Pune, India, May 2021/MRFR Press Release/- Market Research Future has published its half-cooked research report on the global heart failure POC & LOC devices market.
According to MRFR analysis, the global heart failure POC & LOC devices market is expected to register a CAGR of~16.20% from 2021 to 2027and hold a value of over ~USD 175.35 million by 2027.
The global heart failure POC & LOC devices market is driven by several factors, suchas the increase in cardiovascular diseases and a rise in the geriatric population. Furthermore, the increasing R&D for POC & LOC devicesis projected to drive the market in the forecast period. According to WebMD, cardiovascular disease was the leadingcause of mortalityacrossthe globe in December 2020, witharound one-third of all fatalities in 2019, and the death toll is predicted to rise further in the future. In 2019, China had the most heart disease deaths, followed by India, Russia, the US, and Indonesia. Furthermore, according to the United Nations (UN), 727 million people aged 65 years or over were living in 2020, and it is projected that this number would increase to 1.5 billion approximately in 2050.
The industry players focus on new product development and obtain product approvals from the regulatory bodies for more penetration in the global heart failure POC & LOC devices market. For example, in April 2021, Siemens Healthineers (Germany) received the CE mark approval for the AtellicaVTLi Patient-Side Immunoassay Analyzer, a device that provides a point-of-care test to aid in the diagnosis of heart attacks. Furthermore, the key players are involved in new product launches, strategic agreements, and joint ventures to augment their market positions. For instance, in January 2019, Medicure Inc. (Canada) entered an agreement with Sensible Medical Innovations Inc. to market the ReDS point-of-care system to diagnose heart failure.
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North Americais likely to dominate the heart failure POC & LOC devices market, owing to an increasing prevalence of heart disorders and the presence of key companies in the region.According to the Centers for Disease Control and Prevention (CDC), heart disease was the leading cause of death in the US from 2015 to 2020. Furthermore, heart disease-related fatalities increased by 4.8 percent in 2020, the biggest increase in heart disease-related mortality since 2012.
Europeis likely to account for a significant share of the heart failure POC & LOC devices market due to supportive government initiations and the high prevalence of heart disease. For instance, recently, in 2020, the European Commission funded the KardiaTool POC system project with USD 5.8 million aimed at monitoring heart failure patients with the help of an integrated POC solution.
Asia-Pacific is anticipated to be the fastest-growing regional market during the forecast period due to increasing investment in healthcare infrastructure andhigh mortality rates due to heart diseases. In addition,according to a report in WebMD in December 2020, China and India accounted forthe highest deaths due to heart failure in 2019. This creates demand for early diagnosis of heart failure and is driving the market growth in the region.
Furthermore, the growth of the market in the Rest of the World is attributed to increasing public health awareness and government initiatives to bring more advanced technologies into the region.
The global heart failure POC & LOC devices market has been segmented into test type, technology, and end user.
By test type, the market has been segmented into proteomic testing, metabolomic testing, and genomic testing.The proteomic testing segment heldthelargest market share in 2020due to the high demand for biomarker testing using proteomic testing. Protein biomarkers such as troponin are very common biomarkers for heart failure, which are tested using POC devices.
Based on technology, the global heart failure POC & LOC devices market has been classified asmicrofluidics, array-based systems, and others. The microfluidics segment held the largest share in 2020, asit enables the integration and miniaturization of most functional protocols used in central laboratories into a portable chip, microfluidic biosensors. It also has various advantages, such as decreased reagent/sample usage and a faster turnaround time.Technological advancements in microfluidics further drivingthe growth of this segment.
Based on end user, the market has been segmented into hospitals& clinics, homecare, specialty centers, and others. The hospitals &clinics segment held the highest market share in 2020 due to the immense applications of POC & LOC devices in this setting. Such devices help clinicians quickly and accurately diagnose outpatientswithout the need to wait for test results to come from central laboratories, helping clinics provide care to a larger patient pool.
Some of the key players in the global heart failure POC & LOC devices marketareAbbott (US), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher (US), Abaxis, Inc. (US), Quidel Corporation (US), Siemens Healthineers (Germany), Jant Pharmacal Corporation (US), Trinity Biotech (Ireland), bioMérieux SA (France), andInstrumentation Laboratory Company (US).