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.
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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).
The major factors driving growth of the point of care data management systems market include increasing incidence of various diseases accelerating demand for POC devices, thereby increasing adoption of point of care data management systems to manage daily POCT operations across different medical and home care settings. Moreover, 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. Advancements in data integration, remote sensing in hospitals, and wireless connectivity are also increasing the demand for POC data management system. However, high cost associated with installing on-premise and cloud-based data management systems and software along with increasing concern about patient healthcare data protection and privacy can negatively impact the business growth.
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.
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, Telecor, Inc., Thermo Fisher Scientific, Inc., Randox Laboratories Ltd., Hedera Biomedics Srl, and Seaward Electronic Ltd.
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