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Point Of Care (PoC) Data Management Systems Market is Estimated To Witness High Growth Owing To Increased Adoption Of Telemedicine and Remote Patient Monitoring

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Mia Yates
Point Of Care (PoC) Data Management Systems Market is Estimated To Witness High Growth Owing To Increased Adoption Of Telemedicine and Remote Patient Monitoring

The 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 used to handle data generated from clinical diagnostics devices and equipment used at the point-of-care. These devices include glucose meters, cardiac monitors, imaging systems and more. POC data management systems allow clinicians to access patient data in real-time and take prompt clinical decisions. They also help in managing inventory, running quality control checks and troubleshooting devices.

Market key trends:

One of the major trends driving growth of the POC data management systems market is increased adoption of telemedicine and remote patient monitoring practices. During the COVID-19 pandemic, there was widespread adoption of telehealth due to social distancing norms. Many healthcare providers started using digital health tools to provide care to patients remotely. This increased demand for POC devices that can securely share data with clinicians through data management systems. Other trends include growing preference for cloud-based solutions, emergence of advanced diagnostic devices generating large volumes of data and increased emphasis on data standardization and interoperability across healthcare systems and geographic locations. Significant investments by market players are further pushing technological advancements in POC data management.

Porter’s Analysis

Threat of new entrants: The high capital requirements and technological expertise required to enter the PoC data management systems market pose a moderate threat of new entrants. Bargaining power of buyers: The buyers have moderate bargaining power due to the presence of numerous established players offering similar PoC data management systems at competitive prices. Bargaining power of suppliers: The suppliers have low-to-moderate bargaining power as suppliers are fragmented and there exist global suppliers that can supply key components. Threat of new substitutes: There exists a low threat from substitutes as PoC data management systems have applications across various disease testing segments. Competitive rivalry: The competitive rivalry in the market is high among existing players due to their global presence and technological capabilities.

SWOT Analysis

Strength: PoC data management systems enable immediate clinical decision making and remote monitoring capabilities. These systems provide real-time connectivity and improved patient outcomes.

Weakness: High initial investments and maintenance costs associated with PoC data management systems limit their adoption. Lack of connectivity infrastructure and technical expertise in certain regions hamper market growth.

Opportunity: Growing demand for disease screening and emerging markets offer lucrative growth opportunities. Increased demand for integrated healthcare systems and remote patient monitoring present favorable opportunities.

Threats: data privacy and security concerns pose major threats. Reimbursement issues and regulatory variations across regions challenge market expansion.

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 prevalence of chronic and infectious diseases. Growing need for integrated healthcare systems and remote patient monitoring further support market growth.

The market is dominated by North America owing to rapid technological advancements, presence of leading players, and supportive reimbursement policies. Europe and Asia Pacific are promising regional markets due to rising healthcare expenditures, large patient pools, and growing medical tourism.

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. These companies compete based on product quality, reliability, and aftermarket services. Strategic collaborations and new product launches are common in this market space.

For More Insights, Read: https://www.newswirestats.com/point-of-care-poc-data-management-systems-market-demand-growth-and-regional-outlook-by-2030/


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