Point-Of-Care Data Management Software MarketPoint-of-care data management software market was valued at US$ 446.54 million in 2019 and it is projected to reach US$ 855.54 million by 2027; it is expected to grow at a CAGR of 8.6% during 2020–2027
Managing patient's test data and recording it for later use has always been tedious for medical professionals. Therefore, several companies have developed point-of-care data management software to overcome the challenges faced by medical professionals in maintaining patient's records. Hence, the facilities that point-of-care data management software provides, including recording, storage, and viewing records from multiple devices, have boosted the demand for point-of-care data management software market. The growth of the market is attributed to increasing incidences of infectious diseases and rise in lifestyle-related diseases, product launches and product development. Further, rapidly improving health care facilities and infrastructure in developing countries, increase in number of hospitals and diagnostics laboratories, and surge in health care budgets are projected to fuel demand for point of care data management systems during the forecast period. In addition, the emerging markets in developing countries are likely to have a positive impact on the growth of the point-of-care data management software market in the coming years.
Based on application, the global point-of-care data management software market is bifurcated into infectious disease devices, glucose monitoring, coagulation monitoring, urinalysis, cardiometabolic monitoring, cancer markers, and hematology. The glucose monitoring segment held a larger share of the market in 2019. Whereas, the cancer markers segment is anticipated to register a higher CAGR in the market during the forecast period. The large share of this segment is attributed to factors such as the significant adoption of new technologies among researchers and academia technological advancements, growing diabetic patient population base. Moreover, presence of the various market players that are offering various products and rise in the technological advancement will further offer lucrative opportunities in the study period.
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The market is primarily driven by increase in adoption of POC devices by hospitals and laboratories. Increase in geriatric population, high incidence of chronic as well as infectious diseases, and rise in awareness among people about preventive health care has led to high demand for point of care testing devices across the world. However, operating challenges along with product recalls might hinder the market growth. Abbott, Siemens Healthineers AG, Telcor Inc., F. Hoffmann-la Roche Ltd., Orchard Software Corporation, Randox Laboratories Ltd., DataLink Software, LLC.,Radiometer Medical ApS, Thermo Fisher Scientific Inc., Medical Information Technology, Inc., and others.are among the major companies operating in the market.
Point of Care (POC) is a powerful combination of software and hardware designed to manage administrative tasks, patient data, rapid diagnostics, medical records storage, and data transmission. Point of care data management software is used to manage patient data about patients' disease history, which is because of increasing incidences of infectious and lifestyle-related diseases. Moreover, factors such as increasing number of contagious diseases, rise in lifestyle-related diseases (cardiac diseases and diabetes), and demand for quick services, and surge in technological advancements are driving the need for POC data management software. For instance, according to International Diabetes Federation in 2019, approximately 463 million adults (20-79 years) are observed with diabetes; by 2045 this will rise to 700 million and approx. Moreover, it is estimated that ~37% of global diabetic adults live in the Asia Pacific region.
To narrow down the diagnostic time, companies are developing a POC platform; for instance, RALS, a software introduced Abbott Laboratories used for data management in point-of-care testing, is used by more than 2,000 hospitals in the US. Unlike data management solution that uses a device-specific data manager between the device and their system . The software can manage all types of patient results, devices, operators, consumables, and reports. Moreover, POC can create and manage profiles by using a unique ID number, and patients can quickly access their health-related data, history of visits, insurance information, and more or make an appointment independently. Thus, the factors mentioned above are likely to boost the growth of the market.
The report segments global point-of-care data management software market as follows:
- Glucose Monitoring
- Cardiometabolic Monitoring
- Infectious Disease Devices
- Coagulation Monitoring
- Cancer Markers
By End User
- Hospitals/Critical Care Units
- Diagnostic Centers
- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South and Central America (SCAM)
- Rest of South and Central America
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