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Heart Failure POC & LOC Devices Market
Driven by rising heart failure prevalence & technological advances, the market will grow at a 17.26% CAGR, transforming rapid diagnostics and patient care.
AUSTIN, TX, UNITED STATES, November 6, 2024 /EINPresswire / -- According to S&S Insider, The Heart Failure POC & LOC Devices Market Size was valued at USD 95.94 million in 2023 and is expected to reach USD 401.91 million by 2032 and grow at a CAGR of 17.26% over the forecast period 2024-2032.
Technological Advancements and Growing Healthcare Needs Drive Market Expansion Globally
The POC & LOC Devices is on the rise due to enhanced diagnostics at POC, offering real-time diagnosis for managing heart failure conditions. The LOC has greatly improved diagnostic abilities by expanding its use in both point-of-care and centralized laboratory settings. While central laboratory tests are preferred, the majority of growth potential is in the point-of-care diagnostics market for heart failure. Currently, the market is opening up opportunities for developers and manufacturers to establish a strong position.
The intricate array of symptoms associated with heart failure complicates the use of conventional diagnostic techniques. Hence, the utilization of POC tests has been growing in popularity. Point-of-care diagnostics allow for the quick identification of cardiac biomarkers and other important factors, speeding up diagnosis and timely medical treatment for individuals in danger of heart disease. The government is making efforts to control the rise in healthcare spending for hospitalization by providing funding for projects such as KardiaTool, supported by the European Commission, to develop affordable LOC assays for early detection of heart failure biomarkers in saliva.
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Key Heart Failure POC & LOC Devices Market Players:
.Abbott
.Danahar
.Siemens Healthineers
.F. Hoffmann-La Roche Ltd.
.Quidel Corporation
.bioMérieux S.A
.Trinity Biotech
.Instrumentation Laboratory Company
.Abaxis, Inc
.Jant Pharmacal Corporation
.Others
Market Growth Factors: Rising Prevalence of Heart Failure and Demand for Rapid Diagnostics
The heart failure POC and LOC devices market is seeing significant growth due to the rising rates of heart failure and cardiovascular diseases on a global scale. These conditions are important global health issues that affect millions of people, requiring quick and efficient diagnostic tools to handle patient outcomes and reduce the impact of the disease. The National Library of Medicine reported that in 2023, more than 64 million individuals across the globe experienced heart failure, highlighting the crucial importance of prompt detection. Additionally, heart failure was listed as a cause for 13% of deaths in the United States in 2021. Information from the American Heart Association underlines the importance of effective heart failure care, as around 2.5% of Americans were affected by heart disease in 2023.
Quick and precise diagnostics are essential for proper heart failure treatment, enabling healthcare professionals to evaluate heart function and start interventions promptly. Point-of-care devices enable rapid evaluation of critical parameters, such as hemodynamic function and oxygenation status, right at the bedside. POC devices not only prevent disease progression bu also improve treatment decisions and patient outcomes by enabling quick diagnosis.
Heart Failure POC & LOC Devices Market Key Segmentation:
By Test Type
.Proteomic Testing
.Metabolomic Testing
.Genomic Testing
By Technology
.Microfluidics
.Array-based Systems
By End User
.Hospitals &Clinics
.Homecare
.Specialty Centers
Segment Analysis:
The heart failure POC and LOC devices market is segmented by technology and end-users, with microfluidics emerging as the leading technology in 2023, capturing 48.8% of the market share. Microfluidics has gained traction due to its ability to miniaturize laboratory processes onto a single chip, offering quick, affordable, and portable solutions for cardiovascular diagnostics. This technology's ability to handle complex tests efficiently, often with minimal sample quantities, has made it a preferred choice in POC diagnostics. Microfluidics-based devices also provide faster turnaround times, making them indispensable for cardiac monitoring in real-time scenarios.
In terms of end-user segmentation, clinics hold the largest revenue share, accounting for 37% of the market in 2023. This dominance is attributed to the versatility of POC devices in various clinical settings, both inpatient (such as operating rooms and emergency departments) and outpatient (like physician offices and clinics). Clinics are increasingly utilizing POC devices for quick and reliable heart failure diagnosis, allowing for immediate treatment decisions and reducing the need for hospital admissions.
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Regional Insights: North America Leads, Asia-Pacific on the Rise
North America dominated the heart failure POC and LOC devices market in 2023, with major players in the U.S. driving substantial revenue growth. One notable development in the region was the 2021 merger between Quidel and Ortho Clinical Diagnostics, a move that expanded access to diagnostic tools and strengthened North America's position in the market. The region's leadership is further supported by cutting-edge healthcare infrastructure and high public awareness of cardiovascular health.
Meanwhile, the Asia-Pacific region is experiencing the fastest growing, with a projected CAGR of 20.5%. This growth is driven by a shift in healthcare priorities toward managing chronic diseases, including heart failure, as well as an increasing prevalence of conditions like coronary syndrome. Rapid advancements in healthcare infrastructure, coupled with an improving standard of care, make the region attractive for global diagnostic companies like Abbott Laboratories, which generates substantial revenue from Asia-Pacific.
Recent Market Developments
.April 2023 – Abbott completed its acquisition of Cardiovascular Systems, Inc. (CSI), a medical device company. This acquisition strengthens Abbott's cardiovascular segment, including POC and LOC devices, by broadening its product portfolio and driving growth through an expanded market reach.
.May 2022 – BioMérieux acquired Specific Diagnostics, reinforcing its position in clinical microbiology. This acquisition exemplifies a broader industry trend toward consolidation, enhancing BioMérieux's capabilities in diagnostic technology.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Heart Failure POC & LOC Devices Market Segmentation, by Test Type
8. Heart Failure POC & LOC Devices Market Segmentation, by Technology
9. Heart Failure POC & LOC Devices Market Segmentation, by End User
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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