Heart Failure Point-of-care and Lab-on-a-chip Devices Market: Introduction

  • Heart failure affects 5.8 million people in the U.S. alone, and it results in about one million hospitalizations per year. The average cost per admission is about US$ 18,000. Rapid detection of cardiac phenomenon is required to reduce the death rate due to cardiac arrest or heart failure. Point-of-care (POC) and lab-on-a-chip (LOC) are used to detect cardiac biomarkers.
  • BNP and NT-proBNP are the two most commonly used cardiovascular biomarkers

Key Drivers and Restraints of Global Heart Failure Point-of-care and Lab-on-a-chip Devices Market

  • According to the World Health Organization (WHO), non-communicable diseases (NCDs) were responsible for 70% of global deaths in 2015. Cardiovascular disease (CVD) and cancer, the two major types of NCDs, account for two-third of the global NCDs deaths. Rise in cases of heart-related disorders boost market growth. According to the CDC, one person dies every 37 seconds in the U.S. from cardiovascular disease, and around 805,000 people in the country have a heart attack each year.
  • However, unfavorable reimbursement policies for POC equipped with a cassette or cartridge that carry out multiple tests hamper market growth.

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Proteomic Testing Segment to Witness Significant Growth

  • Based on test type, the global heart failure point-of-care and lab-on-a-chip devices market can be classified into proteomic testing, metabolomic testing, and genomic testing
  • Heart failure LOC & POC devices are utilized for early detection of various biomarkers such as cardiac troponin (cTn), fibrinogen, and plasminogen activator inhibitor-1 [PAI-1], which are associated with cardiac abnormalities. For instance, cTn is a biomarker for assessing both acute and chronic myocardial injury. Companies target these protein biomarkers, considering it to be a high revenue-generating segment. Hence, the proteomic testing segment is projected to account for the largest market share during the forecast period. In June 2015, Roche launched point-of-care (POC) troponin test with improved accuracy at low concentrations to help diagnose heart attack patients at high mortality risk.

Microfluidics to Dominate Global Heart Failure Point-of-care and Lab-on-a-chip Devices Market

  • Based on technology, the global heart failure point-of-care and lab-on-a-chip devices market can be categorized into microfluidics, array-based systems, and others
  • POC and LOC devices offer rapid, inexpensive, and easy detection of cardiovascular events. In the last two decades, lab-on-a-chip technology or microfluidics has drawn significant interest from the research communities and industries for biomedical applications owing to the advantages of these platforms such as biological sample processing, high throughput, low reagent & sample consumption, short assay time, and multiplexed detection. Recently, there has been a growing trend of using smartphones as detection tools to read signals from the biosensors. These factors are attributed to the largest share of the microfluidic segment in terms of revenue.

Home Care Setting Segment to Witness Significant Growth

  • Based on end-user, the global heart failure point-of-care and lab-on-a-chip devices market can be divided into clinics, hospitals, home care, assisted living health care facilities, and research laboratories
  • POC testing can be performed in operating rooms, emergency rooms, or intensive care units in hospitals as well as in the outpatient settings such as clinics, home care, and diagnostic centers
  • Myocardial infarction (MI), also known as a heart attack, is caused by myocardial ischemia. Due to high cardiac specificity, the National Institute for Health and Clinical Excellence (NICE) currently recommends testing of troponin I or T on initial presentation to hospital and again 10 to 12 hours after the onset of symptoms. Chest pain accounts for 700,000 visits to emergency departments in England and Wales each year. Studies have also suggested that up to 85% of these patients are not actually suffering from MI. However, POC panels of all three cardiac biomarkers could provide rapid results after the onset of symptoms to confirm the occurrence of MI. This in turn is expected to propel the global heart failure point-of-care and lab-on-a-chip devices market.
  • Self-testing at home supports timely clinic visits and improved outpatient care. This is likely to augment the home care segment during the forecast period.

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North America to Dominate Global Heart Failure Point-of-care and Lab-on-a-chip Devices Market

  • In terms of region, the global heart failure point-of-care and lab-on-a-chip devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • In terms of revenue, North America dominated the global heart failure point-of-care and lab-on-a-chip devices market in 2018 and the trend is projected to continue during the forecast period due to high demand for diagnosis and treatment of various heart diseases and defects such as acute coronary syndrome, myocardial infarction, and cardiac ischemia. Around 1.5 million cases of myocardial infarction (MI) are reported in the U.S. each year.
  • However, increase in demand for diagnostic services in countries in Asia boosts the growth of the market in the region. The market in Asia Pacific is expected to expand at the highest CAGR during the forecast period. A number of global diagnostic companies are expanding their presence and business operations in Asia Pacific through merger & acquisition. For example, U.S.-based Abbott Laboratories generates one-third of its revenue from Asia.

Key Players Operating in Global Heart Failure Point-of-care and Lab-on-a-chip Devices Market

The global heart failure point-of-care and lab-on-a-chip devices market was highly fragmented in 2018. Major players in the global market are:

  • Abbott
  • Siemens Healthineers
  • Danaher
  • Instrumentation Laboratory
  • F. Hoffmann-La Roche Ltd.
  • bioMérieux S.A.
  • Abaxis, Inc.
  • Quidel Corporation
  • Jant Pharmacal Corporation
  • Trinity Biotech

Global Heart Failure Point-of-care and Lab-on-a-chip Devices Market: Research Scope

Global Heart Failure Point-of-care and Lab-on-a-chip Devices Market, by Test Type

  • Proteomic Testing
  • Metabolomic Testing
  • Genomic Testing

Global Heart Failure Point-of-care and Lab-on-a-chip Market, by Technology

  • Microfluidics
  • Array-based Systems
  • Others

Global Heart Failure Point-of-care and Lab-on-a-chip Devices Market, by End-user

  • Clinics
  • Hospitals
  • Home Care
  • Assisted Living Health Care Facilities
  • Research Laboratories

Global Heart Failure Point-of-care and Lab-on-a-chip Devices Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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