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Heart Failure POC & LOC Devices Market Size, Share, and Analysis, By Test Type (Proteomic Testing, Metabolomic Testing, Genomic Testing), By Technology (Microfluidics, Array-Based Systems, Others), By End User (Clinics, Hospitals, Home, Assisted Living Healthcare Facilities, Laboratory) and Regional Forecasts, 2022-2032
Heart Failure POC & LOC Devices Market size was USD 66.11 million in 2021 and projected to grow from USD 89.6 million in 2023 to USD 360.1 million by 2032, exhibiting a CAGR of 16.7% during the forecast period.
Heart failure is lifetime disorder wherein the heart muscle is unable to pump sufficient blood to satisfy the body's demands for oxygen and blood. The LOC technology has the potential to improve disease detection, whilst the POC devices assist in evaluating specific cardiac signs like troponin. POC testing enables treatment decisions much faster. The devices are either currently under development as prototypes or are already accessible commercially.
Heart Failure POC & LOC Devices Market is expected to reach USD 360.1 million, growing at a CAGR of 16.7% during the forecast period owing to the miniaturization of devices, the LOC (lab-on-chip) technology presenting great potential to enhance diagnosis of disease in terms of throughput, cost-effectiveness, analysis, and ease-of-operation. R&D is anticipated to accelerate the growth of the Heart Failure POC & LOC Devices Market in future besides working toward the creation of novel LOC-based assays for the diagnosis of cardiovascular disease (CVD).
Heart Failure POC & LOC Devices Market is classified based on the Test Type into Proteomic Testing, Metabolomic Testing, and Genomic Testing. The Proteomic Testing category held a major share in 2020 and is projected to lead over the forecast period as well. POC devices of different varieties are used to analyze biomarkers like fibrinogen, cardiac troponin, and PAI-1, to detect hazards connected with cardiac diseases. Furthermore, key vendors are focusing on these protein markers to develop highly effective products that envisage heart attack risks, which is likely to increase worldwide market growth throughout the forecast period.
Heart Failure POC & LOC Devices Market is classified based on the End User into Clinics, Hospitals, Home, Assisted Living Healthcare Facilities, and Laboratory. The Clinics category registered maximum share in 2020 and is anticipated to lead over the forecast period as well. Many clinics throughout the world are focused on the adoption of POC devices for the timely identification and treatment of cardiac problems.
Growing Number of POC Tests and Rising Awareness for their Effectiveness is Expected to Boost the Market Growth
The prevalence of various clinical signs of heart failure and associated symptoms that are frequently non-specific has confounded the traditional diagnosis paradigm. This has resulted in the creation of a large variety of POC tests, which help to speed up decision-making for those who are at risk of developing cardiac disease. POC tests aid in the detection of cardiac indicators and many other time-critical factors for effectively addressing health inequalities concerns.
Rising Cases of CVDs and Growing Patient Population are Expected to Boost the Market Growth
The rise in CVDs is expected to fuel the said market. POC devices aid in the measurement of specific cardiac markers like troponin, but LOC (lab-on-chip) technology has the potential to improve illness diagnosis. Several prominent firms are competing to offer high-quality gadgets and accessories to improve data management for CVD patients. The increasing patient population has increased demand for LOC & POC devices, which will continue to fuel the market CAGR.
Absence of Clear-cut Reimbursement for POC Devices to Restrain the Market Growth
The lack of a clear-cut reimbursement for POC devices fitted with a cassette or cartridge that performs numerous tests limits expansion to some extent. To overcome this issue, manufacturers are developing strategies for efficient return for multi-analyte POC tests.
Heart Failure POC & LOC Devices Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America held a major share in the past years due to the presence of key players in the United States. Conversely, the demand for diagnostic services is expected to rise in Asian countries as the focus shifts from infectious to chronic disorders like myocardial infarction, acute coronary syndrome, and cardiac ischemia. Furthermore, due to improving medical practice standards and the development of cutting-edge infrastructure, Asia Pacific nations are becoming a favoured choice for various worldwide diagnostic businesses looking to expand their company operations.
The COVID-19 has presented prospects for firms in the market. Many COVID-19 survivors, particularly those who recovered from severe sickness with major hypoxemic respiratory failure and thromboembolic effects, were prone to pulmonary hypertension, chronic right heart failure, and diastolic dysfunction in Nov 2020. Furthermore, with the growing requirement for electronic health records, telehealth, and restrictions preventing patients from physically visiting diagnostic labs and hospitals, the Heart Failure POC & LOC Devices Market is expected to grow.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 16.7% from 2022-2032 |
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Unit |
Value (USD Million) |
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Segmentation |
Main Segments List |
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Test Type |
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Technology |
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End User |
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By Region |
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Heart Failure POC & LOC Devices Market size was estimated at USD 66.11 million in 2021 and is expected to reach USD 360.1 million in 2032.
Heart failure is lifetime disorder wherein the heart muscle is unable to pump sufficient blood to satisfy the body's demands for oxygen and blood. The LOC technology has the potential to improve disease detection, whilst the POC devices assist in evaluating specific cardiac signs like troponin.
Proteomic Testing and Clinics segments accounted for the largest Heart Failure POC & LOC Devices Market share.
Key players: Abbott, Siemens Healthineers, Roche Diagnostics USA, bioMérieux S.A, Quidel Corporation, Trinity BiotechInstrumentation Laboratory, Butterfly Network, Jant Pharmacal Corporation, and Other Prominent Players are the key players in the Heart Failure POC & LOC Devices Market.
Rising cases of Cardiovascular Diseases on the global scale and growing need for early diagnosis of diseases are the factors driving the Heart Failure POC & LOC Devices Market.
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