Point Of Care Data Management Systems Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMICT804 | Last Updated On: Jun 29 2022 | Available Formats

> Global Point Of Care Data Management Systems Market Expected to reach a high CAGR of 5% By 2029: DataM Intelligence

Global Point Of Care Data Management Systems Market is segmented By Component (Services, Software), By Mode Of Delivery (Web-based, Cloud based, On-premise), By End-users (Hospitals, Clinics, Diagnostics Laboratories), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Point Of Care Data Management Systems Market" is expected to grow at a high CAGR of 5% during the forecasting period (2022-2029).

  • Point-of-care (POC) testing allows medical staff to accurately achieve real-time, lab-quality diagnostic results within minutes rather than hours.
  • Testing at the “point of care” streamlines the diagnostic process and helps ensure patients receive the most effective and efficient care when and where it is needed.
  • By simplifying the testing process, clinicians can focus on what matters most—providing effective, quality patient care.
  • But manual data or paper-based data management can be a cumbersome and counterproductive procedure, particularly in large healthcare facilities where they are prone to human error and demand extensive resources.
  • POC data management systems help medical professionals overcome these challenges while enabling them easy access to patients’ data, thereby streamlining decision making and treatment.
  • POC data management systems operated through various modes of delivery, and it can let multiple users and multiple POC devices access it at a central data management system.

Market Dynamics

  • The growth of the point of care (POC) data management systems market can be attributed to increased adoption of digital technologies for data management and rising incidences of various diseases accelerating demand for POC devices, thus increasing adoption of a point of care data management systems.
  • Moreover, the growing preference towards electronic health records (EHR) by various healthcare organizations is another factor expected to further fuel the growth of the target market over the forecast period.
  • The test results obtained by EHR helps in fast diagnosis leading to early treatment. Furthermore, technological advancements in data integration, wireless connectivity, and remote sensing systems in hospitals are some other drivers expected to influence the global market.
  • Point-of-care technology has significantly transformed the healthcare landscape, making it more convenient for healthcare providers and patients by monitoring tests closer and bringing rapid diagnosis to patient care.
  • However, the high cost associated with installing on-premise and cloud-based data management systems along with increasing concern about patient healthcare data privacy and protection hinder the point of care data management systems market growth.

Segmentation Analysis

  • By Components, the global POC data management system market is segmented into services and software. The services share dominates the market segment, owing to its low cost and high adoption rates of services. However, the software is expected to be the fastest-growing share of the segment.
  • By Mode of Delivery, the global POC data management system market segments include web-based, cloud-based, and on-premise. The on-premises data management systems share currently holds a significant portion of the segment.
  • However, the cloud-based share is estimated to be the fastest-growing share in the global market. Cloud-based systems make it simple for health systems to customize multiple devices and provide smooth transmission of quality data as they work on a standard web browser.
  • By End-user, hospital share dominates in the POC data management systems market, owing to a large amount of data generated regularly. POC data management systems are the most advantageous in places of high patient volume. Thus the adoption rate is higher in hospitals.

Geographical Share

  • The market in North America followed by Europe dominates the global point of care data management systems market, owing to increased incidence of diseases leading to higher demand for managing the data through data management systems.
  • The increasing spending in healthcare infrastructure, well-established healthcare facilities, and availability of integrated healthcare IT systems to maintain EHR are some factors further stimulate the growth of this region in the point of care data management systems market.
  • The Asia Pacific is expected to witness profitable growth owing to the increasing adoption of advanced techniques for the healthcare industry and developing healthcare infrastructure.
  • The region is heading towards digitization of services including healthcare owing to improving IT infrastructure, favorable government norms, and support, and its economic growth are other factors driving this region’s market.

Competitive Trends

  • Several companies have adopted merger and acquisitions policies, collaborations, partnerships, and regional expansion to help them to stand out as strong competitors in the market. Product launch strategies adopted by companies are anticipated to boost competition.
  • Key players focusing on research and development activities to introduce innovative product lines and supporting accessories into the PoC data management systems market are other strategies used by companies to expand their market presence.
  • In February 2019, Orpheus Medical, clinical media platform and video informatics company, Orpheus Solution has integrated with Google Cloud for a next-generation clinical media platform.
  • Orpheus Medical’s platform for clinical video and point-of-care imaging workflow, combined with Google Cloud’s infrastructure and capabilities, enable hospitals to securely and efficiently manage the growing volumes of data generated by surgical and endoscopic procedure video and point-of-care imaging.
  • February 2019, ThermoGenesis Corp., a private corporation owned by Cesca Therapeutics, entered a Supply Agreement with Orthohealing Center Management (OCM) that will allow the OCM network of physicians to utilize the ThermoGenesis PXP Point-of-Care system.
  • In October 2017, Abbott acquired Alere Inc. and gained access to Alere’s RALS POC data management system and Aegis POC management solutions. Alere is a global leader in point of care diagnostics, with this acquisition, Abbott has access to new products, geographies, and can establish more presence in emerging economies.

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