Heart Failure Point-of-care and Lab-on-a-chip Devices Market to Develop Rapidly by 2024

Heart Failure Point-of-care and Lab-on-a-chip Devices Market: Introduction

• Heart failure affects 5.8 million people in the U.S. alone, and it results in about one million hospitalizations per year. The average cost per admission is about US$ 18,000. Rapid detection of cardiac phenomenon is required to reduce the death rate due to cardiac arrest or heart failure. Point-of-care (POC) and lab-on-a-chip (LOC) are used to detect cardiac biomarkers.
• BNP and NT-proBNP are the two most commonly used cardiovascular biomarkers

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Key Drivers and Restraints of Global Heart Failure Point-of-care and Lab-on-a-chip Devices Market

• According to the World Health Organization (WHO), non-communicable diseases (NCDs) were responsible for 70% of global deaths in 2015. Cardiovascular disease (CVD) and cancer, the two major types of NCDs, account for two-third of the global NCDs deaths. Rise in cases of heart-related disorders boost market growth. According to the CDC, one person dies every 37 seconds in the U.S. from cardiovascular disease, and around 805,000 people in the country have a heart attack each year.
• However, unfavorable reimbursement policies for POC equipped with a cassette or cartridge that carry out multiple tests hamper market growth.
Proteomic Testing Segment to Witness Significant Growth
• Based on test type, the global heart failure point-of-care and lab-on-a-chip devices market can be classified into proteomic testing, metabolomic testing, and genomic testing
• Heart failure LOC & POC devices are utilized for early detection of various biomarkers such as cardiac troponin (cTn), fibrinogen, and plasminogen activator inhibitor-1 [PAI-1], which are associated with cardiac abnormalities. For instance, cTn is a biomarker for assessing both acute and chronic myocardial injury. Companies target these protein biomarkers, considering it to be a high revenue-generating segment. Hence, the proteomic testing segment is projected to account for the largest market share during the forecast period. In June 2015, Roche launched point-of-care (POC) troponin test with improved accuracy at low concentrations to help diagnose heart attack patients at high mortality risk.

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Microfluidics to Dominate Global Heart Failure Point-of-care and Lab-on-a-chip Devices Market
• Based on technology, the global heart failure point-of-care and lab-on-a-chip devices market can be categorized into microfluidics, array-based systems, and others
• POC and LOC devices offer rapid, inexpensive, and easy detection of cardiovascular events. In the last two decades, lab-on-a-chip technology or microfluidics has drawn significant interest from the research communities and industries for biomedical applications owing to the advantages of these platforms such as biological sample processing, high throughput, low reagent & sample consumption, short assay time, and multiplexed detection. Recently, there has been a growing trend of using smartphones as detection tools to read signals from the biosensors. These factors are attributed to the largest share of the microfluidic segment in terms of revenue.

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Home Care Setting Segment to Witness Significant Growth

• Based on end-user, the global heart failure point-of-care and lab-on-a-chip devices market can be divided into clinics, hospitals, home care, assisted living health care facilities, and research laboratories
• POC testing can be performed in operating rooms, emergency rooms, or intensive care units in hospitals as well as in the outpatient settings such as clinics, home care, and diagnostic centers
• Myocardial infarction (MI), also known as a heart attack, is caused by myocardial ischemia. Due to high cardiac specificity, the National Institute for Health and Clinical Excellence (NICE) currently recommends testing of troponin I or T on initial presentation to hospital and again 10 to 12 hours after the onset of symptoms. Chest pain accounts for 700,000 visits to emergency departments in England and Wales each year. Studies have also suggested that up to 85% of these patients are not actually suffering from MI. However, POC panels of all three cardiac biomarkers could provide rapid results after the onset of symptoms to confirm the occurrence of MI. This in turn is expected to propel the global heart failure point-of-care and lab-on-a-chip devices market.
• Self-testing at home supports timely clinic visits and improved outpatient care. This is likely to augment the home care segment during the forecast period.

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North America to Dominate Global Heart Failure Point-of-care and Lab-on-a-chip Devices Market

• In terms of region, the global heart failure point-of-care and lab-on-a-chip devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• In terms of revenue, North America dominated the global heart failure point-of-care and lab-on-a-chip devices market in 2018 and the trend is projected to continue during the forecast period due to high demand for diagnosis and treatment of various heart diseases and defects such as acute coronary syndrome, myocardial infarction, and cardiac ischemia. Around 1.5 million cases of myocardial infarction (MI) are reported in the U.S. each year.
• However, increase in demand for diagnostic services in countries in Asia boosts the growth of the market in the region. The market in Asia Pacific is expected to expand at the highest CAGR during the forecast period. A number of global diagnostic companies are expanding their presence and business operations in Asia Pacific through merger & acquisition. For example, U.S.-based Abbott Laboratories generates one-third of its revenue from Asia.

Key Players Operating in Global Heart Failure Point-of-care and Lab-on-a-chip Devices Market
The global heart failure point-of-care and lab-on-a-chip devices market was highly fragmented in 2018.

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