Point-of-Care Data Management Software Market to Grow at a CAGR of 8.6% to reach US$ 855.54 million from 2020 to 2027

The point-of-care data management software market was valued at US$ 446.54 million in 2019 and it is projected to reach US$ 855.54 million by 2027; it is expected to grow at a CAGR of 8.6% during 2020–2027

Managing patient's test data and recording it for later use has always been tedious for medical professionals. Therefore, several companies have developed point-of-care data management software to overcome the challenges faced by medical professionals in maintaining patient's records. Hence, the facilities that point-of-care data management software provides, including recording, storage, and viewing records from multiple devices, have boosted the demand for point-of-care data management software market. The growth of the market is attributed to increasing incidences of infectious diseases and rise in lifestyle-related diseases, product launches and product development. Further, rapidly improving health care facilities and infrastructure in developing countries, increase in number of hospitals and diagnostics laboratories, and surge in health care budgets are projected to fuel demand for point of care data management systems during the forecast period. In addition, the emerging markets in developing countries are likely to have a positive impact on the growth of the point-of-care data management software market in the coming years.

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Point-of-Care Data Management Software Market: Strategic Insights

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Market Insights

Increasing Incidences of Infectious- and Lifestyle-Related Diseases

Point of Care (POC) is a powerful combination of software and hardware designed to manage administrative tasks, patient data, rapid diagnostics, medical records storage, and data transmission. Point of care data management software  is used to manage patient data about patients' disease history, which is because of increasing incidences of infectious and lifestyle-related diseases. Moreover, factors such as increasing number of contagious diseases, rise in lifestyle-related diseases (cardiac diseases and diabetes), and demand for quick services, and surge in technological advancements are driving the need for POC data management software. For instance, according to  International Diabetes Federation in 2019, approximately 463 million adults (20-79 years) are observed with diabetes; by 2045 this will rise to 700 million and approx. Moreover, it is estimated that ~37% of global diabetic adults live in the Asia Pacific region.

Moreover, increasing incidences of infectious diseases such as HIV is another major public health issue. For instance, In 2018, the World Health Organization (WHO) claimed that more than 32 million HIV people are diagnosed, out of which 7,70,000 people died. The global HIV/AIDS pandemic has resulted in 39 million deaths to date, and there are currently more than 35 million people living with HIV worldwide. Prevention, screening, and treatment strategies have led to significant progress in addressing these diseases globally. Also, increasing infectious diseases caused by several pathogens, such as malarial parasites; human immunodeficiency virus (HIV); human papillomavirus (HPV); dengue; Ebola; Zika viruses; and Mycobacterium tuberculosis (TB bacteria) has raised the demand for POC data management software.

To narrow down the diagnostic time, companies are developing a POC platform; for instance, RALS, a  software  introduced Abbott Laboratories used  for data management in point-of-care testing, is used by more than 2,000 hospitals in the US. Unlike data management solution that uses a device-specific data manager between the device and their system . The software can manage all types of patient results, devices, operators, consumables, and reports. Moreover, POC can create and manage profiles by using a unique ID number, and patients can quickly access their health-related data, history of visits, insurance information, and more or make an appointment independently. Thus, the factors mentioned above are likely to boost the growth of the market.

Application-Based Insights

Based on application, the point-of-care data management software market is bifurcated into infectious disease devices, glucose monitoring, coagulation monitoring, urinalysis, cardiometabolic monitoring, cancer markers, and hematology. The glucose monitoring segment held a larger share of the market in 2019. Whereas, the cancer markers segment is anticipated to register a higher CAGR in the market during the forecast period. The large share of this segment is attributed to factors such as the significant adoption of new technologies among researchers and academia technological advancements, growing diabetic patient population base. Moreover, presence of the various market players that are offering various products and rise in the technological advancement will further offer lucrative opportunities in the study period..

End User-Based Insights

Based on end-user, the global point-of-care data management software market is bifurcated into hospitals/critical care units, diagnostic centers and clinics/outpatient. The hospitals/critical care units segment held a larger share of the market in 2019 and the same segment is anticipated to register a higher CAGR in the market during the forecast period.

Various companies operating in the point-of-care data management software market use strategies such as product launches, mergers and acquisitions, collaborations, product innovations, and product portfolio expansions to expand their footprint worldwide, maintain the brand name, and meet the growing demand from end users.

Point-of-Care Data Management Software Market Regional Insights

The regional trends and factors influencing the Point-of-Care Data Management Software Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Point-of-Care Data Management Software Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Point-of-Care Data Management Software Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Point-of-Care Data Management Software Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Point-of-Care Data Management Software Market are:

1. Abbott
2. Siemens Healthineers AG
3. TELCOR Inc.
4. F. HOFFMANN-LA ROCHE LTD.
5. Orchard Software Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

 

Point-Of-Care Data Management Software Market – by Application

• Glucose Monitoring
• Hematology
• Cardiometabolic Monitoring
• Infectious Disease Devices
• Coagulation Monitoring
• Cancer Markers
• Urinalysis
• Others

Point-Of-Care Data Management Software Market – by End User

• Hospitals/Critical Care Units
• Diagnostic Centers
• Clinics/Outpatient

Point-Of-Care Data Management Software Market – by Geography

• North America

  • US
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • Italy
  • UK
  • Spain
  • Rest of Europe

• Asia Pacific (APAC)

  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of Asia Pacific

• Middle East & Africa (MEA)

  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East & Africa

• South America (SAM)

  • Brazil
  • Argentina
  • Rest of South and Central America

Company Profiles

• Abbott
• Siemens Healthineers AG
• Telcor Inc.
• F. Hoffmann-la Roche Ltd.
• Orchard Software Corporation​
• Randox Laboratories Ltd.
• DataLink Software, LLC.
• Radiometer Medical ApS
• Thermo Fisher Scientific Inc.
• Medical Information Technology, Inc.