Point-of-Care Data Management Software Market to Grow at a CAGR of 8.6% to reach US$ 855.54 million from 2020 to 2027

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

Publication Month : Feb 2021

  • Report Code : TIPRE00017557
  • Category : Healthcare IT
  • Status : Published
  • No. of Pages : 169
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The point-of-care data management software market was valued at US$ 446.54 million in 2019 and it is projected to reach US$ 855.54 million by 2027; it is expected to grow at a CAGR of 8.6% during 2020–2027

Managing patient's test data and recording it for later use has always been tedious for medical professionals. Therefore, several companies have developed point-of-care data management software to overcome the challenges faced by medical professionals in maintaining patient's records. Hence, the facilities that point-of-care data management software provides, including recording, storage, and viewing records from multiple devices, have boosted the demand for point-of-care data management software market. The growth of the market is attributed to increasing incidences of infectious diseases and rise in lifestyle-related diseases, product launches and product development. Further, 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. In addition, the emerging markets in developing countries are likely to have a positive impact on the growth of the point-of-care data management software market in the coming years.

Lucrative Regions for Point-Of-Care Data Management Software Market



Lucrative Regions for Point-Of-Care Data Management Software Market
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Market Insights

Increasing Incidences of Infectious- and Lifestyle-Related Diseases

Point of Care (POC) is a powerful combination of software and hardware designed to manage administrative tasks, patient data, rapid diagnostics, medical records storage, and data transmission. Point of care data management software  is used to manage patient data about patients' disease history, which is because of increasing incidences of infectious and lifestyle-related diseases. Moreover, factors such as increasing number of contagious diseases, rise in lifestyle-related diseases (cardiac diseases and diabetes), and demand for quick services, and surge in technological advancements are driving the need for POC data management software. For instance, according to  International Diabetes Federation in 2019, approximately 463 million adults (20-79 years) are observed with diabetes; by 2045 this will rise to 700 million and approx. Moreover, it is estimated that ~37% of global diabetic adults live in the Asia Pacific region.

Moreover, increasing incidences of infectious diseases such as HIV is another major public health issue. For instance, In 2018, the World Health Organization (WHO) claimed that more than 32 million HIV people are diagnosed, out of which 7,70,000 people died. The global HIV/AIDS pandemic has resulted in 39 million deaths to date, and there are currently more than 35 million people living with HIV worldwide. Prevention, screening, and treatment strategies have led to significant progress in addressing these diseases globally. Also, increasing infectious diseases caused by several pathogens, such as malarial parasites; human immunodeficiency virus (HIV); human papillomavirus (HPV); dengue; Ebola; Zika viruses; and Mycobacterium tuberculosis (TB bacteria) has raised the demand for POC data management software.

To narrow down the diagnostic time, companies are developing a POC platform; for instance, RALS, a  software  introduced Abbott Laboratories used  for data management in point-of-care testing, is used by more than 2,000 hospitals in the US. Unlike data management solution that uses a device-specific data manager between the device and their system . The software can manage all types of patient results, devices, operators, consumables, and reports. Moreover, POC can create and manage profiles by using a unique ID number, and patients can quickly access their health-related data, history of visits, insurance information, and more or make an appointment independently. Thus, the factors mentioned above are likely to boost the growth of the market.

Application-Based Insights

Based on application, the point-of-care data management software market is bifurcated into infectious disease devices, glucose monitoring, coagulation monitoring, urinalysis, cardiometabolic monitoring, cancer markers, and hematology. The glucose monitoring segment held a larger share of the market in 2019. Whereas, the cancer markers segment is anticipated to register a higher CAGR in the market during the forecast period. The large share of this segment is attributed to factors such as the significant adoption of new technologies among researchers and academia technological advancements, growing diabetic patient population base. Moreover, presence of the various market players that are offering various products and rise in the technological advancement will further offer lucrative opportunities in the study period..

 

Global Point-Of-Care Data Management Software Market, by Application – 2019 and 2027



Global Point-Of-Care Data Management Software Market, by Application – 2019 and 2027
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End User-Based Insights

Based on end-user, the global point-of-care data management software market is bifurcated into hospitals/critical care units, diagnostic centers and clinics/outpatient. The hospitals/critical care units segment held a larger share of the market in 2019 and the same segment is anticipated to register a higher CAGR in the market during the forecast period.

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Point-of-Care Data Management Software Market: Strategic Insights

point-of-care-data-management-software-market
Market Size Value inUS$ 446.54 Million in 2019
Market Size Value byUS$ 855.54 Million by 2027
Growth rateCAGR of 8.6% from 2020-2027
Forecast Period2020-2027
Base Year2020
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Various companies operating in the point-of-care data management software market use strategies such as product launches, mergers and acquisitions, collaborations, product innovations, and product portfolio expansions to expand their footprint worldwide, maintain the brand name, and meet the growing demand from end users.

Point-Of-Care Data Management Software Market – by Application

  • Glucose Monitoring
  • Hematology
  • Cardiometabolic Monitoring
  • Infectious Disease Devices
  • Coagulation Monitoring
  • Cancer Markers
  • Urinalysis
  • Others

Point-Of-Care Data Management Software Market – by End User

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

Point-Of-Care Data Management Software Market – by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Spain
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East & Africa
  • South America (SAM)

    • Brazil
    • Argentina
    • Rest of South and Central America

Company Profiles

  • Abbott
  • Siemens Healthineers AG
  • Telcor Inc.
  • F. Hoffmann-la Roche Ltd.
  • Orchard Software Corporation​
  • Randox Laboratories Ltd.
  • DataLink Software, LLC.
  • 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 ; End User , and Geography

Regional Scope
Regional Scope

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

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What is point-of-care data management software?

Managing patient's test data and recording it for later use has always been tedious for medical professionals. Therefore, several companies have developed point-of-care data management software to overcome the challenges faced by medical professionals in maintaining patient's records. Hence, the facilities that point-of-care data management software provides, including recording, storage, and viewing records from multiple devices, have boosted the demand for point-of-care data management software market.

What are the driving factors for the point-of-care data management software market across the globe?

Increasing incidences of infectious diseases and rise in lifestyle-related diseases, product launches and product development fuels the market growth.

What are the factors that are hampering the point-of-care data management software market?

Operating challenges along with product recalls hinders the growth of the point-of-care data management software market.

The List of Companies - Point-of-Care Data Management Software Market

  1. Abbott
  2. Siemens Healthineers AG
  3. TELCOR Inc.
  4. F. HOFFMANN-LA ROCHE LTD.
  5. Orchard Software Corporation
  6. Randox Laboratories Ltd.
  7. DataLink Software, LLC.
  8. Radiometer Medical ApS
  9. THERMO FISHER SCIENTIFIC INC.
  10. 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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