The Global Heart Failure POC & LOC Devices Market is expected to reach USD 180.1 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 16.5% from 2022 to 2028. The increased incidence of cardiovascular disorders coupled with the development of a considerable number of POC tests and rising emphasis on early identification of heart failures is anticipated to augment the growth of the market during the forecast period.
- The microfluidic segment held a significant share in 2021. This is attributable to the rising number of clinical studies for cell-based therapies across the globe. Furthermore, growing demand for low-volume sample analysis along with the development of advanced lab-on-a-chip technologies is also expected to support the segmental growth of the market.
- The genomic testing segment is expected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period. This is owing to the rise in incidences of genetic disorders and the rise in awareness & acceptance of personalized medicines.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the shift in focus from infectious to chronic diseases in economies like India, and China along with the increasing target population in the region. Furthermore, the rising standards of medical practice are also anticipated to support the regional growth of the market.
Some of the key players in Heart Failure POC & LOC Devices Market include - 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 increasing incidence of cardiovascular disorders across the globe is expected to fuel the growth of the Heart Failure POC & LOC Devices Market in the years to come. According to WHO estimation, CVDs caused almost 17.9 million deaths in 2019, which is equivalent to 32% of all global deaths, and among these 85% of deaths were projected to be due to heart attack and stroke. It further estimated that out of the 17 million premature deaths caused owing to non-communicable diseases in 2019 and 38% were caused by CVDs. Thus, CVDs are considered to be the leading cause of death globally. This is expected to increase the demand for heart failure POC & LOC devices in the years to come. However, the uncertain reimbursement policies and stringent regulatory framework are expected to hamper the growth of the market in the years to come. Moreover, increasing research & development activities in POC & LOC devices for heart failure along with an increase in venture investments is further expected to augment the growth of the market within the forecast period.
North America held the largest shares in 2021. This is attributable to the increase in heart failure cases in the region. Furthermore, the rising healthcare expenditure and presence of key players in countries like the U.S. is also expected to fuel the regional growth of the market. Additionally, early adoption of various technologies is also supporting the growth of the Heart Failure POC & LOC Devices Market in the region.