Heart Failure POC & LOC Devices Market Overview
Market Research Future (MRFR) presumes that the heart failure POC (point of care) & LOC (lab on chip) devices market would be valued at more than USD 175.35 million by the end of 2027. The Heart Failure POC & LOC Devices Market size will most likely capture a CAGR of around 16.2% over the assessment period (2020 to 2027).
Major Boosters and Barriers
The Centre for Disease Control & Prevention estimates that close to 7.7 million individuals in the United States are affected by heart failure. The condition is marked by the heart’s inability to pump sufficient blood as well as oxygen that are required for supporting all the other organs in the human body. It is a serious disorder, although the heart continues to beat. But past reports show that more than half of the patients that developed heart failure die within 6 years of being diagnosed.
Heart failure has emerged as one of the most lethal health conditions in the world and affects patients that lead unhealthy lifestyle and face poor prognosis. Risk factors are hypertension, obesity and diabetes, all of which have been witnessing a surge in the global current population. Unmet medical needs are quite high, especially in emerging regions, and the demand for reduced mortality should elevate the need for more advanced POC and LOC devices in the future.
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People aged over 60 years form the biggest target patient base in the global market. This age group is marked by compromised immunity levels and hence, are more susceptible to chronic ailments such as heart failure. In short, the consistently blossoming elderly patient base worldwide would have a remarkable impact on the heart failure POC and LOC devices in the next several years.
Major test types are metabolomic testing, genomic testing, and proteomic testing. The leading spot belongs to the proteomic testing segment, thanks to the heightened need for biomarker testing with the use of proteomic testing.
The top technologies covered in the report for the heart failure POC & LOC devices industry are array-based systems, microfluidics, and more. The microfluidics category has secured the biggest portion of the market, since this technology facilitates integration as well as miniaturization of majority of the functional protocols utilized in central laboratories into microfluidic biosensors or portable chips.
The top segments, with respect to end user, are specialty centers, homecare, hospitals& clinics, and more.
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North America successfully procures the top spot in the worldwide market, thanks to the huge burden of heart conditions like cardiovascular disorder, and more. Large-scale healthcare expenditure combined with the rise in obesity cases add to the market worth as well. Besides, the surging prominence of a poor lifestyle that includes over-consumption of alcohol, smoking, and lack of exercise has foster the vulnerability of people to heart failure. This has created a favorable scenario for the North American market for heart failure POC and LOC devices.
The second position in the heart failure POC and LOC devices market belongs to Europe, and the region can expect more growth in the next couple of years. Surging incidences of cardiovascular diseases combined with the soaring number of heavy smokers amplifies the demand for these devices too. The European industry further benefits from the mushrooming elderly patient base facing a host of heart related issues due to advancing age.
Asia Pacific could expect rapid expansion in subsequent years, thanks to the blossoming patient pool paired with the rising number of technological innovations in healthcare. The fast business growth in the region, especially in India, Singapore, Japan, and China is also the result of the surge in people’s per capita income and the surge in government initiatives to upgrade the healthcare infrastructure.
The major heart failure POC and LOC devices producers in the market include healrth Danaher (US), bioMérieux S.A (France), Quidel Corporation (US), Siemens Healthineers (Germany), F. Hoffmann-La Roche Ltd. (Switzerland), Abaxis, Inc. (US), JantPharmacal Corporation (US), Trinity Biotech (Ireland), Instrumentation Laboratory Company (US), Abbott (US), and more.
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EBR Systems has managed to attain a total funding of AU$110 million in Initial Public Offering on the Australian Securities Exchange (ASX). The company’s WiSE CRT System is the first-ever and the only heart failure-based wireless endocardial left ventricle pacing system. The device offers treatment to those unable to get CRT from a conventional lead-based device or patients that are at high risk associated with an upgrade surgery.
TABLE OF CONTENTS
1. EXECUTIVE SUMMARY
2. MARKET INTRODUCTION
2.2. Scope Of The Study
2.2.1. Research Objective
3. RESEARCH METHODOLOGY
3.2. Data Mining
3.3. Secondary Research
3.4. Primary Research
3.4.1. Primary Interviews And Information Gathering Process
3.4.2. Breakdown Of Primary Respondents
3.5. Forecasting Technology
3.6. Market Size Estimation
3.6.1. Bottom-Up Approach
3.6.2. Top-Down Approach
3.7. Data Triangulation
4. MARKET DYNAMICS
5. MARKET FACTOR ANALYSIS
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