Point of care testing (POCT) refers to the medical diagnostic tests performed at the site or near patients for immediate clinical decision making. Managing patients’ test data and recording it for regulatory compliance have been tedious tasks for medical professionals. Several companies have developed POC data management systems in order to help medical professionals overcome challenges while maintaining patient records. POC data management systems facilitate the recording, storage, and viewing of patients’ medical records from multiple point of care devices at central data management systems.
Additionally, these provide a bidirectional interface to both hospitals and laboratory professionals on a single enterprise platform. POC data management systems offer features such as recording of the patients’ medical records, downloading of POCT device data, and integration of data with the hospital information system (HIS), and laboratory information system (LIS). POC data management systems have several advantages over manual data recording systems such as reduced paperwork, increased work efficiency of testing procedures, continuous monitoring of point of care devices, centralized operator management, and many others.
The global point of care (POC) data management systems market is primarily driven by increase in adoption of POC devices by hospitals and laboratories. Increase in geriatric population, high incidence of chronic as well as infectious diseases, and rise in awareness among people about preventive health care has led to high demand for point of care testing devices across the world. 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.
Moreover, technological advancements in data management systems such as remote monitoring, data integration into central hospital information systems, wireless connectivity, process automation, ease of use, and web tutorials are factors augmenting demand for POC data management systems. However, high cost of POC data management systems and slow rate of adoption are likely to hamper the market in the near future.
The global point of care data management systems market can be segmented based on component, mode of delivery, end-user, and region. In terms of component, the global market can be classified into hardware and software. The hardware segment is expected to account for a leading share of the global market. The software segment is estimated to expand at a high CAGR during the forecast period. Based on mode of delivery, the global point of care data management systems market can be divided into web-based systems, cloud-based systems, and on-premises data management systems. The on-premises data management systems segment is anticipated to dominate the global market by 2025. In terms of end-user, the global point of care data management systems market can be categorized into hospitals and physicians clinics and diagnostics laboratories.
Geographically, the global point of care data management systems market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe accounted for significant shares of the global market and are projected to gain market share by 2025. Large share of these regions is attributed to well-established health care facilities, high health care infrastructure budgets, increase in incidence of lifestyle diseases, and rise in demand for preventive health care. The POC data management systems market in Europe is estimated to expand at a significant pace during the forecast period. The market in Asia Pacific is expected expand at a rapid pace during the forecast period The POC data management systems markets in Latin America and Middle East & Africa is likely to expand at a moderate pace.
Key players operating in the global point of care (POC) data management systems market include Siemens Healthineers, HemoCue AB, Abbott Laboratories, Radiometer Medical ApS, TELCOR, Inc., Thermo Fisher Scientific, Inc., Randox Laboratories Ltd., Esaote SpA, Hedera Biomedics srl, and Seaward Electronic Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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