Heart Failure POC & LOC Devices Market Size was valued at USD 0.05 billion in 2022. The heart failure POC & LOC devices market industry is projected to grow from USD 0.0582 billion in 2023 to USD 0.1976 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.50% during the forecast period (2023 - 2032). The primary market drivers anticipated to drive the market include R&D towards developing innovative LOC-based assays for the detection of cardiovascular disease (CVD).
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Lab-on-chip (LOC) is used to accelerate disease diagnosis due to factors including simplicity of use, speed of results, and high throughput. POC helps identify cardiac indicators and time-critical elements so that medical problems can be handled more successfully. The need for POC and LOC devices is driven by worries about mobility and mortality due to cardiovascular disease. The number of POC tests aimed at different biomarkers has expanded, and various private and public sectors have increased their spending in creating cutting-edge POC and LOC devices, leading to increased market demand. Leading businesses are also anticipated to expand their spending on improved goods and incorporate smartphones, apps, and POC detection for controlling patient heart health in the upcoming years. For instance, the accuracy of HF diagnosis, severity estimate, and adverse event prediction has increased thanks to blood tests that measure biomarkers. The importance of biomarkers in managing HF is increased because they may be quickly assessed at the point of care. This has been made possible by creating mobile analytical devices, also called point-of-care testing (POCT) devices, which benefit from developments in microfluidics and nanotechnology. Increasing LOC device usage is anticipated to fuel market expansion over the forecast period.
The heart failure POC & LOC device market is anticipated to be largely driven by the rise in CVDs.POC devices assist in measuring particular cardiac indicators like troponin, but LOC technology can potentially improve disease diagnosis. Heart disease was the main cause of death worldwide in December 2020, accounting for around one-third of fatalities in 2019, and this trend is predicted to continue. In 2019, China had the most heart disease fatalities, followed by India, Russia, the US, and Indonesia. Additionally, according to a CDC report from 2018, approximately 655,000 Americans pass away from heart disease each year, making it the leading cause of death in the US (1 in every 4 deaths). In order to improve the management of data for patients with CVD, several large companies are competing to release high-quality devices and accessories. The growing patient population has eventually increased the demand for POC and LOC devices, which will continue to drive the market's CAGR.
Furthermore, there is a need for substantial R&D to discover more effective treatments and diagnostic techniques to stop the rapid rise of CVD problems as the worldwide burden of CVD rises. Point-of-care testing (POCT), a crucial technology for diagnosing CVDs such as heart failure, will drive the market for heart failure POC & LOC devices in the future. This is due to the growth in R&D investments for heart and CVD. An investment of USD 190 million will be committed over the next ten years for heart disease-related research, according to a study released by the government of New South Wales in June 2018. Furthermore, NIH funding for cardiovascular diseases increased from USD 1,964 million in 2013 to an estimated USD 2,496 million in 2020. Therefore, such an increase in funding will eventually support the heart failure POC & LOC devices market revenue.
The heart failure POC & LOC devices market segmentation, based on test type includes Proteomic Testing, Metabolomic Testing, and Genomic Testing. The proteomic testing segment dominated the market owing to the test type's high demand. A significant factor in the growth of this market is the widespread usage of POC devices for protein marker testing. However, due to the fact that most businesses have focused on this biomarker and regard it as a significant revenue-generating segment, it is anticipated that the metabolomic testing segment will grow quickly during the forecast period.
The heart failure POC & LOC devices market segmentation, based on technology, includes Microfluidics and Array-based Systems. The microfluidics category generated the most income as they are frequently employed to improve the operational protocols carried out in central laboratories. Additionally, it provides some advantages, like quicker turnaround times for results and less time spent on sample testing, which is expected to accelerate the segment's growth further. However, due to the increasing development of cutting-edge system techniques, the array-based systems segment is anticipated to grow at a sizable CAGR during the forecast period.
Figure 1: Heart Failure POC & LOC Devices Market, by Technology, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The heart failure POC & LOC devices market segmentation, based on end user, includes Hospitals & Clinics, Homecare, Specialty Centers and Others. The store-based distribution channel category generated the most income because POC devices are distributed widely by hospitals and clinics for quick treatment. Such facilities can guide decision-makers toward the most effective end-user setting for managing heart failure problems.
Heart Failure POC & LOC Devices Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American heart failure POC & LOC devices market area will dominate this market since it generates a sizable organic revenue share as a result of significant competitor involvement. The market expansion in the region is primarily driven by early acceptance of cutting-edge medical technology and increased development of new technologies from important regional companies for the development of heart failure treatment devices.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: HEART FAILURE POC & LOC DEVICES MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe heart failure POC & LOC devices market accounts for the second-largest market share as a result of factors including increased cardiovascular disease prevalence, a sophisticated and well-equipped healthcare infrastructure, the existence of major players, and rising microfluidics technology adoption. Further, the German heart failure POC & LOC devices market held the largest market share, and the UK heart failure POC & LOC devices market was the fastest growing market in the European region
The Asia-Pacific Heart failure POC & LOC devices Market is expected to grow at the fastest CAGR from 2023 to 2032 due to the region's modern infrastructure development and growing medical practice standards. Additionally, the regional market has grown as a result of major players shifting their investments from infectious to chronic diseases like cardiac ischemia, myocardial infarction, and acute coronary syndrome. Moreover, China’s heart failure POC & LOC devices market held the largest market share, and the Indian heart failure POC & LOC devices market was the fastest growing market in the Asia-Pacific region.
Heart failure POC & LOC devices Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the heart failure POC & LOC devices market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, heart failure POC & LOC devices industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the heart failure POC & LOC devices industry to benefit clients and increase the market sector. In recent years, the heart failure POC & LOC devices industry has offered some of the most significant advantages to medicine. Major players in the heart failure POC & LOC devices market attempting to increase market demand by investing in research and development operations include Abbott (US), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher (US), Abaxis, Inc. (US), Quidel Corporation (US), Siemens Healthineers (Germany), JantPharmacal Corporation (US), Trinity Biotech (Ireland), bioMérieux S.A (France), and Instrumentation Laboratory Company (US).
A division of Siemens AG, Siemens Healthineers AG (Siemens Healthineers) is a manufacturer and distributor of diagnostic imaging systems, clinical and workflow systems and solutions, and systems for minimally invasive treatments. The company's key products include mobile C-arms, hybrid operating rooms, angiography systems, ultrasound systems, computed tomography systems, magnetic resonance imaging systems, testing systems, and point-of-care (POC) testing systems. In April 2021, the AtellicaVTLi Patient-Side Immunoassay Analyzer from Siemens Healthineers has acquired CE mark clearance and can be used as a point-of-care diagnostic to help diagnose heart attacks.
Abaxis Inc. (Abaxis) is a provider of technology, tools, and services for a variety of medical applications for the care of patients in both human and veterinary settings. The company's primary areas of interest include developing, producing, and marketing portable blood analysis systems. Its portfolio includes patented goods like chemistry analyzers, reagent discs, blood gas and immunoassays, haematology analyzers and reagent rotors. Multiple tests are run on blood, serum, or plasma using the Abaxis laboratory system. The company distributes goods in the US through a network of independent distributors in the Asia, Americas, Europe, the Middle East, and Africa.
Key Companies in the heart failure POC & LOC devices market include
Heart Failure POC & LOC Devices Industry Developments
October 2020:Butterfly Network Inc. introduced Butterfly iQ+ point-of-care ultrasound (POCUS), which turns a smartphone into an imaging device and aids in the point-of-care diagnosis of heart failure.
February 2019:The Saudi Arabian Ministry of Health (MOH) and ROYAL Philips worked together to provide an integrated Cardiovascular Information System (CVIS) nationwide. The CVIS would make all of the connected hospitals' medical records available to patients on demand. The goal of this effort was to enhance cardiac care.
Proteomic Testing
Metabolomic Testing
Genomic Testing
Microfluidics
Array-based Systems
Others
Hospitals & Clinics
Homecare
Specialty Centers
Others
Heart Failure POC & LOC Devices Regional Outlook
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.05 billion |
| Market Size 2023 | USD 0.0582 billion |
| Market Size 2032 | USD 0.1976 billion |
| Compound Annual Growth Rate (CAGR) | 16.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Abbott (US), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher (US), Abaxis, Inc. (US), Quidel Corporation (US), Siemens Healthineers (Germany), JantPharmacal Corporation (US), Trinity Biotech (Ireland), bioMérieux S.A (France), and Instrumentation Laboratory Company (US) |
| Key Market Opportunities | Increased funding for heart and cardiovascular disease research |
| Key Market Dynamics | Increase in cardiovascular diseases Rise in geriatric population |
Heart Failure POC and LOC Devices Market Highlights:
Frequently Asked Questions (FAQ) :
The global heart failure POC & LOC devices market size was valued at USD 0.05 Billion in 2022.
The global market is projected to grow at a CAGR of 16.50% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Abbott (US), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher (US), Abaxis, Inc. (US), Quidel Corporation (US), Siemens Healthineers (Germany), JantPharmacal Corporation (US), Trinity Biotech (Ireland), bioMérieux S.A (France), and Instrumentation Laboratory Company (US).
The proteomic testing category dominated the market in 2022.
The microfluidics category had the largest share in the global market.
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
