Point of Care Data Management Systems Market – Easy Management of Large Volume Patient Data
Increasing focus on value-based services in healthcare is increasing demand for POC testing. Improvements in patient outcomes and satisfaction can be seen with laboratory results made available in real-time at the patients’ point of care. In order to meet increasing needs of healthcare, laboratories are actively managing POC testing effectively, with data management and connectivity solution that integrates POCT results into the patient’s chart and eases the challenges of POCT management. Moreover, the Health Information Technology for Economic and Clinical Health (HITECH) Act promoted the adoption of health information technology, thereby facilitating the healthcare facilities to adopt these systems. In 2015, the Centers for Medicare & Medicaid Services (CMS) and the Office of the National Coordinator for Health IT (ONC) supported the concept of electronic health records-meaningful use [EHR-MU]. Meaningful Use is attributed to ensure certified EHR technology provides efficient electronic exchange of health information, thus improving the quality of care.
The global point of care data management systems market size was valued at US$ 718.5 million in 2017 and is expected to witness a robust CAGR of 6.6% over the forecast period (2018 - 2026).
Figure 1. Global Point of Care Data Management Systems Market, by Region, 2016 (US$ Mn)
Source: Coherent Market Insights
Decreased possibility of human error to augment growth of the point of care data management systems market
Manual data management of large patient volume requires extensive manpower and is a cumbersome and relatively expensive task. Moreover, manual system to maintain healthcare records is relatively unreliable and prone to human error and data loss. Patients and healthcare providers are adopting data management systems to maintain medical history and data and to follow an efficient treatment course. Increasing incidence of various diseases is expected to accelerate demand for POC devices, thereby rising adoption of point of care data management systems to manage daily POCT operations across diverse medical and home care settings. According to the American Heart Association, 2016, Cardiovascular Diseases (CVD) account for 17.3 million deaths annually worldwide, where an estimated 23.3 million people are expected to die from CVD by 2030, thus propelling demand for adoption of devices offering timely diagnosis of cardiovascular disorders. Thus, significant reduction in labor cost, human error, and data loss offered by point of care data management systems, combined with increasing burden of chronic diseases is a major factor strengthening the market growth.
Initiatives accelerating adoption of Electronic Health Records (EHR) is expected to drive market growth
Initiatives taken by various organizations in order to transform the healthcare infrastructure such as the Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009, are increasing adoption of Electronic Health Records (EHR) in healthcare facilities. Moreover, in 2015, the Centers for Medicare & Medicaid Services (CMS) and the Office of the National Coordinator for Health IT (ONC) supported the concept of electronic health records-meaningful use [EHR-MU]. Meaningful Use is attributed to ensure certified EHR technology, which provides efficient electronic exchange of health information, thus improving the quality of care. However, high capital investment associated with installation of web-based and on-premise data management systems and software deters their adoption to some extent. Furthermore, increasing concern regarding patient healthcare data and high cost related to data protection and privacy are also restraining point of care data management systems market growth. Data management systems require regular maintenance for uninterrupted operation and to avoid issues during work process. The Department of Information Strategy, 2013, states that the maintenance cost increases the expenditure associated with system and it varies from US$ 1,000 to around US$ 4,000 annually.
Some of the major players operating in the global point of care data management systems market are Abbott Laboratories, Danaher Corporation, F.Hoffman-La Roche Ltd., Orchard Software Corporation, Siemens Healthcare GmbH, Telecor, Inc., Thermo Fisher Scientific, Inc., Randox Laboratories Ltd., Hedera Biomedics Srl, and Seaward Electronic Ltd.
Point-of-care (POC) data management system market report includes in depth study about POC data management services and software. It also focuses on the adoption rate of technology in various healthcare settings such as hospital, clinics and diagnostic laboratories. Cloud-based and on-premise systems are the mode of delivery type for these services. Point-of-care (POC) data management system enables clinicians to make decisions easily, as the patient records are well maintained and point-of-care has the potential to significantly influence health care delivery and to address the challenges of health disparities. Point-of-care (POC) data management system helps in providing optimal patient care and it increases effectiveness, improves clinical workflow, satisfies compliance requirements and reduce cost. The demand for POC data management system is expected to increase, as the healthcare agencies are focused on improving patient safety and care. Moreover, rising number of hospitals adopting advanced data management systems to increase operational efficiency and reduce costs is driving growth of the point-of-care management system market. POC data management system helps medical professionals to manage patient’s diagnostic and clinical data easily, which was a tedious task earlier. A typical point-of-care practice involves multiple devices platform from various vendors, is used which by thousands of operators spread over the entire region. These systems are hardware and software based management technologies, which include cloud, web, and premise based mode of delivery.
The major factors driving growth of the point of care data management systems market include increasing incidence of various diseases accelerating demand for POC devices, thereby increasing adoption of point of care data management systems to manage daily POCT operations across different medical and home care settings. Moreover, point-of-care technology is significantly contributing to the transformation of healthcare landscape by bringing rapid diagnosis and monitoring tests closer to the patient care and making it more convenient for healthcare providers and patients. The test results obtained by Electronic Health Records (EHR) assists in early diagnosis leading to early onset of treatment. Advancements in data integration, remote sensing in hospitals, and wireless connectivity are also increasing the demand for POC data management system. However, high cost associated with installing on-premise and cloud-based data management systems and software along with increasing concern about patient healthcare data protection and privacy can negatively impact the business growth.
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