Asia Pacific Point-of-Care Data Management Software Market Market to Grow at a CAGR of 9.5% to reach US$ 193.01 Mn Million from 2020 to 2027

Asia Pacific Point-of-Care Data Management Software Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Application (Infectious Disease Devices, Glucose Monitoring, Coagulation Monitoring, Urinalysis, Cardiometabolic Monitoring, Cancer Markers, Hematology, and Others) and End User (Hospitals/Critical Care Units, Diagnostic Centers, and Clinics/Outpatient)

Publication Month : Jun 2021

  • Report Code : TIPRE00022991
  • Category : Healthcare IT
  • Status : Published
  • No. of Pages : 129
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The Asia Pacific point-of-care data management software market is expected to reach US$ 193.01 million by 2027 from US$ 102.28 million in 2020; it is estimated to grow at a CAGR of 9.5% from 2020 to 2027.



The growth of the market is attributed to increasing initiatives for the adoption of electronic health records, and rising incidence of infectious diseases and lifestyle-related diseases. However, the high cost of point-of-care data management systems hinders the market growth.

Point-of-care (POC) data management software is a platform used in various critical care settings in the hospital, such as intensive care unit (ICU), operating room (OR), and emergency department (ED). It facilitates the patients' health data management and analysis. Initiatives taken by various organizations to transform the healthcare infrastructure, such as the Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009, are increasing the adoption of electronic health records (EHR) in healthcare facilities. Moreover, 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, which provides the efficient electronic exchange of health information, thus improving the quality of care. Additionally, as healthcare data analytics is more commonly used to support patient-centred care and population health management, it is essential to have POCT results electronically integrated to include results tracking metrics and key performance indicators. Additionally, according to the Japanese Nursing Association survey, from September to October in 2019, around 63% of the hospitals in Japan implemented the system of EHR. The government in the country has been promoting the system's use since the beginning of the 2000s. Hence, rising government initiatives and rapid diagnosis of clinical conditions through point-of-care testing (POCT) support the growth of the market. Moreover, factors such as the increasing number of contagious diseases, rising incidence of lifestyle-related diseases (cardiac diseases and diabetes), growing demand for quick services, and surging technological advancements drive the need for POC data management software.

Countries in Asia Pacific are facing challenges due to increasing incidence of COVID-19. However, the outbreak has severely affected the medical devices and software industry and disrupted supply chain. Moreover, low-income countries face additional challenges due to the shortage of healthcare infrastructure. Restrictive measures have been put forth in South Korea, Malaysia, Singapore, the Philippines, and India to prevent disease transmission. However, in this scenario, patients receiving treatment for cancer, diabetic, or cardiology are not being treated on priority. Apart from overall health system, the point-of-care data management software market has been negatively impacted due to the outbreak.
point-of-care data management software market

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ASIA PACIFIC POINT-OF-CARE DATA MANAGEMENT SOFTWARE MARKET SEGMENTATION

By Application

•  

Glucose Monitoring

•   Hematology

•   Cardiometabolic Monitoring

•   Infectious Disease Devices

•   Coagulation Monitoring

•   Cancer Markers

•   Urinalysis

•   Others

By End User

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

By Country

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

Company Profiles

  • Abbott
  • Siemens Healthineers AG
  • F. HOFFMANN-LA ROCHE LTD.
  • Randox Laboratories Ltd
  • Radiometer Medical ApS
  • THERMO FISHER SCIENTIFIC INC.
  • Medical Information Technology, Inc.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Application and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Australia, China, Japan, South Korea

  1. Abbott
  2. Siemens Healthineers AG
  3. F. HOFFMANN-LA ROCHE LTD.
  4. Randox Laboratories Ltd
  5. Radiometer Medical ApS
  6. THERMO FISHER SCIENTIFIC INC.
  7. Medical Information Technology, Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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