The Global 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) was valued at US$ 718.5 million in 2017, and is projected 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 gain significant traction due to increasing adoption rate of point of care testing (POCT) devices generating enormous amount of data.
Increasing adoption of POCT devices owing to low turnaround time to accelerate the Point of Care Data Management Systems market
The 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. Increasing usage of home-based point-of-care diagnosis have significantly reduced incidence of Sexually Transmitted Diseases (STDs), as these tests provide quick detection of biomarkers leading to early diagnosis of diseases. Early treatment of these diseases can extend the life expectancy and can also completely cure the patients in few cases.
According to the Centers of Disease Control and Prevention (CDC), 2016, rapid home-based diagnostic tests that include 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. According to World Health Organization (WHO), 2014, around 4 million chest pain patients are admitted every year for Acute Myocardial Infarction (AMI). For instance, for the 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. However, this time is significantly less than that of the regular test results. Therefore, global point of care (POC) data management systems market is expected to grow at significant rate, owing to increasing adoption of POC devices propelling demand for managing the data through data management systems. Moreover, major hospitals and laboratories generate large volumes of data, which makes maintaining the data by different partners a cumbersome challenge. Cloud-based systems provide 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”
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Key industry 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, Telecor, Inc., Thermo Fisher Scientific, Inc., Randox Laboratories Ltd., Hedera Biomedics Srl, and Seaward Electronic Ltd. Companies are focusing on developing novel POC diagnostic devices, which in turn is expected to aid the POC data management system market growth. For instance, in 2015, Atomo Diagnostics received US$ 1,800,000 grant from the Medical Devices Fund (MDF) of Australia for a rapid point-of-care HIV diagnostic test that replaces the need for extensive procedural steps and multiple kit components. Major industry players are also focused on strategic acquisitions, in order to expand their product portfolio in point-of-care (POC) diagnostics. For instance, in October 2017, Abbott acquired Alere Inc., the global leader in point of care diagnostics, with a strategy to enhance access to new products, geographies, and establish presence in emerging economies. With this acquisition, Abbott gained access to Alere’s RALS point-of-care data management system and AegisPOC point of care management solutions.
Key Takeaways of the Point of Care Data Management Systems Market:
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