The Heart Failure POC & LOC Devices Market was USD 61.77 million in 2020, and it is projected to experience a compound annual growth rate (CAGR) of 16.5% during the forecast period. The growth of the market can be attributed to several key factors, including the increasing prevalence of cardiovascular diseases, the development of new Lab-On-a-Chip based assays for cardiovascular disease diagnosis, and the growing need for targeting a wide range of cardiac biomarkers.
Cardiac diseases such as congenital heart diseases, myocardial infarction, and cardiac ischemia, coupled with the rising geriatric population, are major factors driving the demand for quick analysis and portable biosensing systems. Point-of-care (POC) testing allows patients or their attendants to obtain diagnostic results, while Lab-On-a-Chip (LOC) devices assimilate various laboratory functions on a single circuit to achieve high-throughput screening.
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LOC technology improves disease diagnosis due to its cost-effectiveness, ease of operation, and high throughput features. POC testing plays a vital role in detecting cardiac markers and real-time parameters, and it is used in various settings such as outpatient clinics, hospitals, and general practice. The expansion of the POC test portfolio for cardiac markers, ongoing research in saliva-based POC testing, and the increasing demand for outpatient services are driving the growth of the global market.
Furthermore, increasing investments by key market players to develop advanced products and the integration of smartphone applications in POC diagnosis for managing cardiac health are expected to further boost market growth in the future.
One of the drivers for market growth is the rising prevalence of cardiovascular diseases and the need for early disease diagnosis. Technological advancements in diagnostics and omics study have helped in detecting novel assays and biomarkers that can predict the risk of heart malfunction before any symptoms manifest. Increasing research efforts to develop cost-effective and quick detection devices and the growing emphasis on early disease detection are also contributing to market growth. The adoption of POC devices is increasing due to the rising prevalence of cardiovascular diseases, and governments and various organizations are investing in research and development, which further supports market growth. However, there are some factors that may restrain market growth, including high costs associated with procedures and unfavorable reimbursement policies for POC devices with cartridges for multiple tests. Additionally, an ambiguous and stringent regulatory framework is projected to have a moderate impact on market growth.
The global heart failure POC and LOC devices market is segmented based on test type, technology, end use, and region. The test type segment includes proteomic testing, genomic testing, and metabolic testing. Proteomic testing dominated the market in 2020 and is expected to continue its dominance during the forecast period. Various POC devices are used to assess biomarkers such as fibrinogen, PAI-1, and cardiac troponin to detect risks associated with cardiac dysfunctions. The genomic testing segment is projected to have the fastest revenue share growth during the forecast period due to technological advancements in omics, which help identify new biomarkers for predicting risks associated with heart abnormalities.
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In terms of technology, the market is segmented into microfluidics, array-based systems, and others. Microfluidics biosensor technology has witnessed significant adoption in recent years due to the increasing concerns about cardiovascular diseases. The demand for quick analysis, portable, and cost-effective biosensing devices has driven the growth of microfluidics technology. The microfluidics segment is expected to hold a considerably larger market share during the forecast period due to its miniaturization capabilities, high throughput, minimum sample and reagent usage, shorter assay time, and multiplex detection features.
Based on end use, the market is segmented into clinics, hospitals, homes, assisted living healthcare facilities, and laboratories. Clinics accounted for the largest revenue share in 2020 and are expected to maintain their leading position throughout the forecast period. Many clinics worldwide are focusing on deploying POC devices for timely diagnosis and urgent treatment of heart diseases. The home segment is projected to experience rapid revenue growth during the forecast period due to the introduction of test products for home settings. Self-testing at home supports timely clinic visits, improves outpatient care, and contributes to market growth.
Geographically, North America dominated the global market in 2020 and is expected to continue its leading position throughout the forecast period. The high revenue share in North America is attributed to factors such as the increasing prevalence of chronic diseases, the growing demand for detection and treatment of various heart diseases, and the implementation of technologically advanced equipment. The presence of major players and a growing number of primary care clinics also support revenue growth in this region. Asia Pacific is projected to experience significantly rapid revenue growth throughout the forecast period. Factors such as the rise in chronic diseases, government initiatives, the focus of global diagnostic companies on expanding into the Asia Pacific market, and rapid development in healthcare systems and infrastructure contribute to market growth in this region. Europe is also expected to have robust revenue growth due to increasing prevalence of cardiovascular diseases, advanced healthcare infrastructure, presence of key players, and rising adoption of microfluidics technology.
The global heart failure POC and LOC devices market is highly consolidated, with several leading players accounting for a significant share of the market revenue. Major market players are focusing on developing new products, expanding their product portfolios, and adopting strategies such as partnerships, mergers, acquisitions, and collaborations to expand their market footprint and increase their revenue share. Some of the major companies operating in the global market include Abbott, Siemens Healthineers, Danaher, Instrumentation Laboratory, F. Hoffmann-La Roche Ltd., bioMérieux S.A., Abaxis, Inc., Quidel Corporation, Jant Pharmacal Corporation, and Trinity Biotech.
In conclusion, the global heart failure POC and LOC devices market is experiencing steady growth due to increasing cardiovascular diseases, the development of new diagnostic assays, and the demand for portable and high-throughput screening devices. Although there are challenges such as high costs and unfavorable reimbursement policies, the market is expected to expand further in the coming years. North America currently dominates the market, but Asia Pacific is expected to witness rapid growth. Key players in the market are actively engaged in product development and strategic partnerships to strengthen their market position.
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