Heart Failure POC & LOC Devices Market key Findings & Major Driving Factors Analysis Report
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.
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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 markers
- Increasing implementation of microfluidic LOC technology for assessing putative biomarkers has led to the largest revenue share of this technology
- Microfluidic technologyhas been implemented for various biological applications, such as immunohybridization techniques, enzymatic assays, PCR, and others
- Clinics that include physician’s office, pharmacy & retail clinics, urgent care clinics, and non-practice clinics are the key revenue generating end-users
- A 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 clinics
- The 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 failure
- Expanding 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 countries
- Moreover, initiatives are undertaken for training young healthcare personnel about POC cardiac troponin T/cardiac troponin I biomarkers
- This, in turn, is anticipated to result in the surging adoption rate of POC devices in Asian countries
- Abbott, Siemens Healthineers, Danahar, and F. Hoffmann-La Roche Ltd are some key participants operating in the space
- Companies 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 market
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Grand View Research has segmented the heart failure POC & LOC devices market on the basis of test type, technology, end-use, and regions:
Test Type Outlook (Revenue, USD Million, 2014 – 2025)
- Proteomic Testing
- Metabolomic Testing
- Genomic Testing
Technology Outlook (Revenue, USD Million, 2014 – 2025)
- Array-based Systems
End-use Outlook (Revenue, USD Million, 2014 – 2025)
- Assisted Living Healthcare Facilities
Regional Outlook (Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.