase data storage and processing capabilities. Furthermore, the software maintenance and update costs of these systems may sometimes be more than the actual price of the software, coupled with the IT support and maintenance services, which include software upgrades as per changing user requirements, represent a recurring expenditure to the owner.
While the implementation of clinical alarm management is beneficial for clinicians, the high cost of the supporting infrastructure and deployment of the solutions deters their adoption. In addition, the lack of internal IT expertise in the healthcare industry necessitates training for end users in order to maximize the efficiency of various clinical alarm management solutions, adding to the cost of ownership of the systems. Thus, the high cost of system development and hands-on training for personnel for optimal use of the solutions acts as an additional burden on clinicians.
Finding the required investments to develop IT infrastructure and bear the costs of deploying the solutions poses a serious challenge to the already-strained financial resources of healthcare providers. Also, a move to cloud-based clinical alarm management involves changing the current IT architecture, especially in hospitals that already serve as hubs connecting multiple physicians, laboratories, and pharmacists. Hence, the task of finding resources to achieve large-scale interoperability and interconnectivity could hamper the transition to cloud-based clinical alarm management for such healthcare institutions.
Opportunity: Emerging Markets
Several factors, such as the implementation of government initiatives supporting the adoption of HCIT solutions, rising government healthcare expenditure, and the presence of skilled IT experts in emerging markets, are expected to support the market growth for clinical alarm management (CAM).
Emerging markets across the Asia Pacific, such as India and China, are expected to provide significant growth potential for clinical alarm management companies and stakeholders. Technological advancements play a key role in the healthcare IT sector. In the realm of this, the authorities in Japan are focusing on reforming the country’s healthcare sector, which is currently facing challenges such as large volumes of unarranged patient data, overburdened city hospitals, and a nationwide shortage of doctors & other healthcare professionals. In May 2022, the Government of Japan formulated its “Global Health Strategy,” which aims to help in the development of a resilient Global Health Architecture for global health security and strengthening PPR (Prevention, Preparedness, and Response) for public health crises. The policy will also accelerate the efforts to achieve a more secure, equitable, and sustainable UHC in the post-COVID era to maximize human security (Source: Public Relations Office, Government of Japan). Such initiatives are poised to increase the adoption of care communication systems like clinical alarm management systems.
Challenge: Data Security Concerns
Data security is critical in clinical alarm management, especially in the healthcare industry. Patient data is sensitive, and its potential impact on patient safety necessitates robust security measures. Alarm management systems often contain vital patient data, such as vital signs, medications, and diagnoses, which are attractive to hackers and other cybercriminals. Weak authentication and authorization controls can allow unauthorized users to access patient data. Even insiders with legitimate access to the system may misuse their access to steal patient data.
The sensitivity of alarm-equipped medical devices has increased, leading to higher alarms and potential data security risks. The healthcare industry is vulnerable to cybersecurity threats, including phishing, data breaches, and cyberattacks, which can compromise patient data and the security of medical devices.
Asia Pacific is expected to register the highest growth in the clinical alarm management market in 2022.”
Based on region, the global market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. In 2022, Asia Pacific is expected to register the highest growth over the forecast period. The growth of the Asia Pacific region can be attributed to the growing need for the implementation & integration of medical devices & HCIT solutions, the growing elderly population, and the distribution of infectious diseases and their outbreaks in this region. The region's commitment to fostering innovation through collaborations between companies further bolsters its position in the clinical alarm management market.
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The prominent players in clinical alarm management market are Koninklijke Philips N.V. (Netherlands), Drägerwerk AG & Co. KGaA (Germany), Baxter International, Inc. (US), Stryker (Vocera Communications) (US), GE Healthcare (US), Ascom Holdings AG (Switzerland), Spok, Inc. (US), Masimo (US), Connexall (Canada), Cornell Communications (US), Mobile Heartbeat (US), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Intercall Systems, Inc. (US), Medtronic Plc (Ireland), Johnson Controls (Ireland), West-Com Nurse Call Systems (US), Oracle (Cerner Corporation) (US), Teldio corporation (Canada), Alpha Communications (US), Nihon Kohden Corporation (Japan), TigerConnect (US), JCT Healthcare Pty Ltd. (Australia), Amplion Clinical Communications, Inc. (US), AmpleLogic (India), and Tunstall Group (UK). Players adopted organic as well as inorganic growth strategies such as product launches and enhancements, and investments, collaborations, joint ventures, funding, partnerships, acquisition, expansions, agreements, sales contracts, and alliances to increase their offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
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