Point-of-Care Data Management Software Market Size

Point-of-Care (POC) Data Management Software Market Analysis

The POC data management software market is expected to register a CAGR of 12.3% over the forecast period. Point-of-care technologies enable hospitals and clinics to invest more time and money in technologies that help accelerate the patient flow through practice and streamline doctors' and nurses' daily workflow by reducing waiting times.

• The demand for point-of-care testing is growing in response to the value shift in healthcare and technological developments. Several factors are driving the need for POCT. Some of them include an increase in infectious diseases, a rise in lifestyle-related diseases, such as cardiac diseases and diabetes, a growing patient desire to use home-based POC devices, and technological advancements creating faster and easier-to-use devices.
• Around the globe, an estimated 511 million adults have diabetes. By 2040, this number is expected to rise to over 5,70 million. As diabetes worldwide continues to increase, so must the effort to raise awareness. 37% of all diabetic adults are expected to live in the Asia-Pacific region. Additionally, according to the International Diabetes Federation, the number of diabetic patients worldwide in 2021 was 537 million. Between 2021 - 2045, the global expenditures for diabetes treatment are anticipated to grow from USD 966 million to USD 1,053 million. According to a recent report by the Centers for Disease Control and Prevention (CDC), more than 50% of people with diabetes who have been diagnosed with COVID-19 are hospitalized.
• Rapid diagnosis of clinical conditions through point-of-care testing (POCT) can improve patient outcomes. The primary concept behind POCT growth is that bringing testing closer to the patient and results quickly and conveniently to the provider can speed up the diagnosis and treatment. Today's POCT devices are changing, but capturing the data required to document compliance is still time-consuming. A robust POCT management system and connectivity solution reduces the time spent manually typing in results, eliminates errors inherent to manually entered results, and facilitates real-time access to results so that providers can make timely decisions.
• Additionally, as healthcare data analytics are more commonly used to support patient-centered care and population health management, it is essential to have POCT results electronically integrated to include results tracking metrics and key performance indicators. Electronic medical records (EHR) expenditures in the United States grew at an annual average of 5.4% from 2015 to 2019, totaling USD 14.5 billion in 2019. Additionally, according to the Japanese Nursing Association survey, from September to October 2019, around 63% of the hospitals in Japan implemented the system of EMR. The government in the country has been promoting the system's use since the beginning of the 2000s.
• The COVID-19 outbreak placed a significant burden on healthcare systems worldwide that are straining to handle the volume of ill patients requiring life-saving treatment. Several countries have witnessed or are preparing for shortages of critical medical equipment such as surgical masks, face shields, life-saving ventilators, or even the physical space and beds for patients. These seemingly fundamental necessities become the priority in a world of increasingly high-tech healthcare equipment.