by Point of care (PoC) data management systems aid in managing data generated from diagnostic tests performed outside conventional laboratory settings. These systems are used at hospitals, clinics, laboratories, and other medical facilities to store, retrieve, transfer, and analyze point of care test results and associated patient data. They allow clinicians to access lab results in real-time on mobile devices for improved patient monitoring. An aging population with increased chronic illnesses is driving the demand for point of care testing and diagnosis. This has led to a rise in data generated through various PoC diagnostic platforms like glucose meters, coagulation analyzers, cardiac marker analyzers, and more. Managing this large and growing volume of distributed data requires specialized PoC data management solutions.
The global Point of Care (PoC) Data Management Systems Market is estimated to be valued at US$ 74.8 Bn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Integration of AI and cloud technology is a key trend in the PoC data management systems market. Vendors are integrating AI and machine learning capabilities in their solutions to help automate data analysis, identify patterns, predict outcomes, and support clinical decision making. Cloud-based systems allow data to be stored securely in the cloud and accessed remotely through internet-connected devices. This facilitates real-time data sharing across different locations. Adoption of cloud and AI-enabled PoC data management solutions is growing among healthcare providers to enhance diagnostic and treatment processes. Data analytics capabilities of these advanced systems are proving valuable for research, epidemiology, and personalized medicine applications.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as this is an established market which requires significant investment and expertise to enter and compete effectively.
Bargaining power of buyers: The bargaining power of buyers is high since there are many established players providing Point of Care (PoC) Data Management Systems. This provides buyers with alternative purchasing options.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitute components from different suppliers.
Threat of new substitutes: The threat of substitutes is low as there are no direct substitutes for PoC Data Management Systems.
Competitive rivalry: Competition is high among existing players to improve their product and service offerings.
Key Takeaways
The Global Point Of Care (Poc) Data Management Systems Market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 74.8 billion.
Regional analysis: North America dominates the global PoC Data Management Systems market currently due to rapid technological advancements and increasing adoption of digital healthcare solutions in the region. Asia Pacific is expected to grow at the fastest rate during the forecast period. This can be attributed to rising healthcare expenditure, growing medical tourism, and increasing need for improved healthcare facilities in emerging economies of Asia Pacific.
Key players: Key players operating in the Point of Care (PoC) Data Management Systems market are F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), and PHC Holdings Corporation (Japan). F. Hoffmann-La Roche Ltd. and Danaher Corporation hold a significant share of the market. Players are focusing on new product launches and partnerships with healthcare providers to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
