Heart Failure POC & LOC Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and

Heart Failure POC & LOC Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast The global heart failure POC & LOC devices market size is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the extensive research and development programs of developing the novel LOC- based treatment methods and devices of cardiovascular diseases (CVDs).

Heart failure LOC and POC devices are used to detect various different biomarkers such as plasminogen activator inhibitor-1, fibrinogen, and cardiac troponin, which are used for the treatment of CVDs. With the expansion of technology capacity, the LOC technology is widely adopted for both POC treatment and central lab testing. Meanwhile, the POC tests are commonly available in the global market and are primarily conducted for the treatment of heart failure conditions.

Some conditions of heart failure are complex for the treatment as they tend to show non-specific symptoms and several diagnostic devices are required to detect the disorder. This leads to the surge in the demand for POC tests as these tests can offer a systematic approach for an effective treatment. The results of tests can help in the adoption of better decision making of an individual or a patient with the risk of heart disorder about the possible treatment. With the rising demand for effective diagnostic and treatment devices of heart failures, several manufacturers are engaged in strategizing with various hospitals and insurance companies for offering effective reimbursement for multi-analyte POC tests. The COVID-19 situation has boosted the development scope for the market due to increase in the number of heart disorders with COVID-19 medications.

Market Trends, Drivers, Restraints, and Opportunities

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Introduction of innovative LOC technology offers to improve the disease treatment and availability of cost-effectiveness and ease-of-operation technology are expected to boost the market in the coming years.

Various healthcare initiatives and awareness programs from government authorities to educate heart patients for the adoption of several measures to overcome or prevent the diseases are key factors driving the market expansion.

Availability of POC devices that facilitate self-testing at home settings and improving patient care in clinics present major drivers for the market.

Absence of a well-defined remuneration for the POC devices and expensive treatment using the devices are restraining the market growth to a certain extent.

Ongoing R&D programs and clinical research with regard to establishing the role of metabolomics, proteomics, and genomics in cardiovascular events are projected to offer lucrative opportunities for market expansion.

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Market Segment Insights Proteomic testing segment is expected to account for a key share Based on test types, the global heart failure LOC & POC devices market is divided into proteomic testing, metabolomic testing, and genomic testing. The proteomic testing segment is expected to account for a key share of the market during the forecast period owing to high demand for the test type. A large number of POC devices are used for testing of protein marker, which acts as a key driver for the segment growth. However, the metabolomic testing segment is anticipated to expand at a rapid pace during the forecast period as most of the companies have targeted this biomarker, taking it as a major revenue-generating segment.

Clinics segment is expected to exhibit a considerable growth rate Based on end-users, the global heart failure LOC & POC devices market is categorized as clinics, hospitals, home, assisted living healthcare facilities, and laboratory. The clinics segment is expected to exhibit a considerable growth rate in the market during the projected period as clinics are providing POC devices at a large scale for timely treatment. Such facilities can help to make informed decisions for the treatment of heart failure conditions and leading to find the effective end users setting. However, the hospitals segment is anticipated to grow at a robust pace during the forecast period owing to availability of advanced treatment devices and presence of specialized medical staffs including doctors and physicians in hospitals.

North America is anticipated to constitute a key market share In terms of regions, the global heart failure LOC & POC market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to constitute a key market share of the market in the coming years since it generates a substantial organic revenue share due to major participation by competitors. Early adoption of advanced medical technology and rising development of new technology from key regional players for the development of

heart failure treatment devices are key drivers for the market growth in the region. Furthermore, the presence of major global players especially in the US is projected to boost the regional market growth in the coming years.

The market of Asia Pacific, on the other hand, is anticipated to register a significant growth rate during the forecast period owing to rising standards of medical practice and developing state-of-the-art infrastructure in the region. Additionally, the growing shift from major players in the investment from infectious to chronic diseases such as cardiac ischemia, myocardial infarction, and, acute coronary syndrome, have boosted the regional market growth.

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Competitive Landscape Key players competing in the global heart failure LOC & POC market are Abbott; Trinity BiotechInstrumentation Laboratory; Abaxis, Inc.; Danahar; Siemens Healthineers; Quidel Corporation; bioMérieux S.A; and F. Hoffmann-La Roche Ltd. Some of these key players are consistently engaged in various business development strategies such as entering in the process of collaborations with other players, launching of new products, and expansion of production capacities to get enhance their product portfolio and increase their POC devices sale.

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