The global heart failure POC & LOC devices market size was USD 61.77 Million and is expected to register a CAGR of 16.5 % during the forecast period. Key factors such as increasing cardiovascular diseases, development of new Lab-On-a-Chip (LOC) based assays cardiovascular disease diagnosis, and growing need for targeting wide range of cardiac biomarkers are driving global market revenue growth.
Increasing prevalence of cardiac diseases such as congenital heart diseases, myocardial infarction, and cardiac ischemia along with increasing geriatric population are major factors driving demand for quick analysis and portable biosensing systems. Point-of-care (POC) is used to obtain diagnostic results by the patient itself or attendant or relative of the patient, while LOC is a device that assimilates various laboratory functions on a single circuit to attain high throughput screening. LOC technology is capable of improving diagnosis of disease due to favorable factors such as cost-effectiveness, easy to operate, and high throughput features. POC testing helps in detecting cardiac markers and other real-time parameters and is used in settings including outpatient clinics, hospitals, and general practice. Expanding POC test portfolio for targeting cardiac markers, on-going research in saliva-based POC testing, and rising demand for outpatient services are some factors surging global market growth.
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In addition, increasing investments by key market players to develop advanced products and integration of smartphone applications in POC diagnosis to manage cardiac health of patient are expected to boost market growth going ahead.
Driver: Rising prevalence of cardiovascular diseases and rising for early disease diagnosis
Technological advancements in diagnostics and omics study that help in detecting novel assays and biomarkers to predict risk of heart malfunction before any symptoms manifest are key factors driving growth of the global market. Increasing research on developing more cost-effective and quick detection devices and growing emphasis on early detection of diseases are factors fueling market growth. Increasing adoption of POC devices owing to rising prevalence of cardiovascular diseases and increasing investments by governments and various organizations in research and development are some other key factors boosting global market growth.
Restraint: Unfavorable reimbursement policies for multiple test POC devices and costly procedures
Though the global heart failure POC & LOC devices market is gaining traction, factors expected to hamper market growth include high costs associated with procedures and unfavorable reimbursement policies for POC devices with cartridges for multiple tests. In addition, ambiguous and stringent regulatory framework is projected to restrain market growth to some extent going ahead.
Test Type Outlook:
Based on type, the global heart failure POC & LOC devices market is segmented into proteomic testing, genomic testing, and metabolic testing. The proteomic testing segment dominated other test type segments in the global market in 2020 and is expected to register largest revenue share during the forecast period. Various POC devices are used to assess biomarkers such as fibrinogen, PAI-1, and cardiac troponin, to detect risks associated with cardiac dysfunctions. Various companies are targeting these protein markers to develop more effective products that predict heart attack risks, which is expected to boost global market growth during the forecast period. On the other hand, the genomic testing segment is projected to account for fastest revenue share during the forecast period. Technological advancements in omics is helping in identifying new biomarkers to predict risks associated with heart abnormalities.
The global heart failure POC & LOC devices market is segmented into microfluidics, array-based systems, and others. In recent years, there has been a significant rise in adoption of microfluidics biosensors technology owing to rising concerns about cardiovascular diseases. Rapid increase in demand for quick analysis, portable, and cost-effective biosensing devices is boosting global market growth. The microfluidics segment is expected to account for considerably larger market share during the forecast period. Microfluidics allows miniaturization and incorporation of majority functional protocols into portable chips. Latest advancements in microfluidics techniques, high throughput, minimum sample and reagent usage, less time required for assay, and multiplex detection are some key factors augmenting demand for microfluidics technology.
End Use Outlook:
Based on end use, the global heart failure POC & LOC devices market is segmented into clinics, hospitals, homes, assisted living healthcare facilities, and laboratories. The clinics segment accounted for largest revenue share in 2020 and is expected to continue its leading position over the forecast period. Many clinics across the globe are focusing on POC device deployment for timely diagnosis and urgent treatment for heart diseases. Moreover, the home segment is projected to register rapid revenue CAGR throughout the forecast period owing to introduction of test products within home settings. Self-testing at home is fueling market growth and supporting timely clinic visits and improving outpatient care.
North America dominated other regional markets in the global heart failure POC & LOC devices market in 2020 and is expected to account for largest revenue share over the forecast period. High revenue share is attributed to factors such as increasing prevalence of chronic diseases, growing demand for detection and treatment for various heart diseases such as myocardial infarction, and cardiac ischemia, and implementation of technologically advanced equipment. Moreover, growing number of primary care clinics, increasing adoption of POC cardiac marker tests along with presence of major players are some factors supporting revenue growth of the market in this region.
Asia Pacific is projected to account for significantly rapid revenue growth rate throughout the forecast period. Rise in prevalence of chronic diseases, government initiatives, and rising focus of global diagnostic companies to expand footprint into the market in Asia Pacific, and rapid development in healthcare systems and infrastructure are some key factors boosting market revenue growth in the region. In addition, factors such as rising investments by governments and various other private organizations and rapidly expanding diagnostic market are supporting market growth.
The market in Europe is expected to account for robust revenue growth during the forecast period. Increasing prevalence of cardiovascular diseases, advanced and well-equipped healthcare infrastructure, presence of key players, and rising adoption of microfluidics technology are some key factors fueling growth of the heart failure POC & LOC devices market in this region.
The global heart failure POC & LOC devices market is highly consolidated with various leading players accounting for considerable market revenue. Major market players are focusing on developing products and on product portfolio expansion, technological advancements, and strategies such as partnerships, mergers, acquisitions, and collaborations to expand market footprint and increase revenue share.
Abbott, Siemens Healthineers, Danaher, Instrumentation Laboratory, F. Hoffmann-La Roche Ltd., bioMérieux S.A., Abaxis, Inc., Quidel Corporation, Jant Pharmacal Corporation, and Trinity Biotech are some major companies operating in the global hearth failure POC & LOC devices market.
Segments Covered in the Report:
This report offers historical data points and forecasts and revenue growth at a global, regional, and country-level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2021 to 2030. For this study has segmented the global heart failure POC & LOC devices market based on test type, technology, end use, and region:
Heart Failure POC & LOC Devices Market Report Scope
Segments covered By Test Type Outlook, Technology Outlook, End-use Outlook, Regional Outlook
By Test Type Outlook
By Technology Outlook
By End-use Outlook
Assisted Living Healthcare Facilities
Middle East & Africa
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