Point-of-Care Data Management Software Market to exceed US$ 855.54 million by 2027 | Excusive Research By The Insight Partners

According to The Insight Partners latest study on "Point-Of-Care Data Management Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Application, and End User," the market was valued at US$ 446.54 million in 2019 and it is projected to reach US$ 855.54 million by 2027; it is expected to grow at a CAGR of 8.6% during 2020-2027.

Managing patient's test data and recording it for later use has always been tedious for medical professionals. Therefore, several companies have developed point-of-care data management software to overcome the challenges faced by medical professionals in maintaining patient's records. Hence, the facilities that point-of-care data management software provides, including recording, storage, and viewing records from multiple devices, have boosted the demand for point-of-care data management software market.

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Based on end-user, the global point-of-care data management software market is bifurcated into hospitals/critical care units, diagnostic centers and clinics/outpatient. The hospitals/critical care units segment held a larger share of the market in 2019 and the same segment is anticipated to register a higher CAGR in the market during the forecast period.

Abbott, Siemens Healthineers AG, TELCOR Inc., F. HOFFMANN-LA ROCHE LTD., Orchard Software Corporation, Randox Laboratories Ltd., DataLink Software, LLC., Radiometer Medical ApS, THERMO FISHER SCIENTIFIC INC. and Medical Information Technology, Inc. are among the major companies operating in the global point-of-care data management software market.

Managing patient's test data and recording it for later use has always been tedious for medical professionals. Therefore, several companies have developed point-of-care data management software to overcome the challenges faced by medical professionals in maintaining patient's records. Hence, the facilities that point-of-care data management software provides, including recording, storage, and viewing records from multiple devices, have boosted the demand for point-of-care data management software market.

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To narrow down the diagnostic time, companies are developing a POC platform; for instance, RALS, a software introduced Abbott Laboratories used for data management in point-of-care testing, is used by more than 2,000 hospitals in the US. Unlike data management solution that uses a device-specific data manager between the device and their system . The software can manage all types of patient results, devices, operators, consumables, and reports. Moreover, POC can create and manage profiles by using a unique ID number, and patients can quickly access their health-related data, history of visits, insurance information, and more or make an appointment independently. Thus, the factors mentioned above are likely to boost the growth of the market.

Below is the list of the growth strategies done by the players operating in the point-of-care data management software market:

In Feb-2021 - DataLink Software (DataLink), announced that its Evoke360 population health solution has achieved the National Committee for Quality Assurance (NCQA) certification for the Healthcare Effectiveness Data and Information Set (HEDIS) Health Plan Measurement Year MY 2020 for Health Plan Measures and Allowable Adjustment Measures.

In Jul-2020 - TELCOR QML has released new version 2.3.32. This newest version is in the final stages of beta release and contains multiple upgrades to support point of care testing program

In May-2020 - Roche announced the CE mark availability of Roche v-TAC, a new software application to calculate arterial blood gas values from venous blood.

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