Point-Of-Care Data Management Software Market Extends at a Healthy CAGR of 12.5% by 2030

Introduction

Point-of-care (POC) technology includes systems and devices that help medical professionals facilitate their efforts to monitor and deliver patient care and document their health status. Rapid diagnosis of clinical conditions through point-of-care (POC) testing can shorten care time and enhance patient outcomes. Point-of-care technology enables hospitals and clinics to invest more time and money in technologies that help speed patient flow through the practice and optimize the daily workflow of doctors and nurses by lowering patient waiting times.

The need for point-of-care testing (POCT) is increasing due to the value shift in healthcare and technological advancements. Multiple factors drive the demand for POCT. Infectious diseases, lifestyle-related conditions such as cardiovascular disease and diabetes, patient desire for home-based POC devices, and technical improvements resulting in faster and easier operating devices.

Market Dynamics

Innovation in Flexible Connectivity and Software Interface Solutions Drives the Global Market

Any point-of-care deployment requires the capacity to link remote POC devices to a data management platform. Interfacing, connection, and data management are crucial aspects of POCT quality assurance. Data management guarantees the collection and documentation of all patients and controls results with fewer transcription errors. Healthcare professionals conducting POC testing in clinics, hospitals, and physician offices are increasingly interested in integrating their devices with a data management solution to eliminate transcribing errors and improve patient care. In addition to delivering these solutions, vendors also contribute to the market's expansion. Orchard offers multiple deployment options based on the facility's particular requirements. The adaptability of Orchard's product line allows for a range of POCT administration and networking solutions.

Rapid Testing and Decentralized Healthcare Creates Tremendous Opportunities

The forecast for decentralization improves considering the POC testing system's favorable pace. Point-of-care (POC) testing is gaining popularity in Southeast Asia as customers derive significant value from the devices, mainly through enhanced access to early diagnosis. It is possible to conduct tests in remote areas that fit the market and meet various medical demands in developing nations. The COVID-19 experience revealed significant shortcomings and rigidity in the facility-based healthcare system. This crisis presented a once-in-a-lifetime opportunity to reinvent the healthcare delivery system, which would be co-created with hospitals and based on a new, more decentralized paradigm supported by technology and improved logistics. Government regulations and initiatives to provide diverse diagnostic methods are anticipated to generate additional opportunities.

Regional Analysis

North America is the most significant market shareholder and is expected to grow at a CAGR of 11.8% during the forecast period. The market for point-of-care diagnostics in the United States is driven by the most recent advancements in the diagnostics sector to deliver a rapid diagnosis to facilitate quick clinical decision-making in support of treatment regimens. One in five COPD patients is projected to be readmitted within 30 days in the United States. Governments have a bias toward adopting POC. POC testing decreases the burden on hospital resources and emergency room visits. The bulk of point-of-care diagnostics is intended to detect infectious infections. For instance, the Point of Care Technologies Research Network established by the National Institute of Biomedical Imaging and Bioengineering of the United States expedites the development of POC diagnostics or testing products.

Europe is expected to grow at a CAGR of 13.6%, generating USD 360 million during the forecast period. Due to the introduction of technology, the German healthcare system is fast evolving. In addition, the use of POC data management software in the country is anticipated to be bolstered by an increase in government backing and several initiatives by industry players. For example, the German Ministry of Health recently unveiled the Health Innovation Hub initiative, enabling the ministry to lead the digital transformation of the German healthcare system.

The expansion of the Chinese pharmaceutical sector and genomics research are driving the growth of the Chinese market. Organizations are forming strategic alliances, increasing the market adoption of point-of-care data management software. In December 2019, Biosero Inc. partnered with RORZE Lifescience Inc., a subsidiary of Rorze Inc., to distribute Biosero's Green Button Go Automation Scheduling Software to customers in the clinical, pharmaceutical, research, and biotech sectors in Japan via its joint venture with Rorze ResMed Lifescience Co., Ltd.

Key Highlights

• The global point-of-care data management software market was valued at USD 550 million in 2021. It is expected to reach USD 1,410 million by 2030, growing at a CAGR of 12.5% over the forecast period (2022 – 2030).
• By end user, the global point-of-care data management software market is segmented into hospitals/critical care units, diagnostic centers, and clinics/outpatients. Hospitals/essential care units account for the largest market share and are expected to grow at a CAGR of 11.7% during the forecast period.
• By application, the global point-of-care data management software market is segmented into infectious disease devices, glucose monitoring, coagulation monitoring, urinalysis, cardiometabolic monitoring, cancer markers, hematology, and other POC applications. Infectious disease devices account for the largest market share and are expected to grow at a CAGR of 13.7% during the forecast period.
• North America is the most significant market shareholder and is expected to grow at a CAGR of 11.8% during the forecast period.

Competitive Players

Competitive Players

The global point-of-care data management software market are Siemens Healthineers AG + (Conworx), Abbott Point of Care Inc. + (Alere), Danaher Company (HemoCue and Radiometer Medical ApS), Roche Diagnostics Corporation, TELCOR Inc., Orchard Software Corporation, Randox Laboratories Ltd, and Thermo Fisher Scientific Inc.

Recent Developments

Market News

• In July 2022 - Siemens Healthineers showed its refreshed Acuson family at this year's European Congress of Radiology in Vienna. The refreshed ultrasound portfolio brings even more clinical adaptability and addresses challenges across various clinical applications.
• In July 2022 - Siemens Healthineers presented 3D imaging integrated with endoluminal robotics for precise transbronchial lung biopsy. 

Segmentation

Global Point-Of-Care Data Management Software Market: Segmentation

By End-User

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

By Applications

• Infectious Disease Devices
• Glucose Monitoring
• Coagulation Monitoring
• Urinalysis
• Cardiometabolic Monitoring
• Cancer Markers
• Hematology
• Other POC Applications

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA