Heart Failure POC & LOC Devices Market to Cross USD 286.42 million by 2030

The SNS Insider report indicates that the Heart Failure POC & LOC Devices Market was valued at USD 83.84 million in 2022, and is expected to reach market size of USD 286.42 million by 2030, with a compound annual growth rate (CAGR) of 16.6% expected over the forecast period from 2023 to 2030.

Based on SNS Insider's research, technological progress has led to the development of more sensitive and specific biosensor technologies. The improved detection capabilities enable accurate measurements of cardiac biomarkers to be made, thus facilitating early and precise identification of heart failure.

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Major key players In Heart Failure POC & LOC Devices
-Abaxis, Inc.,
-bioMérieux S.A,
-Danaher, Abbott,
-Siemens Healthineers,
-Hoffmann-La Roche Ltd.,
-Instrumentation Laboratory Company,
-Jant Pharmacal Corporation,
-Quidel Corporation, and Trinity Biotech
-and Other Players.

Market Report Scope -

This report covers all aspects of the industry, with special focus on major players including market leaders, followers and new entrants from different regions. The report presents a SWOT analysis on the possible impact of macroeconomic factors in regions which have been identified as potential market drivers. In order to give the industry's decision makers a very futuristic view of it, an analysis has been carried out on both outward and inward factors that are expected to have positive or negative impacts on the business.

Market Growth Factors-

Increasing prevalence of cardiovascular diseases and rising for early disease diagnosis
The key drivers for growth in the global market are advances in diagnostics and omics research that helps to detect new assays and biomarkers before any symptoms manifest, thus predicting a risk of heart malfunction. Factors driving market growth include increased research on the development of more efficient and rapid detection devices, as well as a higher focus on detecting diseases before they occur. Another important factor driving global market growth is the growing adoption of point of care devices due to rising incidences of cardiological diseases, as well as increased investment by governments and various organisations in research and development.

Heart Failure POC & LOC Devices Market Segmentation Analysis -

By Test Type
-Proteomic Testing
-Metabolomic Testing
-Genomic Testing

By Technology
-Microfluidics
-Array-based Systems

By End User
-Hospitals &Clinics
-Homecare
-Specialty Centers

The market is divided according to the type of test, such as proteomic, metabolomic and genetic tests. The Proteomics Test segment accounted for the largest revenue share of 50.4% in 2022. Technological advances in omics studies have stimulated research into the role of genomics, proteomics and metabolomics in heart disease. This will lead to the identification of new biomarkers and assays that can predict heart attack risk before any symptoms are present. For example, in April 2022, scientists at SomaLogic Inc. developed a blood test that can be used to predict an individual's risk of heart attack, stroke, failure, and dying from these conditions in the upcoming four years.

Clinics, hospitals, homes, assisted living healthcare facilities and laboratories are classified according to the end user. The largest revenue share of 37.7% in 2022 was accounted for by the clinic sector. In healthcare settings, POC testing has proven effective in meeting the most important needs. Patients in hospital, emergency departments and intensive care units are also included as well as outpatient settings such as physician's offices, clinics or nursing homes.

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Key Regional Development -

North America dominated the market and accounted for the largest revenue share of 41.6% in 2022 due to major market participants in the U.S. contributing to substantial organic revenue growth in the global heart failure POC & LOC devices market. For instance, a business combination agreement was signed between Quidel Corporation and Ortho Clinical Diagnostics Holdings plc in December 2021. Improved access to immunohematology, immunoassays, molecular diagnostics, clinical chemistry, donor screening and point of care diagnostic products has been provided for patients. In contrast, the demand for diagnostic services in Asia remains strong.

Asia Pacific is projected to grow at a faster compound annual growth rate of 20.5% during the forecast period. This growth is due to a shift in focus from infectious to chronic diseases like acute coronary syndrome, myocardial infarction, and cardiac ischemia. Moreover, Asian countries have emerged as a favorite choice for some diagnostic companies to expand their business due to increasing standards of healthcare and the development of facilities.

Key Takeaway from Heart Failure POC & LOC Devices Market Study-

During the forecast period, the segment of genomic testing is expected to grow at a significant compound annual growth rate CAGR. The increase in the incidence of genetic disorders and increasing awareness & acceptance of personalised medicine are reasons for this.

Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. In economies such as India and China, as well as an increasing target population in the region, this is due to a shift in focus from infectious diseases to chronic diseases.

Recent Development Related to Heart Failure POC & LOC Devices Market -

In May 2023, the research, funded by the British Heart Foundation and National Institutes of Health Research, has created an algorithm called CoDEACS which uses information from patients like age, sex, heart rate, etc. to estimate a person's risk for having a heart attack.

In December 2022, Uomics' EchoGoltr, an artificial intelligence-based technology that delivers precise detection of heart failure with intact ejection fraction, has been granted approval by the US Food and Drug Administration.

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Table of Contents

1.Introduction

2.Research Methodology

3.Market Dynamics

4.Impact Analysis

4.1COVID-19 Impact Analysis

4.2.Impact of Ukraine- Russia war

4.3.Impact of Ongoing Recession on Major Economies

5.Value Chain Analysis

6.Porter's 5 Forces Model

7.PEST Analysis

8.Heart Failure POC & LOC Devices Market Segmentation, By Test Type

9.Heart Failure POC & LOC Devices Market Segmentation, By Technology

10.Heart Failure POC & LOC Devices Market, By End User

11. Regional Analysis

12. Company profile

13.Competitive Landscape

14.Use Case and Best Practices

15.Conclusion

continued

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