Heart Failure POC & LOC Devices Market Size to Reach USD 209.5 Million in 2028, Noted Reports and Data
Development of low-cost LOC devices, introduction of CLIA-waived tests, and increasing global geriatric population are some key factors driving market revenue growth
The global heart failure POC & LOC devices market size is expected to reach USD 209.5 Million in 2028 and register a CAGR of 16.5%, according to the latest report by Reports and Data. Increasing research on developing initiatives on inexpensive and easy detection devices, rising prevalence of cardiovascular disorders, and increasing focus on early identification of diseases are some key factors fueling global market revenue growth.
Lab-on-chip (LOC) is used for amplifying diagnosis of a disease due to parameters such as ease of operation, instant results, and high throughput. POC helps in detecting cardiac markets and time-critical factors for addressing health issues more effectively. Growing concerns regarding mortality and mobility caused by cardiovascular diseases is driving demand for POC and LOC devices. Increasing number of POC tests for targeting various biomarkers and rising investments by various private and public sectors to develop advanced POC and LOC devices is boosting global market growth. In addition, increasing investments by leading companies for development of enhanced products and integration of apps and smartphones in POC detection for managing cardiac health of patient is projected to drive global market in the coming years.
However, factors such as unfavorable reimbursement policies for POC devices for multiple testing and stringent regulatory framework are factors expected to hamper global market growth to some extent over the forecast period.
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Some key highlights from the report:
- Among the test type segments, the genomic testing segment is expected to account for significantly large revenue share throughout the forecast period owing to advancements in omics that help in identifying new biomarkers to predict risks associated with heart failure.
- Based on technology, the microfluidics market accounted for largest revenue share in 2020 and is expected to continue to account for robust revenue share over the forecast period. Rising adoption of microfluidic biosensors is due to its beneficial features such as less consumption of samples and reagents, minimum time requirement, and multiplex detection.
- Among the end use segments, the home segment is projected to register rapid revenue growth between 2021 and 2028 owing to rising adoption of easy-to-use devices for tests within home settings. Home self-testing aids in timely clinical visits and enhances outpatient care services.
- Asia Pacific is expected to register highest revenue CAGR over the forecast period owing to factors such as rising demand for diagnostic services, increasing government initiatives, and investments by various market players to expand their business operations in Asia Pacific and increasing focus on improving healthcare infrastructure in countries in the region.
- North America is projected to dominate other regional markets during the forecast period. Robust revenue share is attributed to factors such as increasing prevalence of cardiovascular diseases such as acute coronary syndrome, cardiac ischemia, and myocardial infarction, rising demand for diagnosis and treatment of cardiovascular dysfunctions, access to latest procedures, and presence of leading market players.
- 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 leading companies operating in the global hearth failure POC & LOC devices market.
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For this study, Reports and Data has segmented the global heart failure POC & LOC devices market based on test type, technology end use, and region:
Test Type Outlook (Revenue, USD Million, 2018-2028)
- Proteomic Testing
- Metabolomic Testing
- Genomic Testing
Technology Outlook (Revenue, USD Million, 2018-2028)
- Array-based Systems
End-use Outlook (Revenue, USD Million, 2018-2028)
- Assisted Living Healthcare Facilities
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Regional Outlook (Revenue, USD Million, 2018 - 2028)
- North America
- Rest Of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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