Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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, Telcor, Inc., Thermo Fisher Scientific, Inc., Randox Laboratories Ltd., Hedera Biomedics Srl, and Seaward Electronic Ltd.