The global Heart Failure POC & LOC Devices Market size is expected to reach USD 129.69 million by 2025 and is projected to grow at a CAGR of 16.2%, according to a new report by Grand View Research, Inc. A paradigm shift in diagnostic sectors from late-stage disease detection to early identification of diseases as a viable strategy to curb rising healthcare costs has driven the market. This shift has led to the development of disposable and low-cost LOC devices that integrate various sensors and associated accessories in a single space for detection of the cardiac biomarkers from a single specimen to evaluate the risk of having a heart attack.
Furthermore,
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.
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Further key findings from the report suggest:
- Proteomic
analysis includes products that test protein markers, such as troponin,
myoglobin, and Creatine Kinase MB Isoenzyme (CK-MB)
- This segment
accounted for the leading revenue share, as most of the currently
available products are based on testing of protein markers
- Increasing
implementation of microfluidic LOC technology for assessing putative
biomarkers has led to the largest revenue share of this technology
- Microfluidic
technologyhas been implemented for various biological applications, such
as immunohybridization techniques, enzymatic assays, PCR, and others
- Clinics that
include physician’s office, pharmacy & retail clinics, urgent care
clinics, and non-practice clinics are the key revenue generating end-users
- A high usage
rate of POC devices by general practitioners for rapid investigation,
deciding early treatment, timely referral, and less uncertainty for
patients has driven the revenue growth through clinics
- The U.S.
dominated the global Heart Failure POC & LOC devices market owing to
the presence of a substantial number of primary care clinics that are
deploying POC cardiac marker test as a measure for early detection of
heart failure
- Expanding
urbanization and increasing geriatric population underpin the demand for
robust and improved healthcare services such as POC diagnostics for
routine cardiac health monitoring in Asian countries
- Moreover,
initiatives are undertaken for training young healthcare personnel about
POC cardiac troponin T/cardiac troponin I biomarkers
- This, in
turn, is anticipated to result in the surging adoption rate of POC devices
in Asian countries
- Abbott,
Siemens Healthineers, Danahar, and F. Hoffmann-La Roche Ltd are some key
participants operating in the space
- Companies
are engaged in mergers and acquisitions of emerging players. Acquisition
of Alere by Abbott, Beckman Coulter, Inc by Danahar, and Accriva
Diagnostics by Instrumentation Laboratory are some examples of
acquisitions in this market
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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