The global Heart Failure POC LOC Devices Market size is expected to reach USD 209.5 Million by 2028 and register a CAGR of 16.5% over the forecast period, according to the latest report by Reports and Data. Rising prevalence of cardiovascular diseases, increasing need for rapid diagnosis and treatment of diseases, and growing demand for inexpensive and portable biosensing devices are some key factors fueling global market revenue growth.
Lab-on-chip (LOC) technique is capable of enhancing disease diagnosis due to its features including easy operation, high throughput, and rapid results. POC testing finds application across various settings such as hospitals, clinics, remote areas, and general practice. Another factor supporting market growth is development of predictive modeling technique-based decision support tools to analyze data measured by LOC assays. In addition, increasing investments in diagnostics, rising funding for study of cardiovascular and heart diseases, and integrating mobile applications in POC diagnosis to manage patient’s cardiac health is expected to boost global market growth in the coming years.
Factors such as undesirable reimbursement schemes for POC devices for multiple testing, high cost of products, and stringent regulatory framework are some key factors expected to restrain global market growth.
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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.
Some key highlights from the report:
- Based on test type, the genomic segment is expected to account for considerably rapid revenue growth during the forecast period owing to technological advancements in omics that help in identifying novel biomarkers for predicting risks associated with heart attacks.
- Among the technology, the microfluidics segment is projected to register largest revenue share between 2018 and 2028 owing to advantages of microfluidics technology including minimum sample and reagent requirement and fast turnaround time. Moreover, high demand for cost-effective and quick analysis biosensing devices is supporting market growth.
- Among the end use segments, the clinics segment is expected to account for largest revenue share over the forecast period. Adoption of POC devices at outpatient clinics is increasing owing to rising prevalence of cardiovascular diseases and disorders and need for timely diagnosis and treatment.
- North America accounted for largest revenue share in 2020, and is expected to continue to dominate other regional markets in the global heart failure POC LOC devices market over the forecast period. Robust revenue growth is attributed to factors such as rising prevalence of cardiovascular diseases such as cardiac ischemia and myocardial infarction, increasing demand for diagnosis and treatment of these diseases, availability of latest equipment and devices, and presence of major players in the region.
- Asia Pacific is projected to register substantially rapid revenue growth rate during the forecast period. Increasing prevalence of cardiovascular diseases, rising investments by governments and various organizations in research and development activities, and rapidly growing diagnostic market are some key factors fueling growth of the heart failure POC LOC devices market in Asia Pacific.
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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)
- Microfluidics
- Array-based Systems
- Others
End-use Outlook (Revenue, USD Million, 2018-2028)
- Clinics
- Hospitals
- Home
- Assisted Living Healthcare Facilities
- Laboratories
Regional Outlook:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
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