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The Heart Failure Point-of-Care (POC) and Lab-on-a-Chip (LOC) Devices Market is affected by the rising global heart failure population. Heart failure is a major public health issue, requiring more rapid and reliable diagnostic and surveillance methods. POC and LOC devices are required for this reason.
Rapid testing tool advances are transforming the industry. Smart sensors, biomarkers, and miniature lab functions are making POC and LOC devices increasingly appealing. These gadgets provide clinicians with real-time heart failure data.
The shift to point-of-care testing is fueling market expansion. Point-of-care (POC) devices help clinicians swiftly test and collect data at the patient's bedside. This speeds decision-making and enhances patient care.
The global population is aging, increasing cardiac disease. Because elderly persons are more prone to have heart disease, POC and LOC devices for heart failure are needed more. These technologies satisfy this age group's healthcare demands.
The usage of POC and LOC devices is rising due to the focus on early heart failure detection. These devices help physicians diagnose cardiac issues early so they can start therapy and provide the finest care.
The shift to home-based healthcare affects the market. Customers and healthcare professionals are understanding the value of home heart health checks. The market is growing as more people utilize POC and LOC devices outside of healthcare.
Point-of-care (POC) and LOC systems identify issues quicker and cheaper than lab testing. Healthcare institutions like these technologies because they work quicker and cost less, which boosts the market.
Collaboration between healthcare facilities, research groups, and gadget companies is driving field innovation. Partnerships to develop POC and LOC devices are creating new products and increasing market competition.
Market drivers include support for POC and LOC device development and regulatory environments that favor them. Producers obtain easier market entry from regulatory agencies that appreciate how vital rapid and precise heart failure testing are.
The emphasis on patient-centered care is transforming POC and LOC device design and operation. User-friendly displays, minimum invasiveness, and self-monitoring are key to devices that meet patients' demands and lifestyles.
Healthcare infrastructure worldwide influences POC and LOC equipment availability. Well-established healthcare systems and advanced medical facilities increase adoption rates. In underserved communities, efforts are undertaken to address the healthcare gap.
A saturated market, payment issues, and the need to upgrade technology hinder market development. However, these issues allow firms to differentiate out by providing unmet demands and adapting to heart failure management trends.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 16.50% (2023-2032) |
Heart Failure POC and LOC Devices Market Highlights:
Global Heart Failure POC & LOC Devices Market Overview
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
Heart Failure POC & LOC Devices Market Trends
- Growing demand for POC & LOC devices is anticipated to fuel the market growth
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.
Heart Failure POC & LOC Devices Market Segment Insights
Heart Failure POC & LOC Devices Test Type Insights
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.
Heart Failure POC & LOC Devices Technology Insights
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
Heart Failure POC & LOC Devices End User Insights
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
- 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)
- Instrumentation Laboratory Company (US)
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.
Heart Failure POC & LOC Devices Market Segmentation
Heart Failure POC & LOC Devices Test Type Outlook
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Proteomic Testing
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Metabolomic Testing
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Genomic Testing
Heart Failure POC & LOC Devices Technology Outlook
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Microfluidics
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Array-based Systems
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Others
Heart Failure POC & LOC Devices End User Outlook
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Hospitals & Clinics
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Homecare
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Specialty Centers
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Others
Heart Failure POC & LOC Devices Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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