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GlobalPoint of Care Data Management Systems Market, by Component (Services and Software), By Mode of Delivery (Cloud-based and On-premise), By End User (Hospital, Clinics, and Diagnostics Laboratories), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 718.5 million in 2017 and is estimated to exhibit a CAGR of 6.6% over the forecast period (2018-2026), as highlighted in a new report published by Coherent Market Insights.
Point of care data management systems market is expected to witness significant growth over the forecast period, owing to increasing adoption rate of point of care testing (POCT) devices generating enormous amount of data.
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Increasing adoption of POCT devices, owing to low turnaround time is expected to accelerate growth of the point of care data management systems market.
The point-of-care technology is significantly contributing in the transformation of healthcare sector by offering rapid diagnosis and monitoring tests for patient care and making it more convenient for healthcare providers and patients. The test results achieved by electronic health records (EHR) aids in early diagnosis, leading to early onset of treatment. Moreover, rising adoption of home-based point-of-care diagnosis have significantly reduced incidence of sexually transmitted diseases (STDs), as these tests aids in quick detection of biomarkers leading to early diagnosis of diseases. Additionally, early treatment of these diseases can extend life expectancy and completely cure the patients, in some cases.
For instance, according to the Centers of Disease Control and Prevention (CDC), 2016, rapid home-based diagnostic tests including point-of-care immunoassay and test strips as well as general awareness have collectively resulted in reducing the number of annual infections caused due to HIV by 10% from 2010 to 2014 and 5% from 2011 to 2015. Furthermore, according to the World Health Organization (WHO), 2014, around 4 million patients with chest pain are admitted every year for acute myocardial infarction (AMI). For instance, for AMI patients in emergency departments, early diagnosis of the condition is difficult due to delayed test results. Cardiac point-of-care tests helps to overcome the issue by delivering results in real-time that may range from on spot obtaining of results to 15 minutes for a certain tests to a few hours. Moreover, global point of care (POC) data management systems market is expected to exhibit high CAGR, owing to increasing adoption of POC devices for managing the data through data management systems.
Furthermore, major hospitals and laboratories generate large volumes of data, and faces cumbersome challenge to maintain the data. Cloud-based systems offers easy, scalable access to applications, resources, and services, and are fully managed by a cloud services provider.
Browse 35 Market Data Tables and 20 Figures spread through 200 Pages and in-depth TOC on “Point of Care Data Management Systems Market, by Component (Services and Software), By Mode of Delivery (Cloud-based and On-premise), By End User (Hospital, Clinics, and Diagnostics Laboratories), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2026”
To know the latest trends and insights prevalent in the point of care data management systems market Press Release, click the link below: https://bit.ly/3c1zm4E
Major players operating in the point of care data management systems market include Abbott, Danaher Corporation, F.Hoffman-La Roche Ltd., Orchard Software Corporation, Siemens Healthcare GmbH, Telcor, Inc., Thermo Fisher Scientific, Inc., Randox Laboratories Ltd., Hedera Biomedics Srl, and Seaward Electronic Ltd.
Moreover, key players are focusing on developing novel POC diagnostic devices, which in turn is expected to drive the POC data management system market growth over the forecast period. For instance, in 2015, Atomo Diagnostics received US$ 1,800,000 grant from the Medical Devices Fund (MDF) of Australia to develop a rapid point-of-care HIV diagnostic test that replaces the need for extensive procedural steps and multiple kit components.
Similarly, key players are also focusing strategic acquisitions, in order to expand their product portfolio in point-of-care (POC) diagnostics. For instance, in October 2017, Abbott acquired Alere Inc., a global leader in point of care diagnostics, to enhance access to new products, and to expand presence in emerging economies. Under the acquisition, Abbott gained access to Alere’s RALS point-of-care data management system and AegisPOC point of care management solutions.
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Key Takeaways of the Point of Care Data Management Systems Market:
- The global point of care data management systems market is expected to exhibit a CAGR of 6.6% over the forecast period, attributed to rising number of adoption of point of care devices
- Among components, services segment is accounted for significant market share, in 2017, attributed to low cost and high adoption rates of services
- Among mode of delivery, cloud-based segment accounted for significant market share, in the global market in 2017, as cloud-based systems uses a standard web browser, making it easy for health systems to customize multiple instruments and provide seamless transmission of quality control data
- Among end user, hospital segment held a dominant position in the point of care data management systems market in 2017, attributed to higher adoption rate of POC data management system and large amount of data generated by high patient volume.
- Among regions, North America is expected to hold a dominant position in the global point of care data management systems market over the forecast period. This is attributed to increasing adoption of POC with the increasing incidence of diseases leading to greater demand for managing the data through data management systems.
- Major players operating in the global point of care data management systems market include Abbott Laboratories, Danaher Corporation, F.Hoffmann-La Roche Ltd., Orchard Software Corporation, Siemens Healthcare GmbH, Telcor, Inc., Thermo Fisher Scientific, Inc., Randox Laboratories Ltd., Hedera Biomedics Srl, and Seaward Electronic Ltd.
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