Market Highlights:
According to MRFR analysis, the global heart failure POC & LOC devices market Trends is expected to register a CAGR of~16.20% from 2021 to 2027and hold a value of over ~USD 175.35 million by 2027.
Major Boosters and Barriers:
The Centre for Disease Control & Prevention estimates that close to 7.7 million individuals in the United States are affected by heart failure. The condition is marked by the heart’s inability to pump sufficient blood as well as oxygen that are required for supporting all the other organs in the human body. It is a serious disorder, although the heart continues to beat. But past reports show that more than half of the patients that developed heart failure die within 6 years of being diagnosed.
Heart failure has emerged as one of the most lethal health conditions in the world and affects patients that lead unhealthy lifestyle and face poor prognosis. Risk factors are hypertension, obesity and diabetes, all of which have been witnessing a surge in the global current population. Unmet medical needs are quite high, especially in emerging regions, and the demand for reduced mortality should elevate the need for more advanced POC and LOC devices in the future.
People aged over 60 years form the biggest target patient base in the global market. This age group is marked by compromised immunity levels and hence, are more susceptible to chronic ailments such as heart failure. In short, the consistently blossoming elderly patient base worldwide would have a remarkable impact on the heart failure POC and LOC devices in the next several years.
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Key Players:
Some of the key players in the global heart failure POC & LOC devices marketareAbbott (US), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher (US), Abaxis, Inc. (US), Quidel Corporation (US), Siemens Healthineers (Germany), Jant Pharmacal Corporation (US), Trinity Biotech (Ireland), bioMérieux SA (France), andInstrumentation Laboratory Company (US).
Regional Analysis
North Americais likely to dominate the heart failure POC & LOC devices market, owing to an increasing prevalence of heart disorders and the presence of key companies in the region.According to the Centers for Disease Control and Prevention (CDC), heart disease was the leading cause of death in the US from 2015 to 2020. Furthermore, heart disease-related fatalities increased by 4.8 percent in 2020, the biggest increase in heart disease-related mortality since 2012.
Europe is likely to account for a significant share of the heart failure POC & LOC devices market due to supportive government initiations and the high prevalence of heart disease. For instance, recently, in 2020, the European Commission funded the KardiaTool POC system project with USD 5.8 million aimed at monitoring heart failure patients with the help of an integrated POC solution.
Asia-Pacific is anticipated to be the fastest-growing regional market during the forecast period due to increasing investment in healthcare infrastructure andhigh mortality rates due to heart diseases. In addition,according to a report in WebMD in December 2020, China and India accounted forthe highest deaths due to heart failure in 2019. This creates demand for early diagnosis of heart failure and is driving the market growth in the region.
Furthermore, the growth of the market in the Rest of the World is attributed to increasing public health awareness and government initiatives to bring more advanced technologies into the region.
Segmentation
The global heart failure POC & LOC devices market has been segmented into test type, technology, and end user.
By test type, the market has been segmented into proteomic testing, metabolomic testing, and genomic testing.The proteomic testing segment heldthelargest market share in 2020due to the high demand for biomarker testing using proteomic testing. Protein biomarkers such as troponin are very common biomarkers for heart failure, which are tested using POC devices.
Based on technology, the global heart failure POC & LOC devices market has been classified asmicrofluidics, array-based systems, and others. The microfluidics segment held the largest share in 2020, asit enables the integration and miniaturization of most functional protocols used in central laboratories into a portable chip, microfluidic biosensors. It also has various advantages, such as decreased reagent/sample usage and a faster turnaround time.Technological advancements in microfluidics further drivingthe growth of this segment.
Based on end user, the market has been segmented into hospitals& clinics, homecare, specialty centers, and others. The hospitals &clinics segment held the highest market share in 2020 due to the immense applications of POC & LOC devices in this setting. Such devices help clinicians quickly and accurately diagnose outpatientswithout the need to wait for test results to come from central laboratories, helping clinics provide care to a larger patient pool.
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The global heart failure POC & LOC devices market size is expected to reach USD 209.5 Million by 2028 and register a CAGR of 16.5% over the forecast period, according to the latest report by Reports and Data.
Lab-on-chip (LOC) technique is capable of enhancing disease diagnosis due to its features including easy operation, high throughput, and rapid results.
Another factor supporting market growth is development of predictive modeling technique-based decision support tools to analyze data measured by LOC assays.
In addition, increasing investments in diagnostics, rising funding for study of cardiovascular and heart diseases, and integrating mobile applications in POC diagnosis to manage patient’s cardiac health is expected to boost global market growth in the coming years.
Factors such as undesirable reimbursement schemes for POC devices for multiple testing, high cost of products, and stringent regulatory framework are some key factors expected to restrain global market growth.Top Companies Profiled in the Report Include:Abbott, Siemens Healthineers, Danaher, Instrumentation Laboratory, F. Hoffmann-La Roche Ltd., bioMérieux S.A., Abaxis, Inc., Quidel Corporation, Jant Pharmacal Corporation, and Trinity BiotechGet a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/4088Market Overview:The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness.
In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities.
The global heart failure POC & LOC devices market size is expected to reach USD 129.69 million by 2025 and is projected to grow at a CAGR of 16.2%, according to a new report by Grand View Research, Inc. A paradigm shift in diagnostic sectors from late-stage disease detection to early identification of diseases as a viable strategy to curb rising healthcare costs has driven the market.
This shift has led to the development of disposable and low-cost LOC devices that integrate various sensors and associated accessories in a single space for detection of the cardiac biomarkers from a single specimen to evaluate the risk of having a heart attack.Furthermore, the development of predictive modeling techniques-based decision support software to analyze the data measured by the LOC assays to enable therapy monitoring is one of the key market drivers.
Also, ongoing studies on the application of saliva-based nano-biochip tests for measuring myocardial infarction is driving organic revenue growth.POC testing exhibits potential savings across various settings, including hospitals, general practice, and remote areas.
In the U.S., the employment of POC devices resulted in a 20% decrease in hospital admissions to the chest pain unit, resulting in substantial savings in time and costs.In the cardiac observation unit (U.S.), the implementation of POC troponin testing helped reduce hospital stays, decrease admission rates, and remove the need for multiple costly procedures, resulting in 25% cost saving per patient.
Furthermore, the integration of smartphones and apps in POC diagnostics for managing the cardiac health of an individual is one of the significant innovations in Heart Failure POC & LOC Devices market.Further key findings from the report suggest:Proteomic analysis includes products that test protein markers, such as troponin, myoglobin, and Creatine Kinase MB Isoenzyme (CK-MB)This segment accounted for the leading revenue share, as most of the currently available products are based on testing of protein markersIncreasing implementation of microfluidic LOC technology for assessing putative biomarkers has led to the largest revenue share of this technologyMicrofluidic technology has been implemented for various biological applications, such as immunohybridization techniques, enzymatic assays, PCR, and othersClinics that include physician’s office, pharmacy & retail clinics, urgent care clinics, and non-practice clinics are the key revenue generating end-usersA high usage rate of POC devices by general practitioners for rapid investigation, deciding early treatment, timely referral, and less uncertainty for patients has driven the revenue growth through clinicsThe U.S. dominated the global Heart Failure POC & LOC devices market owing to the presence of a substantial number of primary care clinics that are deploying POC cardiac marker test as a measure for early detection of heart failureExpanding urbanization and increasing geriatric population underpin the demand for robust and improved healthcare services such as POC diagnostics for routine cardiac health monitoring in Asian countriesMoreover, initiatives are undertaken for training young healthcare personnel about POC cardiac troponin T/cardiac troponin I biomarkersThis, in turn, is anticipated to result in the surging adoption rate of POC devices in Asian countriesAbbott, Siemens Healthineers, Danahar, and F. Hoffmann-La Roche Ltd are some key participants operating in the spaceCompanies are engaged in mergers and acquisitions of emerging players.
Acquisition of Alere by Abbott, Beckman Coulter, Inc by Danahar, and Accriva Diagnostics by Instrumentation Laboratory are some examples of acquisitions in this marketAccess full research report on global heart failure POC & LOC devices market: www.grandviewresearch.com/industry-analysis/heart-failure-poc-loc-devices-market
