Global Heart Failure POC & LOC Devices Market is expected to grow at a CAGR of 16.2% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Heart Failure POC & LOC Devices Market by Type (Metabolomic Testing, Proteomic Testing, Genomic Testing), Technology (Array-based Systems, Microfluidics, Others), End-User (Hospitals, Home, Clinics, Laboratory, Assisted Living Healthcare Facilities), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global heart failure POC & LOC devices market is expected to grow from USD 52.75 million in 2019 to USD 175.35 million by 2027, at a CAGR of 16.2% during the forecast period 2020-2027. North America region dominates the market, owing to the major participation of the U.S. in contributing substantial organic growth in the hearth failure POC & LOC device market. The Asia-Pacific region is expected to grow, owing to the shift in focus from infectious to chronic diseases such as cardiac ischemia, coronary syndrome, and myocardial infarction. Rising standards for medical practice and developing state-of-the-art infrastructure is expected to fuel the market in the Asia-Pacific region.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the notable players in the market are Abaxis, Inc., Danaher, Siemens Healthineers, Quidel Corporation, Abbott, Jant Pharmacal Corporation, Trinity Biotech, F. Hoffmann-La Roche Ltd., Instrumentation Laboratory, Siemens Healthineers, bioMérieux S.A.
The type segment includes metabolomic testing, proteomic testing, and genomic testing. The genomic testing type segment is expected to witness significant growth, owing to technological advancement in omics studies that encourage research with regard to establishing the role of genomics. It also helps in the identification of novel biomarkers and assays to predict the risk of heart attack. Based on technology, the market is segmented into array-based systems, microfluidics, and others. The microfluidics technology segment is anticipated to witness significant growth, as it allows miniaturization and integration of most functional protocols employed in central laboratories into a portable chip. It offers benefits like rapid turnaround time and less consumption of reagents. Other factors like growing advances in microfluidics technique and efficiency in liquid manipulation at a high level is expected to drive the market. The end-user segment includes hospitals, home, clinics, laboratory, assisted living healthcare facilities. Clinic end-user segment holds the largest share in the market, as the clinics are employing POC devices at a major scale for timely diagnosis to make informed decisions for treating heart failure.
The factors driving the market are R&D towards the development of the novel LOC-based assays for diagnosis of cardiovascular diseases, and high potential to improve disease diagnosis with respect to ease-of-operation, cost-effectiveness, throughput, and analysis. Availability of POC tests for heart failure diagnosis is creating opportunities to establish substantive position in the market. Factor that restraints the market growth is the absence of a well-defined reimbursement for the POC devices equipped with cartridge that carries out multiple tests.
About the report:
The global heart failure POC & LOC devices market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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