|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD
81.72 million
|
|
CAGR
(2023-2028)
|
16.66%
|
|
Fastest
Growing Segment
|
Proteomic Testing
|
|
Largest
Market
|
North
America
|
Market Overview
Global
Heart Failure POC And LOC Devices Market has valued at USD 81.72 million in
2022 and is anticipated to project impressive growth in the forecast period
with a CAGR of 16.66% through 2028. The Global Heart Failure POC and LOC
Devices Market refers to a rapidly evolving sector within the healthcare
industry that focuses on the development and deployment of innovative
diagnostic and monitoring devices specifically designed for heart failure patients.
These devices aim to provide more efficient, cost-effective, and
patient-friendly solutions for the detection, management, and treatment of
heart failure.
Key Market Drivers
Rising Prevalence of Heart
Failure
Heart
failure is a pervasive and chronic cardiovascular condition, affecting millions
of people worldwide. With an aging population, sedentary lifestyles, and an
increasing prevalence of risk factors such as obesity and diabetes, the
incidence of heart failure is on the rise. However, this health crisis has
given rise to an opportunity for innovation in healthcare. The Global Heart
Failure Point of Care (POC) and Lab on a Chip (LOC) Devices Market is
experiencing remarkable growth due to the escalating prevalence of heart
failure.
Heart
failure is a global health epidemic, with a prevalence that continues to climb.
According to the American Heart Association, over 6 million adults in the
United States alone live with heart failure, and it is projected that this
number will further increase in the coming years. The situation is similar in
many other countries.
The
increasing prevalence of heart failure necessitates more efficient diagnostic
tools. POC and LOC devices are designed to provide rapid and accurate
diagnostics, allowing healthcare professionals to identify heart failure
quickly and accurately. With the demand for early diagnosis and intervention,
these devices have a pivotal role to play.
Once
diagnosed, heart failure patients require ongoing management to maintain their
health and prevent complications. POC and LOC devices are not limited to
diagnosis; they also offer convenient and timely monitoring solutions. These
devices empower both healthcare providers and patients to manage the condition
effectively.
Heart
failure is associated with significant healthcare costs, including
hospitalizations and emergency room visits. POC and LOC devices offer a
cost-effective alternative by reducing the need for these costly interventions.
Early detection and management can prevent complications and lower healthcare
expenditure.
Modern
healthcare is increasingly adopting a patient-centric approach. POC and LOC
devices fit seamlessly into this model by enabling patients to take a more
active role in their health management. With real-time data at their
fingertips, patients can make informed decisions and communicate effectively
with their healthcare providers.
The
rise of telemedicine and remote healthcare monitoring has been further
accelerated by the COVID-19 pandemic. POC and LOC devices are integral to this
trend. They enable remote monitoring of patients, reducing the need for
in-person visits, particularly for those with limited mobility or living in
remote areas.
Remote Monitoring Solutions
Heart
failure, a prevalent and chronic cardiovascular condition, poses a significant
healthcare challenge worldwide. The escalating prevalence of heart failure and
the need for effective management have led to a surge in innovation within the
healthcare industry. One key driver of growth in the Global Heart Failure Point
of Care (POC) and Lab on a Chip (LOC) Devices Market is the integration of
remote monitoring solutions.
The
incidence of heart failure is on the rise, primarily due to aging populations,
unhealthy lifestyles, and an increase in risk factors such as obesity and
diabetes. As more people are diagnosed with heart failure, the demand for
efficient management solutions is increasing.
POC
and LOC devices are at the forefront of diagnosing heart failure, allowing
healthcare professionals to swiftly and accurately identify the condition.
Early detection and intervention are critical in managing heart failure
effectively and reducing hospitalization rates.
Remote
monitoring solutions are pivotal in providing ongoing care for heart failure
patients. These solutions extend beyond the initial diagnosis and allow
healthcare providers to remotely monitor patients' vital signs, symptoms, and
medication compliance.
Heart
failure patients often experience readmissions to hospitals due to disease
exacerbations. Remote monitoring allows healthcare providers to detect warning
signs early, enabling timely interventions and reducing the need for costly and
burdensome hospitalizations.
Remote
monitoring empowers patients to take control of their health. With real-time
data accessible through their devices, patients can actively engage in their
treatment plans, making informed decisions, adhering to medications, and making
lifestyle adjustments.
Remote
monitoring eliminates the need for frequent in-person visits, making the
management of heart failure more convenient for patients. This not only
improves their quality of life but also enhances treatment adherence.
The
rise of telemedicine, accelerated by the COVID-19 pandemic, has significantly
contributed to the growth of remote monitoring solutions. POC and LOC devices
can be seamlessly integrated into telemedicine platforms, facilitating remote
consultations and monitoring for heart failure patients.
Patient-Centered Care
Heart
failure, a widespread and debilitating cardiovascular condition, poses a
formidable challenge to healthcare systems worldwide. The increasing prevalence
of heart failure and a growing emphasis on improving patient outcomes have
propelled innovations in the healthcare sector. One of the key drivers behind
the growth of the Global Heart Failure Point of Care (POC) and Lab on a Chip
(LOC) Devices Market is the adoption of a patient-centered care approach.
Heart
failure is becoming increasingly prevalent due to aging populations, unhealthy
lifestyles, and the rise of risk factors such as obesity and diabetes. As the
number of heart failure patients continues to grow, there is a pressing need
for innovative and patient-centric solutions.
Patient-centered
care places the patient at the heart of healthcare decision-making. It
emphasizes the importance of individual preferences, active patient
involvement, and tailored healthcare experiences.
POC
and LOC devices play a pivotal role in patient-centered care by putting the
power of healthcare into the hands of patients. Patients can actively
participate in their health management, leading to better adherence to
treatment plans and lifestyle modifications.
In
a patient-centered approach, patients are encouraged to actively engage in
their treatment decisions. POC and LOC devices provide healthcare providers
with accurate and timely data, enabling shared decision-making that is more in
line with the patient's preferences and needs.
The
ability to monitor vital signs and health parameters remotely reduces the need
for frequent in-person visits and hospitalizations. This not only eases the
patient's burden but also alleviates the strain on healthcare systems.
Patient-centered
care, made possible through POC and LOC devices, improves the patient's overall
quality of life. It allows for more personalized and less disruptive healthcare
experiences, ultimately leading to greater well-being.
Global Awareness
Heart
failure, a chronic and debilitating cardiovascular condition, has become a significant
global health concern. The rising prevalence of heart failure, combined with an
increasing awareness of the need for better diagnostics and management, is
driving innovation in the healthcare sector. One of the pivotal factors
contributing to the growth of the Global Heart Failure Point of Care (POC) and
Lab on a Chip (LOC) Devices Market is the heightened global awareness
surrounding heart failure.
Heart
failure is becoming more prevalent, largely due to factors like aging
populations, sedentary lifestyles, and the increasing incidence of risk factors
such as obesity and diabetes. This upward trend in heart failure cases has
created a pressing need for more effective diagnostics and management tools.
Over
the past decade, there has been a significant increase in global awareness
campaigns, initiatives, and educational programs aimed at informing the public
about heart failure. Health organizations, nonprofits, and healthcare
professionals have been instrumental in raising awareness about the condition's
symptoms, risk factors, and the importance of early diagnosis and management.
Increased
global awareness has led to earlier detection of heart failure in many cases.
Patients are becoming more aware of the symptoms and risk factors, prompting
them to seek medical attention sooner. This has led to better outcomes and
reduced complications.
Healthcare
professionals worldwide are also benefiting from heightened awareness. They are
increasingly recognizing the importance of timely diagnosis and proactive
management. POC and LOC devices have been instrumental in providing healthcare
professionals with the tools needed for rapid and accurate diagnostics.
The
global awareness surrounding heart failure has been further accelerated by the
rapid expansion of telemedicine, particularly during the COVID-19 pandemic. POC
and LOC devices can be seamlessly integrated into telemedicine platforms,
facilitating remote consultations, and monitoring for heart failure patients,
even in remote or underserved regions.
Heart
failure is not limited by geographic boundaries. It affects people from diverse
backgrounds and regions worldwide. The increased global awareness ensures that
patients from various demographic and geographic segments have access to
advanced healthcare solutions for heart failure diagnosis and management.
Regulatory
authorities have recognized the importance of early diagnosis and proactive
management in improving patient outcomes. This supportive regulatory
environment encourages manufacturers to invest in research and development for
POC and LOC devices.
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Key Market Challenges
Accuracy and Reliability
POC
and LOC devices need to be highly accurate and reliable, as errors can lead to
misdiagnoses or improper management of heart failure. Ensuring consistent
accuracy remains a significant challenge, especially for smaller and portable
devices.
Regulatory Hurdles
The
development and commercialization of POC and LOC devices require regulatory
approvals and compliance with stringent quality standards. Achieving regulatory
clearance is often a lengthy and complex process, delaying the market entry of
innovative devices.
Cost Constraints
Developing
POC and LOC devices with the necessary accuracy and features can be costly.
Reducing the production costs while maintaining quality is a persistent
challenge, especially for startups and smaller manufacturers.
Key Market Trends
Integration of Artificial
Intelligence (AI)
Artificial
intelligence is increasingly being incorporated into POC and LOC devices. AI
can enhance diagnostic accuracy, personalize treatment plans, and provide
predictive analytics to identify potential heart failure exacerbations before
they occur.
Miniaturization and
Portability
POC
and LOC devices are becoming smaller and more portable, allowing for ease of
use at home and in remote settings. This trend is making heart failure
management more accessible and convenient for patients.
Multi-Parameter Monitoring
Emerging
devices can monitor multiple parameters simultaneously, such as blood pressure,
oxygen saturation, and various biomarkers. This comprehensive data collection
enables a more holistic understanding of the patient's condition.
Segmental Insights
Test Type Insights
Based
on the category of 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.
As
a result, many companies have focused on this biomarker as a primary source of
revenue. The availability of a relatively large number of commercial
point-of-care (POC) devices for protein marker testing has contributed to the
estimated market share of proteomic testing.
Technology Insights
The
microfluidics sector secured the most substantial portion of revenue in 2022
and is poised to experience the swiftest CAGR in the projected period. There is
a heightened concern about mortality and morbidity rates stemming from
cardiovascular diseases (CVD), which has spurred a demand for prompt, portable,
and cost-effective biosensing devices designed for cardiovascular event
screening. Point-of-care (POC) biosensors play a pivotal role in the early
detection of heart failure, eliminating the necessity for hospital visits and
the associated laborious and expensive laboratory tests.
In
recent years, the adoption of microfluidic biosensors has been on the rise, as
they enable the integration and miniaturization of functional protocols
typically carried out in centralized laboratories onto a portable chip.
Additionally, they offer multiple advantages, including reduced consumption of
reagents and samples, as well as rapid turnaround times.
Consequently,
over the past few years, there has been a significant uptick in the utilization
of paper-based 3D microfluidics in POC applications due to their effectiveness
in manipulating liquids at a high level. These factors have contributed to the
dominant revenue share of microfluidic technology. Anticipated advancements in
this technology are expected to propel the segment in the years ahead.
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Regional Insights
- In
2022, North America took the lead in the market, securing the largest portion
of revenue. This was primarily driven by prominent market players in the United
States, contributing significantly to the organic revenue growth in the global
heart failure point-of-care (POC) and lab-on-a-chip (LOC) devices market. For
instance, in December 2021, Quidel Corporation and Ortho Clinical Diagnostics
Holdings plc entered into a business combination agreement. This agreement has
led to enhanced patient access to a wide range of diagnostic products, including
immunohematology, immunoassay, molecular diagnostics, clinical chemistry, donor
screening, and point-of-care diagnostics.
- On
the other hand, there continues to be a rising demand for diagnostic services
in Asian countries. As we look ahead to the forecast period from 2023 to 2030,
the Asia Pacific region is projected to experience the most rapid CAGR. This
growth can be attributed to a shift in emphasis from infectious diseases to
chronic conditions such as acute coronary syndrome, myocardial infarction, and
cardiac ischemia. Moreover, the increasing standards of medical practice and
the development of state-of-the-art healthcare infrastructure have made Asian
countries an attractive choice for numerous global diagnostic companies looking
to expand their business operations.
Recent Developments
- In
December 2022, Ultromics' EchoGo received approval from the US Food and Drug
Administration for their EchoGo device, an AI-driven technology that offers
precise heart failure detection in cases with preserved ejection fraction. In
May 2022, BioMérieux completed the acquisition of Specific Diagnostic,
bolstering its global leadership in clinical microbiology. This strategic move
brought significant innovation to the market and reinforced the company's
efforts to combat antimicrobial resistance.
- Likewise,
in October 2020, Abbott introduced implantable cardioverter defibrillator and
cardiac resynchronization therapy defibrillator devices in the Indian market.
These devices leverage smartphone connectivity and applications, introducing
fresh opportunities for patient engagement and remote monitoring.
Key Market Players
- 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
|
By
Test Type
|
By
Technology
|
By
End Use
|
By
Region
|
- Proteomic
testing
- Metabolomic
testing
- Genomic
testing
|
- Microfluidics
- Array-based
systems
- Others
|
- Clinics
- Hospitals
- Home
- Assisted
living healthcare facilities
- Laboratory
- Others
|
- North
America
- Europe
- Asia-Pacific
- South
America
- Middle
East & Africa
|
Report Scope:
In this report, the Global Heart Failure POC And
LOC Devices Market has been segmented into the following categories, in
addition to the industry trends which have also been detailed below:
- Heart Failure POC And LOC Devices Market, By Test Type:
o Proteomic testing
o Metabolomic testing
o Genomic testing
- Heart Failure POC And LOC Devices Market, By Technology:
o Microfluidics
o Array-based systems
o Others
- Heart Failure POC And LOC Devices Market, By End Use:
o Clinics
o Hospitals
o Home
o Assisted living healthcare
facilities
o Laboratory
o Others
- Heart Failure POC And LOC Devices Market, By
Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ Germany
§ United Kingdom
§ France
§ Italy
§ Spain
o Asia-Pacific
§ China
§ Japan
§ India
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Kuwait
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Heart
Failure POC And LOC Devices Market.
Available Customizations:
Global Heart Failure POC And LOC Devices market report
with the given market data, Tech Sci Research offers customizations according
to a company's specific needs. The following customization options are
available for the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
Global Heart Failure POC And LOC Devices Market is
an upcoming report to be released soon. If you wish an early delivery of this
report or want to confirm the date of release, please contact us at [email protected]