The global Heart Failure POC & LOC Devices market size is expected to be worth around US$ 131.69 million by 2028, according to a new report by Vision Research Reports.
The global Heart Failure POC & LOC Devices market size was valued at US$ 45.10 million in 2020 and is anticipated to grow at a CAGR of 16.8% during forecast period 2021 to 2028.
the development of predictive modeling techniques-based decision support software to analyze the data measured by the LOC assays to enable therapy monitoring is one of the key market drivers. Also, ongoing studies on the application of saliva-based nano-biochip tests for measuring myocardial infarction is driving organic revenue growth.
POC testing exhibits potential savings across various settings, including hospitals, general practice, and remote areas. In the U.S., the employment of POC devices resulted in a 20% decrease in hospital admissions to the chest pain unit, resulting in substantial savings in time and costs.
In the cardiac observation unit (U.S.), the implementation of POC troponin testing helped reduce hospital stays, decrease admission rates, and remove the need for multiple costly procedures, resulting in 25% cost saving per patient. Furthermore, the integration of smartphones and apps in POC diagnostics for managing the cardiac health of an individual is one of the significant innovations in Heart Failure POC & LOC Devices market.
Technological advancements in omics studies have encouraged research with regard to establishing the role of genomics, proteomics, and metabolomics in cardiovascular events. This, in turn, helps in the identification of novel biomarkers and assays to predict the risk of a heart attack before any symptom occurs.
N-terminal pro b-type natriuretic peptide (NTproBNP), troponin, and B-type natriuretic peptide (BNP) are some of the common peptides that are assessed to monitor the cardiovascular events. Particularly, Troponin T (TnT) and Troponin I (TnI) are the most specific protein biomarkers that are linked with myocardial infarction.
Thus, most of the companies have targeted this biomarker, considering it as a key revenue-generating segment. The presence of a relatively high number of commercial POC devices that are based on testing of protein marker has contributed to the estimated share of proteomic testing.
Growing concern about mortality and morbidity rates due to Cardiovascular Diseases (CVD) has driven the demand for rapid, portable, and inexpensive biosensing devices for screening cardiovascular events. POC biosensors help in early diagnosis of heart failure without the need for hospital visits, eliminating the need for tedious and expensive laboratory tests.
In the past years, Microfluidic biosensors witnessed an increase in adoption rate as it allows integration and miniaturization of most functional protocols employed in central laboratories into a portable chip. Moreover, it offers several benefits such as less consumption of reagent/sample and rapid turnaround time.
As a result, in the past few years, POC applications of paper-based 3D microfluidics have increased considerably owing to their efficiency in liquid manipulation at a high level. These factors have led to the largest revenue share of technology. Growing advances in this technique are expected to drive the segment in the coming years.
POC testing has proven its efficiency in meeting critical needs within various healthcare settings. This includes inpatient settings such as operating rooms, emergency rooms, or intensive care units, as well as outpatient settings such as physician’s office, clinics, and home healthcare nursing centers.
In outpatient clinics, the healthcare personnel’s are seeking substitution of curative medicines with predictive disease testing for chances of having heart failure. Outpatient clinics are employing POC devices at a major scale for timely diagnosis to make informed decisions for the treatment of heart failure. This, in turn, has led to the dominance of clinics over other end-use settings.
Furthermore, introduction of products like Minicare I-20 by Philips as a simple and easy-to-use device for non-laboratory staff is driving the adoption of products for tests within home settings. Self-testing at home supports timely clinic visits and improves outpatient care, thereby driving the segment with a lucrative CAGR.
With presence of major market participants in the U.S. that are contributing to substantial organic revenue growth in the global heart failure POC & LOC devices market, North America dominated the revenue share in 2020. On the other hand, demand for diagnostic services continues to increase in Asian countries.
This is due to a shift in focus from infectious to chronic diseases like acute coronary syndrome, myocardial infarction, and cardiac ischemia. In addition, owing to rising standards of medical practice and developing state-of-the-art infrastructure, Asian countries are becoming a preferred choice for several global diagnostic companies to expand their business operations.
Abbott, Danahar, Siemens Healthineers, and F. Hoffmann-La Roche Ltd. Other emerging players such as Quidel Corporation, bioMérieux S.A, Trinity BiotechInstrumentation Laboratory, and Abaxis,
Test Type Outlook
Assisted Living Healthcare Facilities
Middle East and Africa (MEA)
The Heart Failure POC & LOC Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Heart Failure POC & LOC Devices market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Heart Failure POC & LOC Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Heart Failure POC & LOC Devices market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Heart Failure POC & LOC Devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Heart Failure POC & LOC Devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Heart Failure POC & LOC Devices by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Heart Failure POC & LOC Devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Heart Failure POC & LOC Devices market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Heart Failure POC & LOC Devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Heart Failure POC & LOC Devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Heart Failure POC & LOC Devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Heart Failure POC & LOC Devices market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Heart Failure POC & LOC Devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Heart Failure POC & LOC Devices market. These factors have benefited the growth of the global market for Heart Failure POC & LOC Devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Heart Failure POC & LOC Devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Heart Failure POC & LOC Devices are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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