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.
New York, Aug. 27, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Point-of-Care Data Management Software Market - Growth, Trends, Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05954292/?utm_source=GNW
- The demand for point-of-care testing is growing in response to the value-shift in healthcare and developments in technology. Several factors are driving the demand for POCT. Some of them include an increase in infectious diseases, a rise in lifestyle-related diseases, such as cardiac diseases and diabetes, growing patient desire to use home-based POC devices, and technological advancements creating faster and easier-to-use devices.
- For instance, around the globe, an estimated 425 million adults have diabetes. By 2040, this number is expected to rise to over 640 million. As diabetes across the world continues to increase, so must the effort to raise awareness. It is expected that 37% of all diabetic adults live in the Asia-Pacific region.
- Additionally, according to the International Diabetes Federation, the number of diabetic patients worldwide in 2019 was 463 million. Between 2019 - 2045, the global expenditures for diabetes treatment are anticipated to grow from USD 760 billion to USD 845 billion. According to the 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.
- The COVID-19 outbreak placed a significant burden on healthcare systems worldwide that are straining to handle the volumes 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.
Key Market Trends
Hospitals/Critical Care Units Segment is Expected to Hold a Significant market Share
- The point-of-care testing (POCT) and electronic medical records system usage are rising in hospitals, where the importance of real-time electronic reporting of results is increasing. On supporting the use of such a model, POCT data management systems are evolving to meet the changing needs of the marketplace. Across the hospitals, either from campus to campus or from one state/province to another, the web-based connectivity data management platform unlocks major efficiency in point-of-care testing program management.
- The most important aspect of POC (point-of-care) technology is that it is present at the bedside. POC technologies are used in facilitating and improving interactions between patients and their nurses, doctors, and surgeons, leading to better healthcare outcomes. Bedside glucose testing is the most widespread testing and occupies the largest volume in the POC market. These were the first devices developed and involved hundreds of devices and thousands of operators.
- POC technology is the game-changing innovation that harnesses the hospital’s IT structure to enhance several aspects of the workflow at the facility. The transition towards electronic medical records (EMR) has been in the works for a long time throughout the medical industry.
United States is Expected to Hold a Significant Market Share
- The Point-of-care testing (POCT) has been used in the United States for several decades to diagnose and monitor acute and chronic medical conditions. The growing availability of rapid tests for diagnosing of infectious diseases, such as HIV, TB, or malaria, that primarily enable the physicians and patients to visualize the results from a smartphone and take appropriate clinical decisions, may transform the market over the next few years. The point-of-care diagnostics market is also driven by the latest innovations in the diagnostics industry, in order to provide an expedited diagnosis for quick clinical decision making to support treatment regimens.
- According to the Centers for Disease Control and Prevention, chronic lower respiratory diseases, which include COPD and asthma, are the fourth-leading causes of mortality in the United States and they are responsible for more than 160,000 deaths a year. It is expected that 1 in 5 COPD patients readmit within 30 days in the United States.
- There is a preference for POC adoption by governments. POC testing reduces the strain on hospital resources, as well as ER wait times and visits. The majority of POC tests produced are designed for detecting infectious diseases. For instance, the Point of Care Technologies Research Network established by the United States National Institute of Biomedical Imaging and Bioengineering accelerates POC diagnostics or testing product development. Favorable regulations, such as guidelines of the Clinical Laboratory Improvement Amendments (CLIA), promote POC testing over other forms.
The Point-of-Care Data Management Software Market is highly competitive owing to the presence of multiple players in the market. The market appears to be moderately fragmented with the key players adopting strategies such as product innovation, mergers, and acquisitions, in order to expand their reach and stay competitive in the market. Some of the major players in the market are Siemens Healthineers AG, Abbott Point of Care Inc., Danaher Corporation, among others.
- March 2020 - Siemens Healthineers introduced the teamplay digital health platform. With the help of this health platform, Siemens paves the way for the healthcare provider’s digital transformation, which is facilitating easy access to solutions for operational, clinical, and shared decision support.
- March 2020 - Abbott launched the molecular point-of-care test “ID NOW” COVID-19 test that brings rapid testing to the front lines. These tests run on Abbott’s point-of-care ID NOW platform, a portable instrument and provide fast results in a huge range of healthcare settings, such as in the physicians’ offices, urgent care clinics, and hospital emergency departments. This is the company’s second test to receive Emergency Use Authorization by the FDA for COVID-19 detection.
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