New York, US, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Heart Failure POC & LOC Devices Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Heart Failure POC & LOC Devices Market Information by Test Type, Technology, End User, and Regional Forecast till 2027” the market is projected to cross USD 175.35 Million by 2027 at 16.2%.CAGR.
Market Scope:
Lab-On-Chip (LOC) devices combine many laboratory operations on a single circuit to provide automation and high throughput screening. Point-of-Care (POC) devices are used to get diagnostic results near the patients, whereas Lab-On-Chip (LOC) devices integrate many laboratory operations on a single circuit to provide automation and high throughput screening. Heart failure can be diagnosed via POC assays, and LOC device technology can be employed for both POC and central lab testing. Point-of-care testing detects cardiac signs and other time-critical indicators, which helps to address the challenges of health inequities.
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Competitive Landscape:
- The notable players of the market are:
- Abbott (US)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Danaher (US)
- Abaxis Inc. (US)
- Quidel Corporation (US)
- Siemens Healthineers (Germany)
- JantPharmacal Corporation (US)
- Trinity Biotech (Ireland)
- bioMérieux S.A (France)
- Instrumentation Laboratory Company (US)
Market Drives:
The global heart failure POC & LOC devices market is being driven by factors such as an increase in cardiovascular diseases (CVDs), an increase in the elderly population, and increased R&D for POC & LOC devices. As the global burden of CVD rises, more research and development is needed to find more effective medicines and diagnostic tools to slow the progression of CVD illnesses. The heart failure POC & LOC devices market will be driven by increased R&D spending for heart and CVD in the future, since point-of-care testing (POCT) is a critical technology for diagnosing CVDs such heart failure. As a result, more financing will augment the market for heart failure POC and LOC devices in the future.
Market Restraints:
Unfavorable reimbursement rules, on the other hand, may stifle market expansion during the projection period. Delayed 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.
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COVID-19 Analysis:
The present COVID-19 pandemic has impacted people all over the world and forced the closure of operational facilities all over the world. The healthcare industry experienced unexpected obstacles during the shutdown. Medical device and other healthcare product production came to a halt when manufacturing operations were shut down. Furthermore, the medical supply system was disrupted, resulting in an increase in manufactured goods stockpiling. Many COVID-19 survivors, according to the researchers, will be at risk for chronic right heart failure, pulmonary hypertension, and diastolic dysfunction, particularly those who have recovered from severe illness with major hypoxemic respiratory failure and thromboembolic complications. 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.
Market Segmentation
Heart failure on a global scale The market for POC and LOC devices has been divided into three major segments: test type, technology, and end user.
The market has been divided into three types of tests: proteomic testing, metabolomic testing, and genomic testing. Due to the rising demand for biomarker testing employing proteome testing, the proteomic testing category maintained the biggest market share in 2020.
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The global heart failure POC & LOC devices market has been divided into three categories depending on technology: microfluidics, array-based systems, and others. Microfluidic biosensors, which enable the integration and downsizing of most functional procedures used in central laboratories into a portable chip, held the highest share in 2020.
The market has been divided into hospitals and clinics, homecare, specialty centers, and others based on the end user. Because of the numerous uses of POC and LOC devices in this setting, hospitals and clinics held the largest market share in 2020.
Regional Insights
The market for heart failure POC and LOC devices is dominated by North America. The high frequency of heart illnesses in the region is responsible for this share. North America dominated the revenue share due to the presence of large market participants in the United States, which 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.
Over the next few years, the Asia Pacific market is likely to rise significantly. Higher age makes a person more prone to cardiovascular problems, hence an increase in age has a direct association with heart failure cases. This region's countries have a large proportion of elderly people, which is fueling the market's expansion.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
