Global Point Of Care Data Management Systems Market - 2022-2029

Global Point Of Care Data Management Systems Market - 2022-2029:

Market Overview

Point Of Care Data Management Systems Market size was valued at US$ YY million in 2021 and is anticipated to reach US$ YY million by 2029, growing at a CAGR of 11.2% during the forecast period (2022-2029).

Point Of Care data management systems accelerate the recording, storing, and viewing of patients' medical records from multiple point-of-care devices at central data management systems. Also, these provide a bidirectional interface to hospitals and laboratory professionals on a single enterprise platform.

Market Dynamics

The point-of-care data management systems market growth is driven by technological advancements in data management systems such as remote monitoring, rising adoption of point-of-care data management systems, increase in the incidence of lifestyle diseases, and rise in healthcare expenditure.

The rising demand for point-of-care data management systems for health records is expected to drive the market growth

The rising adoption of point-of-care data management systems for health records is expected to boost the market over the forecast period. As per the article published in Practical Laboratory Medicine in November 2020, Accreditation and regulatory standards highlight the rising need to integrate POC Testing results into the patient’s electric medical records. This promotes accessibility of POCT results, the ability to monitor and trend, prevents unnecessary repeat testing and provides evidence for patient outcomes. As POCT results are used to make clinical decisions, it is important to document results with associated reference intervals, units of measurements, critical values if applicable, date and time of testing, and also be traceable to device serial number, operator identification number, reagent lot number, and quality control (QC) results. POCT results should also be clearly differentiated from other central laboratory results to avoid confusion and trending results from different analytical methodologies. POCT is currently routine in all hospitals and has become the standard for patient care in a variety of other health care settings

In addition, the key players are adopting market strategies. For instance, in March 2020, Siemens Healthineers and Marienhaus Hospital Group collaborated on a ten-year technology partnership, with an option to lengthen for an additional five years. Siemens Healthineers is planning with Marienhaus for a digital strategy to interconnect 18 hospitals to streamline clinical processes. This may provide for the replacement and management of around 130 medical imaging devices in the German states of North Rhin.

The lack of skilled professionals will hamper the growth of the market

However, in the case of employees, cross-appointment to multiple wards and sites and the diverse range of employment types, such as full-time and part-time, increase the challenge of tracking active operators who are trained and have demonstrated competency. The lack of skilled professionals or employees working in healthcare to operate the data management systems limits the market growth.

COVID-19 Impact Analysis

The appearance of COVID-19 considerably impacted the global point of care data management systems market. As per an article published in Medical Laboratory Observer in May 2022, before the COVID-19 pandemic, POC testing was already experiencing robust growth and high acceptance. Due to the pandemic, more focus is on improving population health at more affordable costs. The case for POC testing is strong, especially when a quick, rapid turnaround time can profoundly impact downstream costs and patient outcomes. With the pandemic came a significant recognition of the value of POC testing and the importance of rapid test results, along with an increased demand for reliable testing methodologies. Key players respond to this demand with improved methodologies and interfaceable devices, which drive adoption. Because POC testing sites can be widely scattered across a healthcare campus, it is important to have a robust POC testing management system to capture important test information and manage regulatory compliance. The demand for POC increases leads to a demand for management systems in the market.

Segment Analysis

The cloud based segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The cloud based segment accounted for the largest market share in 2021. According to Philips data report, in June 2022, the requirement for data security and regulatory compliance has already motivated healthcare organizations to keep data on-premises. Nowadays, there is a rising awareness that moving to the cloud positively affects the segment in the market.

In fact, 60% of healthcare leaders now cite security as one of the top benefits of the cloud. When healthcare organizations depend on their own data centers, they are responsible for security from end to end, which can become prohibitively complex and time-consuming as IT infrastructures expand over time. Cloud-based services and solutions help to reduce dependency on local hardware to store sensitive data while automated software updates keep systems current.

Healthcare-compliant cloud platforms provide a flexible base for quick development and testing of digital applications. Cross-functional teams working in short and agile cycles are able to put novel digital applications into the hands of physicians or patients right away and then add new or improved features and functionalities as they gather additional user feedback. That means healthcare organizations get to innovate faster and in smaller, more digestible increments.

Geographical Analysis

North America region holds the largest market share of the global point of care data management systems market

North America dominates the market for point of care data management systems and is expected to show a similar trend over the forecast period. It is anticipated to hold a significant market size over the forecast period (2022-2029) owing to advanced healthcare, many key players and the rising population. National Institute of Biomedical Imaging and Bioengineering created the Point-of-Care Technologies Research Network (POCTRN) to drive the development of POC technologies through collaborative efforts that merge scientific and technological capabilities with the clinical need.

In addition, new technologies or products are being refined and improved to deliver easier-to-use devices with incremental improvements in analytical performance. Such advancements in newly launched devices drive the market in the North American region. For instance, in June 2020, DataLink Software (DataLink) highlighted the key advantages of Evoke360 and its Provider Relations Management (PRM) module, enabling providers to transition from fee-for-service to value-based care. Evoke360 serves as a point-of-care solution, aggregating data from disparate sources to accelerate preemptive patient care, closing gaps in care to treat more than the diagnosis results.

Competitive Landscape

The point of care data management systems market is a moderately competitive presence of local and global companies. Some of the key players which are contributing to the growth of the market are Siemens Medical Solutions, Abbott Laboratories, Danaher Corporation, Hoffmann-La Roche Ltd., Orchard Software Corporation, Thermo Fisher Scientific Inc., Randox Laboratories Ltd., Hedera Biomedics SRL, Seaward Electronic Ltd., and Esaote SpA among others. The major players are adopting several growth strategies, such as product launches, acquisitions, and collaborations, contributing to the growth of the global point-of-care data management systems market.

For instance,

• In March 2020, Abbott introduced the molecular point-of-care ""ID NOW"" COVID-19 test, bringing rapid testing to the front lines. These tests run on Abbott's point-of-care ID NOW platform, a portable instrument, and provide fast results in many healthcare settings, such as physicians' offices, urgent care clinics, and hospital emergency departments. This is the company's second test to receive Emergency Use Authorization by the FDA for COVID-19 detection.

Siemens Medical Solutions

Overview:

Siemens is a German medical device company founded in 1847 and headquartered in Germany. It delivers lab-accurate, actionable, and timely results right away. Clinical management decisions can be made instantly from the ED to the physician’s office, resulting in improved clinical outcomes, patient safety, and overall patient satisfaction.

Product Portfolio:

UniPOC Data Management System: It is an open data-management solution that connects and manages the largest ecosystems of point-of-care devices. It provides the POC system with an automated operator validation and recertification process and features active directory integration and compatibility with 64-bit databases and operating systems.

The global point of care data management systems market report would provide access to approximately 65+ market data tables, 65+ figures, and in the range of 200+ (approximate) pages.