Europe Point-of-Care Data Management Software Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Application (Infectious Disease Devices, Glucose Monitoring, Coagulation Monitoring, Urinalysis, Cardiometabolic Monitoring, Cancer Markers, Hematology, and Others) and End User (Hospitals/Critical Care Units, Diagnostic Centers, and Clinics/Outpatient)
The Europe point-of-care data management software market is expected to reach US$ 241.18 million by 2027 from US$ 138.54 million in 2020; it is estimated to grow at a CAGR of 8.2% from 2020 to 2027. The growth of the market is attributed to the increasing incidence of infectious diseases and lifestyle-related diseases, and rising product launches and development for data management. However, the high cost of point-of-care data management systems hinders the market growth.
Point-of-care (POC) data management software is a platform used in various critical care settings in the hospital, such as intensive care unit (ICU), operating room (OR), and emergency department (ED). It facilitates the patients' health data management and analysis. Also, the growth of the Europe point-of-care data management software market is likely to proceed with the help of the introduction of new products into the market, which aim to deliver inexpensive care at the facilities located at the closest-possible distances from the patients’ location. New technologies or products are being refined and improved to deliver easier-to-use devices with incremental improvements in analytical performance. Moreover, the market growth is attributed to the increasing strategies such as product innovations, mergers, and acquisitions by the key market players to expand their reach and stay competitive in the market. For instance, in March 2020, Siemens Healthineers and Marienhaus Hospital Group entered in a partnership, with an option to extend for an additional five years. Siemens Healthineers has planned for a digital strategy to interconnect 18 hospitals with Marienhaus to streamline clinical processes. The alliance may provide the replacement and management of around 130 medical imaging devices at the German states of North Rhin. Such advancements in newly launched devices would propel the overall market growth during the forecast period.
Europe has been recording the growing number of COVID-19 confirmed cases since its outbreak. Surging research activities to develop POC test kits against COVID-19 and extensive clinical research to identify effective therapies are likely to favour the growth of the Europe point-of-care data management software market. However, as per the news article, due to the outbreak, access for detection, diagnosis, and scans for thousands of cancer, diabetes, and hematology patients in Italy has become difficult. Moreover, due to ongoing impact of COVID-19 pandemic, certain software updates or launches have been rescheduled or delayed. Thus, the above-mentioned factors are hindering the growth of market in Europe.
The Europe point-of-care data management software market, based on application, is segmented into infectious disease devices, glucose monitoring, coagulation monitoring, urinalysis, cardiometabolic monitoring, cancer markers, and hematology. In 2019, the glucose monitoring product segment held the largest share of the market. However, the cancer markers segment would register the highest CAGR in the market during the forecast period.
The Europe point-of-care data management software market, based on end user, is segmented into hospitals/critical care units, diagnostic centres, and clinics/outpatient. In 2019, the hospitals/critical care units segment held the largest share of the market. The market for the same segment is expected to grow at the fastest rate during the coming years.
A few of the primary and secondary sources referred to while preparing the report on the Europe point-of-care data management software market are the National Health Service (NHS), International Diabetes Federation (IDF), Spanish Society of Medical Oncology (SEOM), and Istituto Nazionale di Statistica (ISTAT).
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