Heart Failure POC And LOC Devices Market to Grow with a CAGR of 16.66% through 2028

Increasing prevalence of heart failure and the cost-effectiveness of these devices is expected to drive the Global Heart Failure POC And LOC Devices Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Heart Failure POC And LOC Devices Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Heart Failure POC And LOC Devices Market stood at USD 81.72 billion in 2022 and is anticipated to grow with a CAGR of 16.66% in the forecast period, 2024-2028. This can be attributed to growing investment and research. Investment in research and development of POC and LOC devices for heart failure is on the rise. This includes funding from both public and private sectors, which is fostering innovation and improving the quality of these devices. Furthermore, collaboration between medical device manufacturers, healthcare providers, and tech companies is becoming increasingly common. These partnerships enable the development of cutting-edge solutions and accelerate market growth.

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Lab-on-a-chip (LOC) technology has found applications in diagnostics, serving both Point-of-Care (POC) diagnostics and central lab testing. However, as of the current market landscape, only POC tests are commercially available for diagnosing heart failure. This situation, in turn, has opened up promising opportunities for emerging diagnostic developers looking to establish a meaningful presence in this market.

The existence of numerous clinical manifestations of heart failure and often non-specific symptoms has complicated traditional diagnostic methods. As a result, there has been a surge in the development of POC tests, streamlining decision-making for individuals at risk of heart-related conditions. POC tests play a crucial role in identifying cardiac markers and other time-sensitive parameters, effectively addressing the challenges posed by healthcare disparities.

Furthermore, government entities are taking various measures to mitigate the escalating healthcare costs associated with hospital admissions. For example, the European Commission has provided funding for a project called KardiaTool, which aims to create affordable LOC assays capable of detecting biomarkers from saliva samples to assess the risk of heart failure.

However, the absence of well-defined reimbursement models for POC devices equipped with cassettes or cartridges that conduct multiple tests imposes some limitations on growth. To tackle this challenge, manufacturers are actively devising strategies to secure effective reimbursement for multi-analyte POC tests.

The Global Heart Failure POC And LOC Devices Market is segmented into test type, technology, end use, regional distribution, and company.

Based on its test type, the segment focusing on proteomic testing was responsible for the largest portion of revenue in 2022. Advances in omics research have promoted the investigation of genomics, proteomics, and metabolomics in relation to cardiovascular events. This research aids in the identification of new biomarkers and tests for predicting the risk of a heart attack before any symptoms emerge. As an example, in April 2022, scientists at SomaLogic Inc. introduced a blood test capable of forecasting an individual's risk of heart attack, stroke, heart failure, and mortality from these conditions over the next four years.

The metabolomics testing sector is projected to experience the highest CAGR during the forecast period. Common peptides like N-terminal pro-B-type natriuretic peptide (NTproBNP), troponin, and B-type natriuretic peptide (BNP) are routinely evaluated to monitor cardiovascular events. Specifically, Troponin T (TnT) and Troponin I (TnI) are the most precise protein biomarkers associated with myocardial infarction.

Based on end use, the clinic sector commanded the largest share of revenue. Point-of-care (POC) testing has proven to be highly effective in addressing crucial requirements across a range of healthcare environments. This encompasses inpatient facilities like operating rooms, emergency departments, and intensive care units, as well as outpatient settings such as physicians' offices, clinics, and home healthcare centers.

On the other hand, the home-based segment is projected to experience the most rapid CAGR due to advances in both POC and lab-on-a-chip (LOC) devices. High-tech innovations that are user-friendly and portable enable individuals with basic training to perform monitoring. These features empower people to carry and use these devices in their homes, obtaining immediate results. The introduction of products like Philips' Minicare I-20, designed for ease of use by non-laboratory staff, is propelling the adoption of testing products within home settings. Self-testing at home facilitates timely clinic visits and enhances outpatient care, fueling the growth of this segment.

Major companies operating in Global Heart Failure POC And LOC Devices Market are:

• Abbott Laboratories Inc
• Siemens Healthineers AG
• Danaher Corp
• Instrumentation Laboratory Co
• F Hoffmann-La Roche AG
• bioMérieux S.A.
• Abaxis Inc
• Quidel Corp
• Jant Pharmacal Corp
• Trinity Biotech plc

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“The Global Heart Failure POC and LOC Devices Market is evolving rapidly, with the emerging trends promising a future where heart failure management is more personalized, efficient, and patient-centered. Innovations in AI, remote monitoring, wearables, and data analytics are at the forefront of this transformation. As these trends continue to shape the market, they hold the potential to improve patient outcomes, reduce healthcare costs, and enhance the quality of life for individuals living with heart failure. Staying attuned to these trends is vital for all stakeholders in the healthcare industry as they navigate the ever-changing landscape of heart failure management,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Heart Failure POC And LOC Devices Market By Test Type (Proteomic testing, Metabolomic testing, Genomic testing), By Technology (Microfluidics, Array-based systems, Others), By End Use (Clinics, Hospitals, Home, Assisted living healthcare facilities, Laboratory, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Heart Failure POC And LOC Devices Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Heart Failure POC And LOC Devices Market.

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