Point of care poc data management systems market

Point of Care (PoC) 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) - Size, Share, Trends, and Forecast to 2026

Request Free Sample

Jun 2018
CMI1751
200 Pages
Excel & Pdf
Healthcare IT

Summary

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.

Table of Content

Table of Contents

Research Objective and Assumption

Research Objectives
Assumptions
Abbreviations

*Browse 35 market data tables and 20 figures on "Point of Care Data Management Systems Market - Global forecast to 2026”.

N/A

- Frequently Asked Questions -

What are the growth estimates for point of care (PoC) data management systems market till 2026?

The global point of care (PoC) data management systems market is estimated to surpass US$ 1.2 Billion by 2026.

Which are the prominent point of care (PoC) data management systems market players across the globe?

Major players operating in the global point of care (PoC) data management systems market include 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.

What are the key factors hampering growth of the point of care (PoC) data management systems market?

Increasing concern about patient healthcare data and high cost related to data protection and privacy are some of the major factors that are expected to hamper growth of the market over the forecast period.

What are the key factors driving growth of the point of care (PoC) data management systems market?

Increasing adoption of POCT devices owing to low turnaround time is one of the major factors that is expected to propel growth of the market over the forecast period.

What is the Compound Annual Growth Rate (CAGR) of the point of care (PoC) data management systems market for next 8 years?

The global point of care (PoC) data management systems market is estimated to exhibit a CAGR of 6.6% over the forecast period.

Which region is dominating the point of care (PoC) data management systems market growth?

Among regionsNorth America is expected to hold dominant position in the market over the forecast period.