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. Rising prevalence of cardiovascular diseases, increasing need for rapid diagnosis and treatment of diseases, and growing demand for inexpensive and portable biosensing devices are some key factors fueling global market revenue growth.
Lab-on-chip (LOC) technique is capable of enhancing disease diagnosis due to its features including easy operation, high throughput, and rapid results. POC testing finds application across various settings such as hospitals, clinics, remote areas, and general practice. 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 Biotech
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Market 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. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. 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. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
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The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.
The report offers a comprehensive overview of the regional bifurcation of the market with respect to market share, market size, revenue growth, import/export, production and consumption patterns, macro and micro economic growth factors, regulatory framework, investment and funding opportunities, and presence of key players in each region including North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. The report offers a country-wise analysis to further discuss the revenue growth and lucrative growth opportunities for the Heart Failure POC & LOC Devices market in these key regions.
Country-wise regional analysis covers:
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East & Africa
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Additionally, the report consists a detailed analysis of the segmentation of the Heart Failure POC & LOC Devices market based on product types and end-use/application offered in the Heart Failure POC & LOC Devices market.
Test Type Outlook (Revenue, USD Million, 2018-2028)
- Proteomic Testing
- Metabolomic Testing
- Genomic Testing
Technology Outlook (Revenue, USD Million, 2018-2028)
- Microfluidics
- Array-based Systems
- Others
End-use Outlook (Revenue, USD Million, 2018-2028)
- Clinics
- Hospitals
- Home
- Assisted Living Healthcare Facilities
- Laboratories
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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
