February 24, 2024
Point of Care (PoC) Data Management Systems Market

Accelerated Patient Care to Boost Growth of Point of Care (PoC) Data Management Systems Market

The global Point of Care (PoC) Data Management Systems Market is estimated to be valued at US$ 74.8 Billion in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Point of Care (PoC) data management systems are medical devices and software solutions used for collecting, managing and interpreting diagnostic test results at or near the site of patient care. These systems help clinicians obtain quick diagnostic test results, allowing immediate clinical decisions to be made regarding patient care. PoC systems deliver high-quality diagnostic information to clinicians directly at the point of care. They provide advantages like faster turnaround times, improved patient care and better patient outcomes. PoC systems reduce lab test processing time from hours to minutes and enable clinicians to efficiently manage rapid patient volumes. The growing need for accurate, real-time diagnostic test data to accelerate clinical decisions is driving demand for PoC data management systems.

Market key trends:

The global PoC Data Management Systems market is witnessing significant technological innovations. Integration of cloud-based technologies with PoC systems allow real-time transmission of data from point-of-care to the hospital’s EHR/LIS system. Cloud-based solutions enable centralized management and interpretation of diagnostic results from multiple locations. Automated data interpretation using artificial intelligence is another trend emerging in the market. Use of AI improves consistency and accuracy of clinical decision making. Growing digitalization of healthcare is also prompting providers to adopt integrated PoC data management platforms for efficient data capturing, compiling and sharing across care settings. Adoption of interoperable PoC systems supporting multiple diagnostic modalities is on the rise. This facilitates clinicians to derive comprehensive patient health insights and optimize care pathways. Regulations promoting point-of-care testing are further boosting adoption of PoC data management solutions.

Porter’s Analysis

Threat of new entrants: Low-to-moderate. High upfront costs discourage many potential new entrants due to the significant capital investments required to enter this market. However, lack of strong IP protection allows some new companies to introduce cheaper alternatives.

Bargaining power of buyers: Moderate. Large group purchasing organizations and government healthcare providers have significant influence over pricing. However, there are several established providers in this market limiting buyer power.

Bargaining power of suppliers: Low. Key raw material components required are widely available from various suppliers reducing supplier power. Established players have alternatives if any supplier pulls out.

Threat of new substitutes: Low. No viable alternatives currently exist that can provide equivalent point-of-care testing and data management.

Competitive rivalry: High. The market is dominated by a few large multinational companies and intensifying competition is driving innovation.

Key Takeaways

The Global Point Of Care (Poc) Data Management Systems Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing demand for rapid and convenient patient testing and management of healthcare data.

North America dominates the global market holding over 30% share due to supportive regulatory environment and highly developed healthcare infrastructure in the region supporting early adoption. Asia Pacific is expected to be the fastest growing market attributed to rising healthcare expenditure, large patient pool and growing medical tourism in the region.

Key players operating in the PoC Data Management Systems market are F. Hoffmann-La Roche Ltd, Becton Dickinson & Company, Cepheid (Danaher),Siemens Healthineers, Abbott, Diasorin S.p.a., Thermo Fisher Scientific Inc., Qiagen, BIOMÉRIEUX, Hologic Inc., Bio Rad Laboratories, Quidel Corporation, EKF Diagnostics, SEKISUI Diagnostics, DiaSys-Diagnostic Systems GmbH, InBios International, Inc., Jiangsu Mole Bioscience Co., Ltd., ACON Laboratories, Inc., Visby Medical, Inc., UNIMA, INC.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it