PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1403525
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1403525
According to Stratistics MRC, the Global Heart Failure POC and LOC Devices Market is accounted for $97.62 million in 2023 and is expected to reach $327.94 million by 2030 growing at a CAGR of 18.9% during the forecast period. Devices known as point-of-care (POC) and lab-on-a-chip (LOC) have become revolutionary in the treatment of heart failure. Healthcare providers can perform on-the-spot testing with these portable, rapid diagnostic technologies, giving them quick insights into a patient's cardiac health. POC devices, which provide quick and effective diagnostics at the patient's bedside or in primary care settings, include handheld ultrasound devices, portable cardiac biomarker analyzers, and miniaturized lab-on-a-chip platforms.
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).
The market for POC and LOC devices is primarily driven by the rising incidence of heart failure, which is linked to aging populations, sedentary lifestyles, and the mounting burden of cardiovascular risk factors. Additionally, globally, the prevalence of heart failure is increasing, which raises the need for diagnostic instruments that can quickly and accurately evaluate cardiac function and support prompt and efficient treatment plans.
The financial limitations pertaining to POC and LOC devices comprise not only the initial acquisition costs but also continuous expenditures like consumables, maintenance, and calibration. Furthermore, patients and healthcare facilities alike are concerned about affordability, especially in environments with limited resources. These advanced diagnostic tools come with a high upfront cost, which could prevent them from being widely adopted, restrict accessibility, and affect how cost-effectively healthcare is delivered.
There are numerous opportunities to increase the diagnostic capabilities that POC and LOC devices offer. Sustained technological progress, specifically in domains like biosensors, micro fluidics, and nanotechnology, offers prospects for augmenting the sensitivity and specificity of said apparatus. Moreover, healthcare practitioners can now obtain a deeper and more comprehensive understanding of cardiovascular health thanks to advancements in multiplexed testing and the integration of novel biomarkers.
The POC and LOC device market is highly competitive, which poses risks like price pressure, market saturation, and difficulty differentiating products. The pressure to compete is increased by new entrants and ongoing technological advancements. Furthermore, in order to stay competitive, businesses need to make investments in R&D, put effective marketing strategies into practice, and concentrate on developing distinctive value propositions in order to hold onto their market positions and continue growing.
The COVID-19 pandemic has had a significant effect on the market for medical diagnostics, particularly point-of-care (POC) and lab-on-a-chip (LOC) devices. Demand for POC and LOC devices has surged due to the pressing need for quick and decentralized testing solutions, especially in the diagnosis of COVID-19. These technological advancements have been essential in improving test accessibility and facilitating prompt results at the point of care. On the other hand, the pandemic has also brought about difficulties like changes in the distribution of healthcare resources, heightened competition, and supply chain disruptions. Moreover, the management of the pandemic has spurred innovation and highlighted the critical role POC and LOC devices play in flexible, decentralized healthcare systems, which will impact the market's future direction in the aftermath of the pandemic.
The segment of the heart failure POC and LOC devices market that is expected to hold the largest share is genomic testing. A person's DNA is analyzed as part of a genomic test to find genetic variants, mutations, and disease predispositions. The broad applications of this segment in pharmacogenomics, oncology, rare genetic disorders, and personalized medicine have made it more well-known. In order to diagnose, treat, and evaluate disease risk, genomic testing is essential. This results in more specialized and efficient healthcare interventions. Additionally, genomic testing is becoming increasingly popular and is becoming recognized as a major player in the field of molecular diagnostics due to the ongoing improvements in sequencing technologies and the growing knowledge of the genetic causes of various diseases.
In the market for heart failure POC and LOC devices, the home care segment is growing at the highest CAGR. Patients receiving home care services receive medical attention, supervision, and support in the comfort of their own homes. A number of factors, such as an aging population, a desire for individualized and patient-centered care, and developments in remote monitoring technologies, have contributed to the rise in demand for home care. In addition to providing patients with convenience, home care services lower healthcare costs by minimizing hospital stays. Moreover, the COVID-19 pandemic has expedited the uptake of home care services as individuals pursue less hazardous substitutes for in-person medical consultations.
It is projected that the heart failure POC and LOC device market will have the largest share in the North American region. This is ascribed to elements like high healthcare spending, sophisticated healthcare infrastructure, a solid regulatory base, and a strong emphasis on R&D. With a large healthcare industry footprint, the United States in particular is a major factor contributing to the region's dominance. Furthermore, North America gains from a focus on healthcare accessibility, technological innovation, and an aging population.
The market for heart failure POC and LOC devices is growing at the highest CAGR in the Asia-Pacific region. Growing healthcare awareness, rising disposable incomes, growing healthcare infrastructure, and an aging and sizable population are some of the factors driving this explosive growth. Significant investments in healthcare services and technology are being made in APAC nations like China and India, along with encouraging government initiatives. Additionally, the demand for cutting-edge medical treatments and the rising incidence of chronic diseases both support the strong growth in the Asia-Pacific healthcare market.
Some of the key players in Heart Failure POC and LOC Devices market include Instrumentation Laboratory Company, F. Hoffmann-La Roche Ltd, Abaxis, Inc., Jant Pharmacal Corporation, Danaher Corporation, Siemens Healthineers, Trinity Biotech, Quidel Corporation, Abbott and bioMerieux S.A.
In December 2023, Roche announced the entry into a definitive merger agreement to acquire Carmot Therapeutics, Inc., a privately owned US company based in Berkeley, California. Carmot's R&D portfolio includes clinical stage subcutaneous and oral incretins with best-in-class potential to treat obesity in patients with and without diabetes, as well as a number of preclinical programs.
In December 2023, Danaher Corp., a global life sciences and diagnostics provider based in Washington D.C., has completed its $5.7 billion acquisition of Abcam plc, a supplier of protein research tools for life sciences based in Cambridge, England. Abcam has become an indirect wholly owned subsidiary of Danaher. Danaher's Life Sciences businesses provide tools and technologies to support the advancement of pharmaceuticals and biopharmaceuticals.
In November 2023, Siemens Healthineers has secured a three-year, $5.5 million contract with the National Institute of Allergy and Infectious Diseases (NIAID), a division of the U.S. National Institutes of Health, to develop a test to improve sepsis treatment.