Heart Failure POC & LOC Devices Market

Market Synopsis:

Global Heart Failure POC & LOC Devices market is valued at USD 63.91 Million in 2022 and is projected to attain a value of USD 212.40 Million by 2030 at a CAGR of 16.20% during the forecast period, 2022–2028. Lab-on-chip (LOC) technology has a significant potential to improve illness detection in terms of cost-effectiveness, throughput, ease-of-operation, and analysis due to its miniaturisation. The market is likely to be driven by research and development of novel LOC-based assays for the diagnosis of cardiovascular disease (CVD). Diagnostics using Lab-on-a-Chip (LOC) technology have been adopted for both point-of-care (POC) and central lab testing. In the current market, however, only POC diagnostics are commercially accessible for heart failure diagnosis. As a result, substantial opportunities have arisen for budding diagnostic developers seeking to build a significant presence in this industry.

The COVID-19 pandemic is also presenting prospects for companies in the heart failure POC and LOC device industry. Many COVID-19 survivors will be at risk of chronic right heart failure, pulmonary hypertension, and diastolic dysfunction in November 2020, according to a report from Northwestern University in the United States, especially those who have recovered from severe illness with significant hypoxemic respiratory failure and thromboembolic consequences. Additionally, with the rising need for electronic health records, telehealth, and constraints prohibiting patients from visiting diagnostic labs and hospitals in person, the market for POC and LOC devices for heart failure is projected to rise.

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Increase in Cardiovascular Diseases

The global growth in cardiovascular disease (CVD) is predicted to fuel the market for heart failure POC and LOC devices. POC devices assist assess specific cardiac biomarkers such as troponin, whereas LOC technology offers the potential to improve disease diagnosis. Heart disease was the greatest cause of death in the globe in December 2020, according to WebMD, accounting for about one-third of all fatalities in 2019, and the death toll is predicted to continue growing. As a result, numerous big corporations are rushing to create high-quality gadgets and accessories to help patients with CVD better manage their data. The need for POC and LOC devices has increased as a result of the growing patient pool, fuelling the market's expansion.

Ambiguous Reimbursement Policies

Delay in reimbursement or a lack of financing for diagnostics is a major impediment to market expansion in most nations. Diagnostic test reimbursement is a complicated process. The reimbursement process's complexity is itself a hurdle for this sector. Most of the time, compensation is given for the process or technology rather than the value. The introduction of reimbursement challenges is due to issues with billing POC and LOC devices, correctly capturing information, and a lack of familiarity with regulatory standards. The primary sources of billing concerns for POCT are several approaches and the use of the same CPT code for the same name. This primarily relates to POCT devices that provide several findings at the same time, with one test being paid while the other is not.

Market Segmentation:

The Global Heart Failure POC & LOC Devices Market has been segmented by Test Type into Proteomic Testing, Metabolomic Testing and Genomic Testing. By Technology into Microfluidics, Array-based Systems and Others. By End Use into Clinics, Hospitals, Home, Assisted Living Healthcare Facilities and Laboratory. Based on Region, the Heart Failure POC & LOC Devices Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the Heart Failure POC & LOC Devices Market

North America dominated the revenue share in 2020, qoing to the presence of large market participants in the United States who are contributing to substantial organic revenue growth in the global heart failure POC & LOC devices market. In Asian countries, on the other hand, demand for diagnostic services continues to rise. This is owing to a shift in emphasis away from infectious diseases and toward chronic disorders such as acute coronary syndrome, myocardial infarction, and heart ischemia. Furthermore, due to improving medical practise standards and the development of state-of-the-art infrastructure, Asian countries are increasingly becoming a popular location for global diagnostic firms to expand their operations.

Key Players:

Key participants operating in the myoelectric prosthetics market are: 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, Inc

The Heart Failure POC & LOC Devices market is segmented as follows:

The Heart Failure POC & LOC Devices market scope can be tabulated as below: