WASHINGTON, March 11, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research's recent analysis of the Global Heart Failure POC & LOC Devices Market finds that factors such as, increasing geriatric population base, growing research & development activities and rising cardiovascular diseases are augmenting the growth of Heart Failure POC & LOC Devices Market in upcoming time span. The total Global Heart Failure POC & LOC Devices Market is estimated to reach USD 180.1 Million by 2028.
The Market stood at a revenue of USD 55.9 Million in the year 2021, and is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 16.5%, states Vantage Market Research, in a report, titled "Heart Failure POC & LOC Devices Market by Test Type (Proteomic Testing, Metabolomic Testing, Genomic Testing), by Technology (Microfluidics, Array-based Systems, Others), by End Use (Clinics, Hospitals, Home, Assisted Living Healthcare Facilities), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
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List of Prominent Players in the Heart Failure POC & LOC Devices Market:
Abbott, Danahar, Siemens Healthineers, and F. Hoffmann-La Roche Ltd. Other emerging players such as Quidel Corporation, bio Mérieux S.A, Trinity Biotech Instrumentation Laboratory, and Abaxis, Inc.
Market Dynamics:
Rising Cardiovascular Diseases Boost the Market Demand
In recent years, cardiovascular disorders and heart diseases are increasing rapidly. According to Centers for Disease Control and Prevention (CDC), approx. 0.65 million people died due to heart disease each year. Thus, the increasing cardiovascular diseases requires more research activities to develop more efficient diagnostic tools and medicine to minimize the progression of cardiovascular diseases. With this regards, LOC and POC devices are used to improve disease diagnostics and measure specific cardiac biomarkers respectively, which, in turns, propelling the growth of Heart Failure POC & LOC Devices Market in the years to come. In addition, various market players are racing to provide advancement in LOC and POC devices. This is also responsible for fuelling the growth of Heart Failure POC & LOC Devices Market in coming years.
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Unfavourable Reimbursement Facilities Hampers Market Growth
Due to the huge treatment amount, government provides various reimbursement facilities. But at the time of financing for diagnostics, sometimes it takes more time to give treatment reimbursement amount to the patient families. Thus, lack of financing or delay in reimbursement and unfavourable reimbursement norms are expected to impeding the growth of Heart Failure POC & LOC Devices Market.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Heart Failure POC & LOC Devices Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Accounted Largest Growth of Market
North America accounted maximum growth of Heart Failure POC & LOC Devices Market during forecast period. Increasing prevalence of heart diseases in the region is propelling the growth of Heart Failure POC & LOC Devices Market in coming years. According to Centers for Disease Control and Prevention (CDC), the major cause of death in U.S. is heart related disorders and it has been increased in next few years as stated in one of the published report. Thus, it increases the demand for Heart Failure POC & LOC Devices Market in this region.
Browse market data Tables and Figures spread through 155 Pages and in-depth TOC on "Heart Failure POC & LOC Devices Market by Test Type (Proteomic Testing, Metabolomic Testing, Genomic Testing), by Technology (Microfluidics, Array-based Systems, Others), by End Use (Clinics, Hospitals, Home, Assisted Living Healthcare Facilities), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/heart-failure-poc-and-loc-devices-market-867912
Recent Developments:
April, 2021: Siemens Healthineers received the CE mark approval for the AtellicaVTLi Patient-Side Immunoassay Analyzer. This device provides a point-of-care test to assist in the diagnosis of heart attacks.
May, 2020: Philips receives FDA clearance for the use of its ultrasound portfolio to manage COVID-19-related lung and cardiac complications. Handheld and portable ultrasound solutions in particular have become valuable tools for clinicians treating COVID-19 patients due to their imaging capabilities, portability and ease of disinfection.
October, 2020: Butterfly Network Inc. launched Butterfly iQ+ point-of-care-ultrasound technology (POCUS). This technology offers new capabilities, such as faster frame rates, Needle Viz technology, a longer battery life and improved durability.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Heart Failure POC & LOC Devices Market?
- How will the Heart Failure POC & LOC Devices Market change in the upcoming six years?
- Which application and product will take a lion's share of the Heart Failure POC & LOC Devices Market?
- What is the Heart Failure POC & LOC Devices market drivers and restrictions?
- What will be the CAGR and size of the Heart Failure POC & LOC Devices Market throughout the forecast period?
This market titled "Heart Failure POC & LOC Devices Market" will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 55.9 Million |
| Projected Market Size in 2028 | USD 180.1 Million |
| CAGR Growth Rate | CAGR of 16.5% From 2022 – 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Test Type • Proteomic Testing • Metabolomic Testing • Genomic Testing Technology • Microfluidics • Array-based Systems • Others End Use • Clinics • Hospitals • Home • Assisted Living Healthcare Facilities • Laboratory |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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